Given the huge growth in the number of ICOs, up from only 29 in 2016 to 1,187 so far in 2018 (
ICOData), there’s also a surge in ‘ICO advisors’ available.
Simply put, an ICO advisor is someone who has experience with a successful ICO in the past, either on the staff or on the board of another firm, or someone who simply worked as an advisor on past successful projects. They are to provide professional consulting and support throughout all the ICO stages, helping to keep the team pointed in the right direction.
ICO planning is effort-intensive, requiring to consider an increasing regulatory framework, along with marketing, PR, and branding to make your offering stand out in the crowd and ensure you’re being listed in all the right places. Choosing the best ICO advisor you can find will help you succeed in each of these key areas, along with building a solid team and financial structure to support you before, during, and after the ICO.
Considering all the market circumstances, truly knowledgeable advisors are in high demand, while there are also many of those who claim to be experts, but really aren’t. Anyone can make a polished-looking website or LinkedIn page, so we’re going to show you how to look beyond that to choose a solid ICO advisor.
Do Your Research*
Instead of taking your advisor’s website or LinkedIn page’s word for it, read as much as you can about the actual ICOs they have been involved with. Verify their involvement by contacting key personnel of those startups. The right advisor will have a verifiable record of success, whether as an advisor or just in the industry.
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Speaking to someone who has worked with them directly is your best bet to really gain an understanding of their skill set and effectiveness.
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It is important to choose an advisor that’s got experience in your chosen field. If you’re working on a startup in the healthcare industry, hiring an ICO advisor that’s mainly worked on fintech startups will not be of much help to you. Someone that knows your industry and the ICO landscape will be of far more value.
Search InternationallyWhile it’s easier to find someone ‘in your backyard,’ expand your search globally. We work in an ever-globalizing economy, and the best ICO advisor will have international expertise. You should make sure you’re looking all around the world, as one of the biggest benefits of blockchain tech is the borderless nature of it.
Regulations are constantly changing, and finding an advisor with international experience will help you navigate that complex landscape. You can waste lots of time working on a solution that does not comply with new regulations, so make sure your advisor is truly in touch with the latest legislative developments.
Choose an ICO Advisory GroupLimiting yourself to just one expert is not an option in 2019. There are now advisory groups forming of the companies that will help you navigate the process. Advisory groups have more resources to help you and can see more of your potential blind spots than a single advisor.
There are many key factors to the success of your ICO, and while a single advisor may be very adept at helping with your marketing strategy, they may miss a major flaw on the technical side. Conversely, you might find the best ICO advisor on the technical side that will miss opportunities from a marketing and promotional standpoint. Choosing an established ICO advisors group will increase your chances of success.
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