You can’t build success unless you have a strong foundation. And, it is your ICO team that is the foundation of your blockchain project. Of course, the team is crucial to how effective your blockchain solution is. However, your team members are even more important when you are reaching out to investors. Why? Well, investors want to put a face to every project, not only to ensure that the technology solution is viable but also that their funds are in safe hands and will be used fruitfully.
Having established that the team is key to the success of your ICO, the next question to be answered is – what should be the composition of this team?
Composition of an ICO Team
The success of a token sale depends on its value addition to society. And at the heart of every token sale lies a dedicated team, working for months and sometimes even years, to make their project viable for the token sale. If you are an ICO owner, your team will normally be comprised of CEOs, CFOs and CTOs, who are at the top of the hierarchy. There will also be talented developers, programmers, UX/UI designers, content specialists, PR specialists, community managers and lots of advisors too.
These advisors can prove to be one of the greatest assets to an ICO campaign, with their industry-specific expertise and network of connections. Any shortcoming within the core team gets compensated for by them. They add great value to projects, so you have to be careful in choosing them. Typically, people with successful entrepreneurial backgrounds and sufficient knowledge of blockchain can help build investor confidence.
Another aspect in team building is that you need to ensure that it is as diverse as possible. This will allow the team to connect with investors of different ethnicities, time-zones and different language capabilities. English is the most popular language only after Chinese and Spanish, in terms of the number of people speaking the language globally.
ICO is a Global Concept
We are increasingly seeing that ICOs are not restricted by geography. The lack of paperwork and regulation offers a great advantage, allowing anyone from any country to participate in your ICO. Countries like Estonia, Cyprus and Slovenia are becoming popular hubs for ICO creators. Cyprus was already a prime financial center in the Eurozone, due to its advantageous geographical location and favourable taxation system. The government of the small country of Slovenia is also creating a favourable environment by looking into ways in which it can incorporate blockchain into its system.
However, given the number of ICO scams, regulations across the world are maturing each year. Countries are striving to put an effective regulatory framework in place to safeguard the interests of investors, without the risk of making things too difficult to drive innovation. In 2017, we saw how projects struggled to get their tokens considered for security exemptions in the US.
Amidst all this, there also are some countries that have come out with better solutions. For instance, Switzerland is fast becoming one of the standard bearers in terms of implementing a regulatory framework for digital currencies, says PwC’s latest report, Initial Coin Offerings: A Strategic Perspective, published at the end of June 2018.
If we want to ascertain which country the majority of investors belong to, things could get tricky. Due to the anonymous nature of the transactions in blockchain, it gets difficult to find the exact figures.
Analysis of traffic of over 200 news media sources, including prominent websites like CoinDesk, CoinTelegraph, CCN, Bitcoin.com and 99Bitcoins found that apart from the US and UK, there are countries like India, Brazil, Germany and Australia, where a good portion of traffic has been generated quite unexpectedly.
All these facts point to the importance of the ICO team being familiar with multiple cultures and languages. By being able to connect with potential investors in the language they are most comfortable in and understanding their values, the team will be better able to instill confidence in the target audience. This will enable you to reach investors beyond the country of your project’s origin.
A Globally Diversified Team
A diversified team will help you market your ICO in a more personalised manner. Team members can create individual profiles on various platforms, such as Telegram, Slack and Reddit, and remain active across different time-zones. Photos of team-members and links to their LinkedIn profiles will add an extra layer of authenticity.
Ideally, your target investor group will feel connected to your project, intellectually and emotionally thanks to its global appeal.