In 2017, funding through ICOs reached nearly $3 billion.
In the same year, ICO funding outstripped that of traditional venture capital funding by more than three times.
It is clear that an ICO is a great way to generate funding for entrepreneurs. But how do you go about it?
Read on as we take a look at how to start an ICO.
Research Other ICOs
With such a huge amount of money raised by previous ICOs, there is a wealth of experience out there for you to draw on.
Do your research. Look at ICOs that succeeded and study those that failed. Find out what worked and what really, really didn’t.
Build Your Team
If you’re going to launch a successful ICO, you’ll need a good team behind you.
First off, you’ll need your founding members and senior management. You’ll need a CEO, COO, CTO, CMO, and the like. You’re also going to need a seriously strong IT department.
Try to hire people with experience. It will save you a lot of heartache in the long run.
Write a White Paper
Every ICO needs a white paper.
This is a document that outlines everything about your ICO. It should include the problem you are aiming to solve, how your product solves this problem, the details about your plans for your tokens, and your roadmap.
It should also include information on your team and why you’re the perfect people to make this project a success.
Double Down on Your Security
The blockchain is massively popular because of the security it affords.
But any chain is only as strong as its weakest link. If you don’t have your security done right, you risk getting hacked and all that money you’re trying to raise ending up in someone else’s account.
IT security is one area where you really can’t afford to skimp. Invest in quality and it will save you money in the long run.
Announce Your ICO
Gone are the days when an ICO was big news.
There are so many ICOs happening now that it’s hard to stand out amongst the crowds. So make sure you make your ICO as visible as possible. List your ICO everywhere you can; there are plenty of huge websites devoted entirely to this.
And don’t forget to make use of social media too. There’s a whole audience out there waiting to hear why your ICO is going to be the next big thing.
Want More Advice on How to Start an ICO?
Now you know the basics of how to start an ICO it’s time to do the hard work.
If you’re looking for more info on cryptocurrency or other tech advice, then you’re in the right place. We also have a range of other articles on everything from web design and development to business, gadgets, and more.
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