There is a popular belief out there that you just need an idea and a coin to get rich these days. Unfortunately, things are not that simple. While we have seen dozens of successful ICOs, many have failed miserably. Even those ICOs that managed to fool their investors and ran away with the monies ended badly.
So what does it take to do a successful ICO?
1. Idea
Blockchain is overused these days. Yes, there are projects and cases where Blockchain is a natural choice. However, in many cases it is pushed artificially. If Blockchain fits naturally in your project and business, you have to emphasize this. If the sole purpose of your ICO is to raise funds, this must be also clearly articulated. Remember that transparency is a key in business.
2. Website / Landing Page
Having a killer web page is necessary. However, remember that it is just one of these seven factors (albeit very important one). One thing to keep in mind is that ICO landing pages and one-pagers follow a certain structure. You can read in detail how to structure your ICO landing page here.
3. Whitepaper
Whitepaper is a critical factor for a successful ICO. Not everyone reads a whitepaper, but the most important investors do. That is why it is necessary to invest in writing a professional and high quality whitepaper for your ICO. You may be tempted to do it on your own. Do not do this. Let a professional handle this task. Yes, it may cost you around $5000 to write a whitepaper but that investment will pay off. Make sure to provide content to the writer and let her handle this important task.
4. Token Characteristics
Naming a token is one of the most critical factors. Choosing a symbol for your token is a serious task as well. What about deciding on decimal places? Remember, that you cannot change these once your smart contract is pushed to the Blockchain.
5. Platform
There are several platforms for launching your ICO. The most popular is Ethereum. Ethereum is our favorite ICO platform; however, you should know that alternatives do exist. You can use alternative platforms like Waves Platform, Nxt Platform, Bitshares Platform or NEM Platform.
6. Team
In all types of investments, investors pay close attention to the team. Why? Because in the end it is the team that has to execute the plan. Execution is a king in business. A poor idea executed well may succeed but the even greatest idea executed poorly is doomed to failure. Make sure your team is top notch. You have to think not only about your core team but also about your advisors.
7. Activity
You have to seek publicity by all ways. The more activity you have the more chances for success you have. You need to do both online and offline activities. Publish articles, maintain social accounts, launch and maintain a Telegram channel, participate in conferences, meet ups and other offline activities.
Wrap-up
Launching a successful ICO is both an art and science. You need to find creative ways to get exposure, promote your ICO but at the same time, you have to follow battle-proven methods. A successful ICO combines two key elements: marketing and technology. If you need a reliable technology partner that will assist you at every stage of your ICO, reach out to me. I’m glad to help.
