Since last year it seems more and more companies are holding their own ICOs in a bid to raise funds for their projects. However, with there being a lot of confusion about the types of companies that can hold ICOs and the nitty gritty of actually launching an ICO, most companies that have initiated an ICO have failed in their endeavor.
So, the big question is: what is an ICO? and what should you do, and not do, to ensure that your ICO becomes successful? Below is the ultimate comprehensive guideline to launching your own ICO.
It is critical to keep in mind that you are raising money to develop a platform that will disrupt the world in a positive way. For instance, you could be working towards creating a platform for tracking the global supply chain of medicine that has an on-platform token, a literature sharing platform, etc. Regardless of what you are working towards, you have to do due diligence and ensure that your idea will sell to the target market.
Since you are looking to hold an ICO, it means that your project needs to have its own digital token. With current statistics showing that there are more than fifteen hundred digital tokens in the market, to be successful and have an impact on the market you have to ensure that your token is integrated into the project in a meaningful and useful way and that it is also fundamentally better than that of your competitors.
Know Your Competition
ICOs are the newest and most popular way of raising funds at the moment. This means that whenever it is you plan on launching your ICO, chances are there are various other companies looking to launch an ICO, therefore, you have a larger competition pool to worry about. The best way of tackling this problem is ensuring that your token is solving a common problem in the community.
Research On The Legalities Of ICOs In Your Respective Jurisdiction
ICOs are regulated stringently mainly due to the high number that has been flagged as scams as well as those that have shut down after raising funds. Therefore learn how to legally navigate the regulations in place in your jurisdiction and be vigilant of any future changes made to the regulations.
As long as you have a strong competitive advantage, it is not a requirement that your token has Blockchain feature especially if it is just for the token sale. In the current world, even non-Blockchain based businesses are finding ways of utilizing ICOs. Just ensure that you clearly state the problem the token will be solving, your competitive advantage, have a clear product roadmap, details on your team and token information such as the development, demand, supply, and distribution of the token.
Ensure that the white paper contains anything and everything about your company and the token.
Launch The website
When launching the website ensure it has the three most important aspects that investors are looking for, which are information about the team, the main aim of the project which the token is being launched for and the measures in place to protect the interests of the investors.