Blockchain and cryptocurrency are one of the hottest disruptors in today’s tech world. It gave way to innovative solutions that were in the past were not readily available. It has also given rise to ICO or Initial Coin Offering.
What is ICO?
Initial Coin Offerings is a type of fundraising initiative wherein new projects (often crypto or blockchain related) sells tokens ( which can come in the form of a service, incentive or coin, or another token type) in exchange for investment either in bitcoin, ethereum or even fiat money.
Although majority of ICOs are crypto-related, many startups - tech or otherwise utilize ICOs to promote and gain investments. There have been several success stories of ICO in the market including EOS, which gained $4 billion through crowdsale.
Launching An ICO
ICOs work in the same manner as IPOs; albeit, less regulated as digital currencies, blockchain and related technology (decentralized technologies) are not governed by one central governing body.
Despite its popularity, launching an ICO is not a walk in the park. It requires careful planning and strategic execution in order to pull it off and be the next EOS. If you are planning to launch an ICO, here are some tips to get you started:
Create a Roadmap
Every project- be it for business or personal needs to have a roadmap and a plan of execution. Set goals. Then determine the ways on how to achieve these goals. Once that’s done, you need to create a roadmap. A roadmap serves as your project’s blueprint which basically outlines the milestones, achievements and duration for each phase of the project.
Build a Strong Team
A successful business and yes, even an ICO begins with a strong team. Your team should be composed of experienced and highly-qualified professionals in their given industry. If the ICO is blockchain or fintech-related, the team should have enough experience and expertise in these fields. Not only would help with the campaign’s credibility, it builds trust among investors of the feasibility of the product being developed.
Build a Prototype
A prototype is the initial design often showed to a limited audience for review and testing. During the testing period, participants are asked for their feedback which are then used to develop the product further. In ICOs, the prototype is often what is shown or provided to the investors.
Create a Whitepaper
A whitepaper is an authoritative, in-depth and persuasive report on the ICO project that presents a problem and the solution, which is usually the ICO project. A good whitepaper should be comprehensive and should include details of the technology, token details, market cap, goals and a roadmap. It should provide readers a good sense of how the ICO funding would be used and how the solution would benefit them in the long run.
Networking is a crucial element in your ICO’s success. Be it digital or offline, it is important to get the word out about your ICO and the company behind it. Get your ICO listed on different crypto-related websites, submit press releases to media partners and be social. Update your company’s social media accounts and keep it updated. The goal is to be as visible as possible online and supplement it with offline activities such as events and exhibits.
Skipjack Corporation is an internet technology and global payments company working to enable consumers, businesses, banks and governments to use digital currency.