Sharing the idea – The business idea is the key to the success of the ICO. It would be the basis behind the development of a token. Make sure you finalize the intricacies of your idea before kickstarting the development process. It should be better than the offers provided by competitors. Announce it in popular cryptocurrency communities to get the initial feedback from investors. This will help you to determine if your idea will generate high interest among the target audience. Then, the firm can prepare its business model for executing its project.
If you are a beginner, let’s start with the concept of an ICO: An Initial Coin Offering is a fundraising mechanism for a company project, mainly startups in the crypto space. The company is issued tokens/coins that they sell to potential investors in return for investment. The first token sale took place in 2013, and Ethereum raised funds with a token sale in 2014. Ever since then, ICOs have always been in demand, and are adopted by thousands of new ventures, especially after the 2017 boom, where ICO witnessed huge degrees of success.
Some of the benefits of ICO are, it gives a good opportunity to put resources into promising ventures, helps in building a strong blockchain network, easy access to beneficial tokens and coins at a discount, decentralized decision making for investors, friendly regulations for exchanges.