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Thinking to ICO your business? Here are 30 learnings what we collected @Zipperglobal, while preparing our token plan #ICO #Ethereum #Devcon3
1. Tokens will change the world. Tokens will disrupt governments, banks, corporate monopolies, charity, dictators, environment, research…
2. Think BIG. Tokens go well with big scalable ideas, and are terrible with small ideas.
3. Becoming a token entrepreneur is a great opportunity, but a huge long term responsibility. Think twice can you take it.
4. Think twice, if you need a token to build your business. Dumbest thing to do is to make an ICO for just fundraising.
5. ICO fund raising is much more difficult game than equity funding, and it is much more expensive.
6. Make sure you have a relevant and competent team to implement what you promise to do. Team is 70% of your success.
7. Be ready to take 5-10 year legal, business and reputation responsibility on the token you create. You can’t escape the responsibility
8. Tokens are great for projects with large community wanting to build something what they jointly believe in. Build a communiy
9. Very few projects will need their own token. Community agendas with multiple project working on same mission are excellent token business
10. Plan ahead how you could attract other projects to use your token, making it a multi-project token. This will scale your ecosystem
11. Don’t think what blockchain can do for you, think what you can do for the blockchain. Bring you value to the ecosystem
12. Token value growth = demand growth/supply growth. Limit the supply and grow the user base for token
13. Consider 2 tokens: 1 is a security token for investors, giving them rights for future tokens. 2. utility token for the system users.
14.S elling your utility token at ICO will risk it to become a security. Selling a security token at ICO will keep your utility token clean
15. ICO should be ACO = Accredited coin offering = coin offering to pro investors. Regulators may soon pan large coin offerings to public.
16. Public can participate on your project by trading the token or in small limited ICO
17. Select carefully legal location for your ICO. Preferably from the location you believe will be friendly in longterm or has reg. in place
18. Be careful with advisors. Many have never done an ICO, some are busy and don’t have time for you. Try to get those with time&experience
19. Don’t shoot all your bullets at once. Make a several years plan for token sales
20. Develop a distribution strategy for your token. How will it gain user base, is the critical question.
21. More than 95% of projects will fail in scaling their token’s userbase, and will eventually crash their market price
22.The winning projects will be the next Googles, Amazons and Alibabas. Those with right idea, team, token model, and community will succeed
23. Make a long pre-ico funding round, develop your product and test it with early user base. Then make an ICO.
24. Plan a lock-up period of your pre-ICO investors. Letting them sell early, will just crash your token price.
25. Build funding in milestones into investor offering. If you don’t reach your milestones, funds will be returned to investors
27. Think how your project will solve the problem of non-crypto people. For the long term scale, you will need to serve these people
28. Be responsible with KYC, anti-money laundering rules. You will avoid serious problems by doing it.
29.Test your idea with your potential community. If they get excited about the idea, you have a chance.
30. Build carefully your token governance. Don’t let greed and power plays a chance to impact on your token distribution. Decentralise
26. Build your project in such a way, that it proceeds, even if market crashes (it will)
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