EVG Founder: 'To Succeed as a Web3 Entrepreneur, You Have to Be a Little Shameless'

"I didn’t mine Bitcoin early, and unlike many in the space, I don’t have an engineering background. What I do have is extensive experience in bringing products to market," said Allen Ng.

A former partner at AID Partners, Allen has helped guide several companies to unicorn status, IPOs, and multimillion-dollar acquisitions. He has also co-founded multiple Web2 projects and served as an advisor to prominent Web3 initiatives like Dapper Labs and Animoca Brands.

“In 2016-2017, I was working for large private equity funds, and at that time, there was no way they would allow me to invest in blockchain,” Allen Allen said. “But I convinced them. One thing led to another, and that eventually gave rise to EVG — my opportunity to build the ‘Tencent of Web3.’”

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- What aspect of Web3 excites you the most?

Allen Ng: What excites me about Web3 is its ability to introduce a new economic mechanism. It can be both a primary market and a secondary market at the same time.

For example, a project that reaches a Series B funding round can essentially function like a “public company.” With a token listed on an exchange, you receive direct market feedback and instantly compete with other companies. In Web2, it can take 14 years to go public, with multiple rounds of funding needed just to reach Nasdaq.

Many people claim that Web3 products fail frequently, but I don’t think that criticism is fair. It took 14 years to IPO in Web2. What do you think?

- What do you think is the key difference between Web2 and Web3 products?

Allen Ng: When I was building EVG with friends in an apartment, I quickly realized that my success as an investor in Web2 wasn’t directly transferable to Web3.

To create a Web3 product, I had to learn by doing while ensuring I didn’t waste money. I figured out how to do that by sticking to what I knew best: investing in large projects, acting as a senior advisor, and helping bring these products to market.

During this journey, I found significant differences between Web2 and Web3 products.

Traditional companies rely heavily on Facebook and Google ads—around 80% of their growth strategy is raising capital from VCs, spending big on ads, and optimizing metrics like customer lifetime value (LTV), conversion rates, and retention. Everything is easily modeled and quantified.

In Web3, the process is more complex and time-consuming. For instance, if you’re in the U.S., you can’t just launch a product in Asia with a click. You need to engage with different groups within each country—communities, media, and builders—to understand the whole landscape.

In Web2, it’s mainly about you and your company: revenue, net profit, and preparing for the next round of funding. But in Web3, your focus is much broader.

You’re thinking about fundraising, designing tokenomics, listing tokens on exchanges, building communities, airdrops for users, and incentives for developers.

Often, it’s not just about material value but emotional fulfillment as well. For example, early users of a project might be rewarded with limited edition NFTs, giving them a sense of satisfaction. In Web3, you can’t just think about yourself.

- Does this mean that a Web3 founder needs to possess more skills?

Allen Ng: I believe a Web3 founder must have three crucial elements: the abilities to build a product, promote it effectively, and understand the capital markets. Without one of these pieces, it becomes difficult to succeed.

A Web3 founder must have three crucial elements: the abilities to build a product, promote it effectively, and understand the capital markets. Without one of these pieces, it becomes difficult to succeed.

You might have an amazing product and raise a lot of capital, but if you don’t know how to bring the product to market, you’ll still lose.

On the other hand, if you raise a lot of capital and know how to market, but the product itself isn’t strong, then even if your project has a high market cap, you won’t be able to attract, convert, and retain users. People will come initially for incentives but leave just as quickly. It’s a fragile balance.

And of course, you need luck. Take 2022, for example. There were a lot of “black swan” events. Sometimes, it’s not even your fault—external factors affect the entire industry, and your project gets hit hard too.

- What lessons have you learned as a Web3 founder?

Allen Ng: One of the most important lessons I’ve learned is the ability to constantly adapt and change. In the venture capital space, especially in infrastructure, making mistakes—and sometimes big ones—is almost inevitable. The pace in Web3 is so fast that you have to evolve as the technology does.

For example, in 2022, Web3 wallets weren’t very popular. But last year, we saw a wallet craze, and now they’ve become the new industry standard. This shift led to major changes in user experience, forcing companies to adapt just to stay in the game.

We treat everything as a process of accumulating experience through trial and error.

Another key lesson is not to chase what you think is the optimal business model or the hottest trend. You’re likely to fail if you do. Instead, build what you’re best at, and you’ll be able to endure longer than others, which increases your chances of success.

Take EVG, for example. We’ve developed products in the SocialFi and GameFi segments because our team has deep expertise in consumer infrastructure. We understand customer behavior and preferences, which helps us successfully bring products to market.

However, launching a trading platform would be a different story, even if it has a better business model. I’m not a trader—if you ask me the price of a token, I wouldn’t know because I check the charts maybe once a month. How can we understand user psychology and build suitable products in that space if it’s not our expertise?

- Why do you think Asia is more open and willing to adopt crypto compared to Western countries, such as the US?

Allen Ng: I think for Americans, crypto is more of a "nice-to-have" rather than a necessity. In many Asian countries, where there are certain limits on economic freedom and freedom of speech, crypto represents more than just a minor upgrade—it’s a game changer.

Take Vietnam, for instance, where the stock market isn’t as dynamic. Crypto serves as an alternative, a new kind of asset. On a broader scale, the decentralized, free spirit of crypto resonates with the rebellious streak that many of us Asians have.

- Isn’t it because Asians are more speculative and like to gamble, as some people claim?

Allen Ng: Honestly, it annoys me every time I hear that stereotype about Asians being more speculative or gambling-inclined. Let’s not pretend Americans aren’t like that too.

Just look at their Las Vegas, their highly speculative stock market, and platforms like X, full of American influencers predicting token prices. Also, can anyone name a Western crypto project that doesn’t use some kind of incentive mechanism to attract early adopters?

As I mentioned earlier, crypto offers a fresh opportunity for Asia, and I think we embrace it with more intensity than other regions.

- But there’s no denying that speculation is part of crypto culture, especially in many Asian communities, like Vietnam?

Allen Ng: I don’t see anything wrong with that. What’s wrong with wanting to make money? How many people who invest in Tesla or Nvidia really understand those companies? Most are just traders.

In crypto, it’s the same: 80% of users in any project will likely become traders, while the remaining 20% will truly understand, love the technology, and stay committed. That 20% is crucial.

Let me give you an example. My grandfather moved to Hong Kong in the 1960s and worked as a dock worker. Every Sunday, he went to church, which was surprising because he was a traditional Chinese man, a Buddhist who believed in Taoism. When asked, he said the church gave out free food, so he invited his friends to join him.

Over time, they noticed the church was a beautiful place—people sang, prayed, played badminton together, and even learned how to write their names in English. For every five people who came for the free food, one would convert and become a true believer. Those who converted would then donate to bring in more people.

This is similar to tokenomics in crypto. I see tokens and incentives as a funnel to attract users. The key is to have a strong product so that 1 or 2 out of every 5 speculative users stay. The issue with the last cycle was that too many bad products came out. That’s what bothers me, not speculation itself.

- What do you think about Asian builders?

Allen Ng: I think Asian builders could benefit from learning more about storytelling. Culturally, Asians tend to be more reserved and humble, as harmony is highly valued.

In school, for example, if you express a different opinion, people might look at you strangely. If I say something you think is very dumb, you won’t challenge me directly; you’ll likely nod and say, “I agree with you.” That’s how we maintain harmony.

Western builders, on the other hand, aren’t afraid to show who they really are. They’re great at painting bold visions—sometimes even crazy ones—but that boldness attracts people who share the same vision.

Another thing is that many Asian builders are afraid to speak English out of fear of being judged. But take a look at Silicon Valley—there are so many Indian and Pakistani engineers with strong accents, but they express their opinions aggressively.

If you’re afraid to communicate, you limit yourself. You won’t attend international conferences, missing out on opportunities to introduce your products or meet potential partners.

Web3 is one of the few industries where geography doesn’t matter. Bitcoin isn’t tied to any country, and neither is Ethereum. Everyone in the community shares the same interests, like Pudgy Penguins. It’s a global culture that unites us.

So, as a Web3 builder, especially in Asia, you need to have an international mindset from day one. Be more confident and express yourself. Sometimes, to succeed, you have to be a little “shameless”.