Before starting an Initial Coin Offering, how to identify the finest ICO team
Once you've established that your ICO will be organically incorporated into your product's business model, you'll need to recruit an experienced ICO team that includes outstanding blockchain developers who can elaborate on project execution and development. They should also provide post-ICO assistance.
First and foremost, consider what makes your ICO team truly qualified and beneficial to the project. This is a huge project that entails much more than looking up the social media accounts of team members. Here are a few things to keep an eye out for.
Overview of the Quantitative Market
As of February 2018, there were more than 1,500 ICOs active. The overall market capitalization of all cryptocurrencies is currently around $320 billion, and it is expected to surpass $1 trillion in 2018.
Let's take it a step further and provide some additional details, including a breakdown of the funds raised. According to a recent analysis by FabricVentures and TokenData,
In 2017, $5.6 billion was raised in token sales, up from $240 million in 2016, representing 435 projects and startups.ico market 2017
In 2017, more than 900 token sales were scheduled and active at some stage. This discrepancy is due to the fact that 131 projects failed to fulfil a minimal threshold, and 347 token sales did not submit their final results. TokenData was unable to collect data from at least two separate sources, and token sale websites suddenly vanished.
The amount of money raised was $12.7 million.
Throughout 2017, the quantity has risen.
52 percent of token sales failed to meet their goal or just disappeared.
Overall, tokens have outperformed ETH/BTC, owing to a small number of large out-performers.
The top ten token sales raised a quarter of all funds. A closer examination of the top ten completed token sales in 2017 backs this up. The top ten sales raised around $1.4 billion, or almost a quarter of the total capital raised for the year.
In terms of funding, Europe is actually ahead of the United States.
Projects with founders from several countries account for over 70% of highly scattered teams.
Where Can I Find an Initial Coin Offering (ICO) Team?
Make sure you're looking in the appropriate places! To begin, look through the top ICO listing sites, track projects, and determine which blockchain development firms are behind them. They could be an excellent fit for your project. Various platforms (Bitcoin Forum, ICO Drops, ICO Rating, CryptoCompare, ICO Tracker, ICO Ranker, ICO Bench, Coinschedule, Ambisafe, Token Market, ICO Now, List ICO, and so on) provide examples of the most popular ICOs currently active. Choose the most informative and dependable sources for you.
Second, take advantage of international freelancing platforms. Upwork, originally Elance-oDesk, is an online marketplace with more than 12 million businesses and freelancers. You may use Upwork to conduct interviews, hire freelancers, and collaborate with agencies. The platform includes a time-tracking application as well as the ability to take screenshots while the user is working. It also has an online chat option to help you save time when it comes to sourcing and hiring. Examine the references before hiring a blockchain engineer.
The site also includes feedback from prior employers, who rank freelancers:
Upwork, along with Fiverr, is the most popular freelancer marketplace for finding top talent.
Third, use a Google search engine to look up fresh company names.
Factors to Consider
The development of blockchain applications necessitates a multi-skilled workforce. Don't just take a team's website description at its value. The company must be conscientious, well-managed, and adaptable. Those are the qualities of a successful executive. First, look into the management. Checking a leader's own accomplishments is a wonderful approach to validate them. Is this their first time working in this field? Have they ever had a business? Remember that a team with a strong leader is bound to succeed.
Is there anyone else who requires particular attention? Let's take a closer look at the other members of the team.
The Most Important Roles in Every Project
Developers of Solidity. It is recommended that there are two or more of them. To begin with, creating an ICO is a time-consuming task. Second, a single technical expert is inequitable since he or she can only offer one solution with no alternatives. The developer's mindset is reflected in the code. Third, developing code is a major responsibility, and code review is provided by another technical member. Open-source code is common in crypto projects. Take a peek at the commit logs in the GitHub code repository if you're a seasoned programmer.
Tester, quality control engineer, and quality assurance engineer are all terms for the same person. This position is responsible for designing and carrying out testing to verify product quality.
Designer. As a member of the core team, the designer is more deeply involved in the process and has a better understanding of the product.
Specialist in the community. Content generation, social media management, events and event planning, public relations, customer relations, communication/marketing strategy, analytics, and even business development are all responsibilities. A good community manager serves as a link between the product and the investors. He or she informs the audience about the project's purpose. The effectiveness of communication channels is determined by how active they are.
Take a hard look at the team now. Are they gurus in their field? Don't be afraid to look up their social media profiles to see if they have the essential qualifications. The most important factor for a firm searching for blockchain engineers to consider is whether or not the candidate has a background that aligns with the organization's values and goals. An inefficient working relationship can result from the wrong kind of team.
DADI is an example of how a poor decision to hire an inexperienced freelancer to produce the white paper destroyed the entire project, resulting in the ICO's failure. The content is riddled with red flags:
Other team members may serve in the roles of sales manager, project coordinator, and so on, but the primary roles are described above.
Board of Advisors
The project's advisory board, in addition to the core staff, provides strategic counsel and outside support. As a result, businesses benefit from their expertise while maintaining structural flexibility. The advisory board is a separate group from the core team that meets on a regular basis. You should identify their relationship with the project by carefully reviewing the list of advisors. Make it clear what their roles are. Are they merely supporting the project because they believe in its success, or are they actively involved in it? Normally, they should give project insights, announcements, and updates to show that they are paying attention to the ICO project. Their public perception is shaped by their contributions on social media. Advisors with experience in the bitcoin industry will offer value to the project.
Budget
The entire cost of creating an ICO project that is successful varies. The budget is determined by the project's components, the creators' level of professionalism, and the quantity of projected investments:
$50-$100,000 – technological considerations
$50-$100,000 – legal issues
Marketing service ($100,000-$300,000)
Miscellaneous – $100,000
When calculating the prices of technological features, you should also consider the location. Outsourcing is a wonderful alternative for building an ICO project since it allows you to focus on refining your product instead of worrying about the details. Blockchain engineers are second only to robotics professionals in terms of fastest-growing talents. According to Upwork, they advertise their services starting at $100 per hour. This rate varies by country, based on living standards and other factors, and can reach as high as $150 per hour in high-tech areas (e.g., Silicon Valley).
Make good use of your resources. It is worthwhile to invest in highly qualified personnel. Remember that a well-thought-out project will garner more feedback than one that is not.
Legal Requirements
Before you begin, keep in mind that the legal issues of running an ICO may differ from nation to country. Make sure your own study complies with all relevant legal rules before commencing a token crowdsale, or contact an attorney.
Done!
Before establishing your own ICO, you should evaluate your team to boost the overall odds of success for the entire campaign. By approaching this procedure with caution, you will safeguard your product's reputation as well as your investor ties. Expect your team to be well-versed in programming and have excellent communication skills. They must protect their reputation in the crypto business as prospective partners.
To summarise, ensure that each team member (without exception) has sufficient experience to meet all of the project's requirements.
Team leaders who’ve run businesses before, cryptocurrency developers with active professional accounts, and community experts with significant portfolios are the ones you should hire.
External advisors help the initiative get social support and increase its worth.
If the team has previously participated in similar activities, its chances of success increase tenfold.
Learn how to take advantage of the benefits of ICO projects and improve your fundraising ideas.
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