At GWDC 2026 Korea in Seoul, HB Ventures investment lead Jun said the period when crypto projects could raise money on the strength of a white paper or a concept alone has passed. Speaking during a roundtable session, he said investors now want to see real traction, a first batch of paying customers, and some form of unfair advantage rather than a pitch built only on narrative.
Jun also outlined how he evaluates products. He pointed to 30-day, 60-day, and 90-day user retention as key signals, and said teams should ask whether a product still stands on its own once token price is stripped out of the equation. His remarks framed product durability, not token performance, as a central test.
For early-stage teams, Jun advised against chasing the mass market from day one. Instead, he said founders should lock onto a specific niche and go deep. He added that funding available for innovation has become tighter, which makes early fundraising more difficult. In that setting, his recommendation was to keep building at a small scale first and make sure the team can survive.
GWDC 2026 Korea was held on Sept. 29-30, 2026, at aT Center in Seoul, South Korea. The event was organized by Web3Labs, with Techub News, HypaiLabs, and TokenPost serving as co-organizers.
During a roundtable discussion, Jun, investment lead at HB Ventures, said the era when a project could raise capital with only a white paper or a concept is over. Investors now look for real traction, an initial group of paying customers, and an unfair advantage.
Jun also described the metrics he watches when assessing a product. He said a core question is whether users can be retained over 30, 60, and 90 days. He added that teams should test whether the product still holds up once token price is taken out of the equation.
For early-stage teams, Jun said they should not rush toward the mass market at the start. His advice was to focus on a specific niche and build deeply within that segment. He also said funding available for innovation has become tighter, making early fundraising more difficult, and suggested that teams keep operating at a small scale first and make sure they survive.
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