Adapt or die. An adage that ConsenSys CEO and Ethereum co-founder, Joseph Lubin, is taking rather seriously as of late.
In a post-work communiqué this week, Lubin informed his staff that their company, ConsenSys, will be entering a new and transformed phase – ConsenSys 2.0 – which will manifest as one with increased efficiency, accountability, and attention to revenue, according to BREAKER.
The firm touts itself as working to build an internet of decentralized applications on the Ethereum blockchain, and in the letter, Lubin relayed to his staff an in-depth plan to focus the company's efforts to stay competitive in an increasingly crowded field.
"We must recognize that what got us here will probably not get us there, wherever 'there' is."
A firm that rode the cryptocurrency bull of 2017 – hiring over 600 people in the last year – and one with a muddled business plan, has now found itself without direction and a need to focus.
The decentralized nature, worker autonomy, and project variety over efficiency, always prized and funded by Lubin himself, will now change. In the interview with BREAKER, Lubin said he still holds fast to this business model, but realizes that to succeed, the company needs to focus on agility.
In the beginning, it was enough to just show up. But change has arrived, and Lubin’s updated model will now evaluate projects on three metrics: return on investment, benefit to the Ethereum ecosystem, and social responsibility.
Every corporate restructure has a pillared platitude that it loves to espouse. ConsenSys is no different. From a "culture of excellence and accountability" to the selling of blockchain solutions, the company will align itself to five pillars outlined in Lubin’s letter.
The CEO admits that it is basically what they are already doing, but will now add more rigor to open up the company to the world in a profitable manner. Conversations with outside VC funds are getting louder.
To save money, the company has been revamping its employee travel system, going so far as to build a proprietary comparative-pricing model for flights and hotels.
"We must retain…the lean and gritty mindset that made us who we are," Lubin said.
Ethereum, the underlying cryptocurrency and the foundation for Lubin’s wealth, has been decimated, causing a ripple effect across the industry forcing it to contract. Slimming down is now the name of the game in the Ethereum field.
Lubin admits that although it’s a dark time for cryptocurrency and blockchain startups, with Bitcoin prices overhanging all tokens, he sees exponential growth ahead.
He is now pushing his company into previously untapped fields, such as AI and the IoT (Internet of Things).
Lubin’s lodestar – the decentralized web – is still in his sights.