Since OpenAVN started out in June 2017, our team has been constantly following the ICO based funding strategy. In fact, we took it to Web Summit 2017 @ Lisbon to see what other startups were doing. While it may have proven success to most, we have always had constant flashes of what could go wrong in the long run. Here is a rundown digest of what we learned so far by following 20 different Tech ICO campaigns.
- Never stop building your billion dollar idea in hopes of convincing people to fund you. Every ICO backed tech startup that did this failed 👎
- Money that isn’t smart will teach you nothing. Always stick to 👼 funding and VC Firms.
- 🚨Flashy🚨 websites are a good sign that your startup has done nothing. We simply know that by looking at your GitHub pages.
- Get fair and square with the US-SEC¹ before you publish your whitepaper.
- Audit your smart contracts for bugs and security issues. A couple startups lost millions of ICO tokens in recent hacks².
- Ethereum is still growing³ and has a long way to go. Constantly learn and evolve as it develops.
- Remember that anything you do on the main network is permanent and irreversible.
OpenAVN Updates:
Our team is now actively fundraising to further development on our Alpha version. Collaborators are welcome! We are accepting applications for our alpha version here. Applications are open through Q1 2018.
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Remember “With Great Power comes Greater Responsibility.”
