kirstenpomales

Who needs a Stakeholder Strategy?

Teams building blockchain platforms:

Public and private blockchain projects inherently multi-stakeholder. Blockchain projects must have stakeholder commitment, trust, and mutual buy-in of member parties to succeed; the process for cultivating these traits is unique in public vs. permissioned ecosystems. Stakeholder strategy helps these platforms understand who needs to be at the table, how to involve players in the right way, and what to build into a system’s governance.

Teams building community-driven products or networks:

From nonprofit networks to chambers of commerce, community-driven solutions need trust, commitment, and value add to thrive. Stakeholder strategy helps these platforms identify groups that need to be involved, understand their ecosystem’s needs, determine responsibilities of involved parties, and set a plan to scale together.

kirstenpomales

When is it Time for Stakeholder Strategy?

If you are building a new multi-stakeholder platform or network, stakeholder strategy should begin at the time of inception; helping you ensure your offering aligns with the needs of your future partners.

If you have advanced with insufficient stakeholder engagement, you may see and hear...

  • Lack of trust amongst partners/stakeholders
  • Lack of open discussion of risks each party brings to the table
  • Lack of open discussion of benefit each party
  • Lack of empathy and understanding of motives by each party
  • Wariness of commitment by new and prospective members
  • With issues of stakeholder involvement, it’s better to set a strategy soon rather than later.

    If stakeholder strategy is neglected over time, you begin to experience...

  • Stakeholders who were once committed leaving the network
  • De-prioritization of the network (missing meetings, late responses to emails)
  • Difficulty onboarding new members
  • Time-intensive and sometimes contentious group decision making
  • Project failure
  • With rapid implementation of the right stakeholder strategy, even projects that are beginning to experience loss of membership and breakdown of trust can make a comeback (see Maersk Tradelens).

    "I strongly believe that the proverb 'Measure twice and cut once.' applies in blockchain ecosystem design. Measure the needs of your ecosystem, work with them to make sure you’ve got it right, engage them in the design process, and then build. This saves time, money, and much heartache.”

    - Kirsten Pomales Langenbrunner

    kirstenpomales

    How do you hire a Stakeholder Strategist?

    Schedule a Stakeholder Discovery Call, where we’ll get to know your project, and begin to understand the extent of your stakeholder relationships and strategy. After the call, you’ll receive a complimentary Mini Stakeholder Analysis, where you’ll find the unique opportunities and pitfalls to be aware of as you scale alongside your stakeholders.

    Based on your needs, we’ll forge one of the following partnerships:

    Stakeholder Strategy Advisor:

    I advise your leadership team on stakeholder strategy, within the context of your go-to-market plan. You’ll get a better understanding of how your team should be engaging your most important partners through leveraging our best practices. (Engagement Time: 2-4 Weeks) ($)

    Stakeholder Strategy Integrated Team Member:

    I integrate into your team’s workflow to help them get stakeholder strategy right as you build. In doing so, I teach our best practices to your internal talent. (Engagement Time: 4-16 Weeks) ($$)

    Stakeholder Strategy Project Manager:

    I lead an existing team or build out a team to manage end-to-end stakeholder strategy for your project. Your leadership provides the inspiration, we get everything else done necessary to forge lasting strategic relationships amongst your stakeholders. (Engagement Time: Varies by Project) ($$$)

    kirstenpomales

    Meet Your Stakeholder Strategy Partner: KPL

    Human-centric blockchain consultant Kirsten Pomales Langenbrunner (KPL) and her network partner with global enterprise and business-to-business blockchain teams to scale their systems, reach sustainable profit, and become the next success story everyone reads about.

    Kirsten has been helping teams and networks scale since the beginning of her career, where she worked in policy coalition building around entrepreneurship issues. Having worked and consulted in the tech startup space for years, in 2019 Kirsten noticed that one of the most common causes of blockchain project failure was teams neglecting the human component of their projects. Kirsten has been helping teams in blockchain set productive stakeholder strategies since.

    Kirsten serves as the Vice Chair of IEEE P2145 Blockchain Governance Standards Working Group, has given numerous lectures on governance and stakeholder engagement in blockchain, and works alongside leading consultants to scale enterprise blockchain systems.

    Get to know Kirsten on Twitter and Linkedin.

    Setting:

    The Caribbean banking sector

    Problem:

    A Caribbean fintech company needed to determine the business value proposition, membership structure, and governance of it’s new multi-bank blockchain consortium.

    Solution:

    I worked with their team to craft win-win scenarios with their go-to-market partners, coherently and compellingly. We conducted risk analysis and interviews alongside stakeholders to understand the obstacles they needed to overcome as a group. We set a strategy for co-creation amongst stakeholders to ensure the end consortium would meet everyone’s needs.

    Outcome:

    We provided a detailed go-to-market plan and founding articles for the consortium including; governance, membership models, revenue models, legal protections, risk mitigation techniques, and launch strategy. This prepared the team to launch this collaborative venture.

    Ready to Scale (with your stakeholders by your side)?

    Schedule a Stakeholder Discovery Call, where we’ll get to know your project, and begin to understand the extent of your stakeholder relationships and strategy. After the call, you’ll receive a complimentary Mini Stakeholder Analysis, where you’ll find the unique opportunities and pitfalls to be aware of as you scale alongside your stakeholders.

    Mark Our Calendars →

    Featured Articles

    Card image cap
    Who Needs a Seat at Your Enterprise DLT’s Table?
    Read →
    Card image cap
    A Lecture on Stakeholder Engagement for Enterprise DLT
    Listen →
    Card image cap
    Tricks and Traps in DLT Stakeholder Engagement
    Read →