After working on several tech projects valued at over ten billion USD, I discovered a common phenomenon: most projects have very small technical teams and lack a complete set of core skills.

So why are they able to secure such high funding and valuations? Ultimately, investors believe not in the product itself, nor in the team's execution ability, but in the personal charisma and endorsement of the 1-2 founders. In other words, valuation depends more on how eloquent the founders are rather than the true hard skills of the team.

This phenomenon is especially evident in Web3 and blockchain startups. Many projects have a good reputation, but upon closer inspection, their technical foundation and team composition are far less solid than imagined.