This year alone, we have been flooded with a sea of new Initial Coin Offering’s (ICO’s) entering the crypto market. Whilst some are promising, most seem to be rushed and released to the public to gain a quick buck; No clear intention of where they might be heading in the future.
ICO sales are notoriously gaining a reputation for raising quick, start-up capital for projects based purely on hype.
We want to help change that.
We know that blockchain technology relatively young and still has plenty of room to grow.
There are many great teams with brilliant ideas and the right intentions.
If you are considering doing an ICO of your own (whether you are already an established business or a newly found start-up), you need to be diligent, accountable and ensure you are providing a real-world solution.
If you’ve actually got a real project and need a hand on how to launch, we’re here to help.
We’ve put together a short recipe to help guide you in creating a successful project.
Your primary goal when creating an ICO should be to tackle a real-world problem or to improve on an existing product/service with blockchain technology. The biggest way to distinguish your ICO project from others is to ensure the issue you’re tackling is clear, unique, and utilizes blockchain technology in a clever way; Being unique ensures that you stand out.
If you’re introducing a token, make sure there is a clear need for the token. Often projects will have great, ambitious solutions but no real-world need for the token or coin they plan to introduce.
Whether you plan to start an ICO based on asset management, energy or decentralized market platforms, you will want a few experts in your chosen field.
One of the most important ways to rally support and trust in your ICO is to build around an experienced team.
CEO’s, Blockchain developers, community managers, Advisors.. these are all key positions which, if filled by the right people, often mean a successful ICO launch (not to mention, a better bet at actually bringing your project to life).
Reputation equals trust, and trust means more funding.
Without question, one of the key things you must have for your ICO is a plan; A roadmap, illustrating key dates and milestones.
“Failing to plan is planning to fail”
This needs to plot out your project’s short and long-term future. It doesn’t have to be the most detailed plan. More often than not, a flashy graphic with some key dates leading up to the present and for the future is sufficient.
Every successful ICO has had a roadmap detailing what they hope to achieve and for the most part, every successful ICO has managed to achieve their plans set in this roadmap.
Detailed white paper
The white paper is where the technical details of your project are introduced.
Be sure to include intricate details about the real-life issues at hand, and how your token and/or platform aims to solve this.
While many amateur investors may choose to ignore it, this document is the blueprint for success (or failure).
Traditionally, a ‘white paper’ is a research paper, however, with the invention of fundraising through an ICO, the concept of the white paper has evolved.
It’s now more of a business plan highlighting all the details of the project. Token utility, team, roadmap, and pre-sale and public sale details can all be found in this document.
The investors who read through the white paper are typically those who want to ensure all the finer details have been looked at by the ICO team. They will typically be crypto-savvy or journalists who could increase the hype of your project just by word-of-mouth.
Expect to have your white paper picked apart, analyzed and shared across the internet.
This ties back to an experienced team. You’ll need to rally up the brightest people you can find and ensure you have all hands on deck. You’ll also want a handful of experts who can help guide you. They have a strong influence in the community (bonus if they are from the crypto world).
Whether they are industry experts, prominent politicians or notable venture investors, having a number of notable advisors behind your project is an excellent way of generating hype, as it gives potential investors of your ICO, another layer of trust no road map or white paper can achieve.
- OmiseGo (OMG): Advised by Vitalik Buterin (ETHEREUM)
- GetWala(DALA): Advised by Vinny Lingham (CIVIC)
In this day and age, everyone wants to have a say. Search for relevant mentors and advisors who can actually help you. Of course, you wouldn’t want to gain a bad rep for just throwing in famous names. Only mention advisors if they are actually helping you – a Linkedin connection does not count.
And last but not least… Community
At the heart of all this is the powerful crypto community. Your community is going to be the bread and butter of your project. They’ll support you in times of need (and you’ll need them not to dump your coin for the next ‘big thing’). They’ll rely on you to support them by engaging with them regularly.
They’ll want you to be honest and provide clear communication.
The most supported projects have big communities and are very active on forums like Reddit and bitcoin talk. They regularly post updates to facebook, twitter, and Instagram. Interviews and photos of the team engaging the community at events show the investors that you are real and that you’re working hard.
Of course you’ll also have to do some advertising… and this should all be a part of your PR campaign
Put up a branded functioning website, buy a few ad spaces on facebook and instagram, and generate some hype by getting involved in some big events.
Don’t forget to have fun. Enjoy the process. Stay passionate and keep building your project. The world is waiting on your next idea.
There you go, we’ve given you the blueprint for your next successful ICO. Just remember to give us a mention when you’re having dinner with Vitalik Buterin or Satoshi Nakomoto. 🙂