ICOs have become one of the most ways for blockchain-based startups to raise funds. In 2016, around $216 million was raised through ICO. That figure reached $5.6 billion in 2017. However, even as ICO popularity grew in 2017, there were increased cases of failed projects. Last year, for instance, 52 percent of the ICOs failed to reach their target. Many investors lost their funds.
Having a great team is as good as having an excellent project. Even when you have a very promising project, many investors will also consider the team behind the project when investing in an ICO. If they find that the team is not convincing and strong enough, they will not invest in your project. Consequently, it is advisable to allocate enough resources and time to establish a team that will help you to actualize your project.
The composition of an ICO Team
• Chief Executive Officer / Founder
As the main source of inspiration behind a given project, a CEO/Founder should have excellent organizational skills. Given that such individuals are the source of the idea, they should know how to select a strong team depending on their individual weaknesses or strengths.
The main role of the marketing team is to create visual and written content that is appealing to potential investors. Such people should have advertising knowledge. They should also know how to promote products on social media. They should be approachable and engaging.
The main role of developers is to make the project come live. They are responsible for converting the startup idea into something tangible. Such individuals should have a background in programming. It is advisable to consider individuals who have been involved in successful projects before.
• Chief Finance Officer
When it comes to the management of the firm’s finances, the CFO is responsible. One major important qualification for this position is a background in accounting. You may also consider individuals with a background in businesses but has other financial courses like portfolio management or banking.
• Chief Technology Officer / Co-Founder
Apart from inspiration, CTO/Co-Founders are also a great source of direction. Those qualified for this position need to have managerial experience. Given that they are in charge of the engineering and development department, they should be technologically inclined. Most successful developers have a background as developers.
Looking for an ICO Team
Now that you know the kind of people you need to work within your ICO, it’s now time to look for them. To build a strong team, you need to include specialists relevant to your project. Getting individuals with a successful entrepreneurial background can go a long way in convincing more people to invest in your project. Here are some of the places you can get qualified people to build your team.
Visit different ICO listing sites and identify successful projects. Track the projects to identify the teams behind them. You may also visit other platforms such as ListICO, ICO Now, and Bitcoin Forum among others to see the most trending ICOs. Try to reach individuals that you feel you need most in your project.
Make use of freelancing websites such as Fiverr and Upwork. Such platforms have a large pool of professionals. You can conduct interviews with some of these people to evaluate their skills and capability before hiring them.