In our last How-To-ICO postwe asked you to share your best tips for ICOs with us. We want to thank all our community members for their contribution. The subject for this week is our ICO checklist. We’ll share the first three steps of our selection process. You’ll find some of the tips you provided throughout the article. Let us know in the comments if you got some extra tips for the community. We would love to share them next week.
Solution is key
First up on our ICO checklist: make sure that the ICO in question offers a real solution with their blockchain technology. Last week we gave that as our first tip for the month. ICOs that want to offer a real solution should focus on ALL the possibilities blockchain has to offer for a company. In other words: the implemented blockchain technology needs to be essential for the whole process to take place and the process needs to solve a problem that benefits people in real life. This is by far the most important part of our selection process. After we understand their ideas and see an opportunity in the market they’re targeting, it’s time to go on to the next step.
TIP#1 (for ICO’s): Get a solid, experienced team around you that has all the necessary knowhow. There are a lot of ICOs with a great blockchain solution that have teams lacking experience. The past shows us that inexperienced teams with no good advisory board will eventually fail!
TIP#2 (for investors): Check the team! It doesn’t matter whether the webpage says the team is great, go out and do your research. Check their records, what are the experiences that show up on their LinkeIn for instance? And most importantly, does their experience match the current position they are in if you check their track record?
The background check
No matter how beautiful the solution looks, nobody escapes from a background check on our ICO checklist. We firstly check for the experience of the team and whether it’s legit or not. For instance, we call the companies that people refer to in their profiles to ensure they’ve actually worked there. After we know that the team is legit we look at their willingness to succeed. It is important that the company believes in their solution and that they are willing to do everything necessary to reach their goal. Due to the volatility of the market, most of the time there has to change something. Therefore we only work with companies that are open to new suggestions in order to improve their idea. You have to be flexible in order to survive the current blood market.
TIP#3: (for ICO’s): Don’t underestimate the differences that blockchain technology brings. A lot of companies think that they have all the experience needed because they have been the expert their field of work for years. Be aware of the fact that this doesn’t guarantee success in blockchain!
TIP#4: (for investors): Think long-term if you’re interested in investing in an ICO. Don’t expect to cash-out immediately, there are other opportunities for that.
ICO Checklist essential: chat
After we did our background check we always have a chat with the founder of the ICO. This could be in real life or via a video call. We like to get to know each other before we get to business. In this chat we’ll have conversation about future goals and current strategies. Cryptomizers prefers already established companies like our portfolio shows, but we don’t exclude fresh start-ups. Depending on their goals and experiences we take a different approach for each customer. We make sure that our core values match. It is important that we are able to help them with everything they need. To make sure that this is possible we need to be on the same wavelength.
TIP#5 (for ICO’s): Partner-up! The right partners can make a difference. Working together with other companies is getting more and more important. You don’t have to do everything yourself! Make sure you have a good and solid advisory team surrounding you.
TIP#6 (for investors): Track information and the developments on different sources like Forbes, an ICOchecker service or hackernoon. Combining knowledge is the best way to make up your own opinion.
We are looking forward to keep improving ICOs worldwide. What are your best tips for ICOs? Let us know in the comments. Feel free to contact us if you have any questions regarding your ICO project. Next week we will post our marketing basics for ICOs! We will be back tomorrow.
As always: have a cryptastic day!