ICO’s: Advice For Success
An Initial Coin Offering, otherwise referred to as an ICO, has taken the world by storm in the past year. Billions of dollars has been raised, prompting a massive amount of companies and organizations to try and launch out their own ICO’s in hopes of striking gold with this new way of crowdfunding. Yet, many factors exist that can more or less help determine the success rate of an ICO project.
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Today, we will share with you some advice for prospective ICO’s:
Technicals
The objective here should be to develop a whitepaper that is clear, consistent, well-written and one that clearly explains the technical details of the product as well as details of a team, roadmap and token metrics. The key will be to outline as much information as possible for prospective investors to see.
In addition, the token itself should fit into the ecosystem of the product as well. Often times, many projects simply use the coin just to generate funds and have the token otherwise serve little to no purpose afterwards.
Community and Advisors
Another key is to seek the valuable feedback of both the community and subsequent advisors that the ICO will have. Often times, it is wise to have an industry advisor(s) along with the core team review the whitepaper prior to it being published for public viewing.
Once its published along with the website and other materials, it is wise to seek feedback from the community on what their thoughts are about the ICO.
Legal
As government regulators across the world have stepped up their level of attention on cryptocurrencies and ICO’s, the need for legal and regulatory compliance is of utmost importance. It is important to remain as transparent as possible and seek legal counsel in setting up the organization and what type of structure the ICO will have.
Implementation
It’s important to also outline a clear vision of one’s product and idea and to clearly communicate it to the community and cryptocurrency space at large. Its important to also have milestones that are achievable and tangible so that the community can stay informed on progress throughout the life of the ICO.
Overall, these are some basic levels of advice for organizations wishing to embark on the journey of launching their own ICO. There are many other factors to consider as well and the process involves a high level of time, knowledge and experience to make it be successful.
*Please note that this article is meant for informational purposes and does not constitute financial advice.
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