If you feel like you need to launch an ICO because all the cool kids are doing it, then you’ll want to pump the brakes for a bit to get the low down on what is involved in going the initial coin offering route. There is a lot of work that goes into launching one of these fund-raising endeavors, and most of the work needs to go to prove you’re a legit company. Here’s how you can get ready to launch an ICO for your tech company to help you grow your venture.
Decisions, Decisions, Decisions
One of the most important parts of launching an ICO is verifying your team, company, idea, work, technology – the list goes on and on. While you might have already thought about a new startup idea, running it through the ICO ringer is a different beast altogether. Decide how you want to portray your business, and how you are going to deal with issues that might not make your business shine bright to investors. You’ll want to resolve those issues before you launch your ICO.
New Product or Scaling an Existing Product?
ICOs are very common for new tech products. It is an easy way to not only validate ideas but get them paid for before you build them. Basically, the more money people invest, the more they want to see your product come to life. It’s the ideal way to build a company – essentially, it’s crowdfunding. But what if you already have an existing product? You’ll need to rework your business model to make room for a new product launch and ICO launch and be able to show where that new money is going to go and provide investors with confidence in what you are telling them.
Get Your Team in Order
There are so many important things to consider when it comes to launching an ICO, but ensuring your team is in order is one of the ways to improve your chance of success. Having a rock solid team on your side is going to attract investors and participants in the ICO launch. You’ll add not only credibility to your product and idea, but you’ll build a sense of confidence for your investors who want to see experienced people in the executive-level roles, as well as the tech positions.
Choose a Token and Create it
You can decide to use any number of cryptocurrencies, or you can even create your own custom token that can be exchanged for fiat currency or existing currencies. There are a lot of platforms popping up that allow you to create and control token sales, including Ethereum or Wave. Be careful which platform you choose, as the platform you build your token sale in may actually impact the success of that sale.
Get Legal Advice
Before you make a move or a decision to launch an ICO, get experienced legal advice. Now that this industry is growing up and more and more people are getting into the support-systems needed to make ICOs successful, it is no longer difficult to find legal advice and negotiate with the tricky laws related to ICO launches.