How to build an ICO team
Behind every successful cryptocurrency project is a great ICO management team. Many investors often consider funding ICO teams because of the high rates of return that they bring and their high success ratings. However, investing in ICOs can also be risky. If are interested in organizing your own ICO team, here are the basic things that you should consider.
What is ICO?
Initial Coin Offering (ICO) is a fundraising mechanism for the ICO team’s new projects in exchange for cryptocurrency and fiat money. These could include the launch of new products, implementing activities to attain the organization’s goals, or starting a new cryptocurrency.
Usually, the ICO team provides a white paper and website for prospective investors to check out. The information they contain helps the client to decide on funding the projects by investing in the ICO. ICO offerings can either be done through crowdfunding or through private offerings.
Things That You Shouldn’t Do
In building your own ICO team, there are several things that you need to remember. Based on the experience of some of the ICO companies, here is a list of some of the indicators that veteran investors are wary of:
- When the team doesn’t have a record of the companies they have funded.
- They do not provide information about the company or the team.
- They are using dummy names and a fake track record of their work
- Lying about who the members of the team are.
- The turnover of team members is frequent and the turnover rate is high.
Investors usually consider these indicators as red flags; so, they usually steer away from this kind of ICO team.
Things That You Need to Do
In building your ICO team profile, you need to remember that your website and marketing collateral should have the following information:
- The names of the team members with their pictures
- LinkedIn profile link
- Track record of the members
The information that is provided must be accurate and updated. It will help you establish your presence with cryptocurrency investors.
The Positions of Your Team Members
The first thing that you need to do when establishing your team is to designate the position of each member. This will facilitate your management of the products you are handling as well as the other functions in making your project work. Although roles and functions may vary from one team to another, make sure that you take note of the important ones.
- Founder/ Chief Executive Officer
- Chief Technological Officer
- Chief Financial Officer
- Chief Operation Officer
- IT developers
- Quality Control group
- Web designers
- Marketing team
- Advisory board
Before you designate the roles, make sure that you check the background of your candidates. Whether it’s ICO or traditional, the key to a successful business lays in the people managing it.
Potential Members of the Team
Recruiting your ICO team members can be really challenging. Most people would join crypto-communities to meet possible team members. If you don’t know anyone in the community yet, you can try Upwork or LinkedIn. These websites allow you to look for expert freelancers to help you build your own ICO team.
There are also other portals that you can check out:
- Token Market
- Bitcoin Forum
- ICO Now
- ICO Rating
- List ICO
- ICO Bench
- ICO Drops
- List ICO
- ICO Ranker
- ICO Tracker
When you surf through these sites, make sure to interact with the other members. You can actually scout promising individuals through these websites.
Choosing the Best Advisory Board
The advisory board is an integral part of the team because they can help you decide on specific issues. They can help you make sound decisions and guide the team to the right path. The advisory board should be composed of experts, influencers, and entrepreneurs.
When choosing the members of your advisory board, it is important that you check their credentials first. Also, your advisory board should also share the same ICO idea and principles with you.