According to a recent Boston College study, less than 50% of ICOs are still operational after the first four months following their token sale. People are so focused on the fundraising side of the phenomenon that they forget to address the most essential matter: what are the key success factors post-ICO? This question should be crucial for every investor or entrepreneur who intends to devote coins & time to a project. Here are our 3 tips to deliver a product or a service successfully post-ICO.
Creating Favorable Conditions for Delivery
Poor execution or none whatsoever is the major risk entrepreneurs face post-ICO. How can they deliver their project on time and as intended? The answer is usually a mix between the state of progress and the level of trust you place in your team.
At the fundraising stage, the project should already have proven its feasibility with the main features tested, while not being so advanced that the product is still able to spark valuable feedback from investors and potential consumers. Additionally, the vision and skills of the core team must be strong enough to guide the whole group into accomplishing and overcoming any hardships that may occur during the execution phase. Human resource stability at the C-level is also another crucial factor.
At Blockchain.io, we have the expertise of the team behind Paymium - the first EUR/BTC exchange marketplace in Europe – to lead us. They have already delivered an alpha version of Blockchain.io’s platform and started taking input from early ICO investors who have been provided early access to it.
Creating Product Awareness
"You can have the best product in the world, but if nobody knows about it, what good is it?".
This Phil Knight quote showcases the importance of creating product awareness, which should preferably be done as soon as possible. Two main factors come into play in achieving this goal: first, an efficient engagement with the Crypto-sphere, followed by a tight-knit userbase.
The first element can be nourished by attending key events where crypto-fans will be present, such as conferences, forums or meetups, which provide the opportunity to present your project and build relationships with peers and people within your community.
The second consists of creating channels all over the internet where potential customers (and investors) can learn more about your product and discuss it, either directly with the team or with other followers, thus creating a lively and involved community. It is possible and even recommended to engage in such activities before the official launch of your ICO; just as Blockchain.io did by creating a Telegram group of more than 40,000 enthusiasts to date.
Avoiding Cash Shortage
The third and last stone to stumble over post-ICO is definitely the cash-shortage risk. Once you’ve reached your hard cap, coins are cashed in and a new challenge begins: managing funds as wisely as possible.
Enough money must be allocated to the product development as planned in the business plan, while putting savings aside for expected or unexpected problems. This stage is all about ensuring that you don’t fall short of money before reaching the project’s milestones as you have planned in the roadmap.
As for Blockchain.io, the new cryptocurrency exchange platform was always intended to be launched after the public sale; the technical foundation has already been laid down and developed thanks to the founder’s shareholders’ equity. Funds collected are essentially meant to accelerate the rollout and quickly gain further market share for BCIO.
All three prior risks have been carefully assessed and addressed by Blockchain.io; this is why we firmly believe that we offer a quality investment option with minimal risk.
Our public sale debuts on September 27th, so join in! We strongly look forward to our post-ICO phase where we will create the #1 European cryptocurrency exchange platform by 2020 alongside you.