What is the process of transitioning from web2 to web3 for a typical company and what are some common mistakes that they make?

One common mistake is rushing into it. Every once in a while, you see a company that's clearly barreling forward in that direction because it's a hot buzzword or they think it will help them raise their next round of funding. Obviously, that's a big red flag.

Another important thing is realizing that unless you're speaking to a really early adopter type of audience or customer base, most of your audience isn't going to be very well versed on web3. The number of people who have wallets or own tokens is still a small fraction of the overall number of people active online. You'd have to realize that and temper your expectations or realize that you really need to bring people along slowly. At the end of the day, it all starts with community. If you have a really strong community that's really active and that has a lot of robust engagement, you can start by just thinking about how you can get them more involved in the process.

Forget about the web3 part of it: how can you involve your community in product development and feedback today? How can you involve your community in governance and making decisions? Start with that, and then map out a gradual plan to transition to Web3. 

This stuff is all so new, that I don't think anyone has defined the exact roadmap to do it. It’s always better to wait and take things slow and not rush it rather than just try to barrel through it.