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June 12, 2018, 03:54:06 PM |
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Awesome project
According to Chapin, any investor-angel can tell stories about investing in a strong team with a bad idea, because he believed in their abilities of creating a valuable product in the course of their activity. For example, before its pivot, Android used to be a camera operating system. Nokia dealt with woodworking and paper production before and Pinterest, at the very start of its career, used to be a shopping app and it wasn’t a social network (although recently it has returned to its e-Commerce origins).
Therefore, it is crucial that the team should be multi-professional, and should already have had some success. In a perfect world, they should also have at least some experience in the blockchain domain. Quite often, teams try to launch fundraising when they don’t have competent engineers dealing with the blockchain. The founders consider money-raising to be the most important task and they are pretty sure they can employ an engineer later on. But you should look before you leap, because until investors become eager to donate money to the project, they need to be convinced that the team is able to create what they had planned.
The second section of the white paper should contain the product description: prototype data, first users and development strategy. Frequently, in the course of ICO the project team only have a perfectly designed pdf and a few mock-ups. Yet, they have no actual product, its potential users and development strategy. If the project already has an ecosystem and users, this increases the chances of token survival on the market. These elements must therefore be present in the documentation.
Awesome team
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