ICO (Initial Coin Offering) is a common fundraising mechanism for businesses and startups in the cryptosphere that has been gaining increasing popularity over the past few years. The companies that are looking to raise funds for their startups, will be issued tokens/coins that they sell to potential investors in return for investment. But the ICO fundraising process is not as easy as it sounds. Many ICOs have failed and have been facing hack threats in the past due to lack of regulation, which is why many countries have started imposing ICO regulations in their countries. Also, the ICO development process is long and tedious, and does not assure 100% success rates, due to the highly competitive scenario.
The year 2017 was a breakthrough year for ICOs, and from then, the interest for ICOs has been expanding drastically. Every startup, or a crypto related business wants to raise funds via ICO. Therefore, taking this, and all the above mentioned factors into consideration, if you are looking to raise funds as well for your business or startup, the best thing to do is to hire an experienced ICO consulting firm that will guide you through everything from legalization, development, marketing, and launch that will boost your chances of success and stability in the competitive market.
But again, with the increasing competition and demand, there are a multitude of companies offering ICO solutions. Here, in this blog we are going to take a look at the key aspects to look into while you choose your ICO development company, to help you make the right choice. So, let’s go ahead and find out.
Vital Factors to analyze while choosing a ICO development company
- Reputation of the company
Before you choose a company, it is very important that you analyze the company’s previous reputation and history. If it is an existing company, you have to check their past successful clients and projects which will reflect their quality of work and consistency. A few years ago, this might not have been possible because ICO was still a relatively new concept. But today, ICOs have gained immense recognition and popularity that there is an increased probability of a company having a broad history of clients and quality of work in the past. As mentioned earlier, even though 2017 was a boom year, ICOs have had a history of a lot of scams in the same year. Therefore, to ensure a smooth and successful crowdfunding process with your ICO, it is mandatory that you carefully analyze the history of the company, and choose the right one.
- A team of adept ICO developers
To develop an effective, profit-yielding ICO, it is important to have an adept team of ICO and blockchain developers who has a comprehensive understanding of the technology, market scenario, market trends, and every other essential aspect. With the growing scope for blockchain businesses, and developers, there are many imposters with a very basic knowledge claiming themselves as ICO developers. Therefore, you need to carefully analyze and choose the right set of developers with knowledge and skills to take care of every aspect of your ICO from token/coin creation, smart contracts development, crypto wallet development, legal frameworks, KYC/AML modules development etc., to ensure yourself a stable, successful ICO.
- Proper Planning
When you approach a company for your ICO development, they analyze your requirements and propose a plan for you stating the future potential of your idea based on the blockchain. It is the company’s responsibility to let you know if your plan is not feasible or guide you with making it feasible to achieve maximum potential and profit. They should provide you a realistic plan and help you realize how effective it will be in the market.
- Credible Marketing Expertise
Marketing is the most crucial factor that will decide the success and failure of your ICO. Even if you have the most profitable, advantageous ICO, if you don’t market it effectively, chances are more likely that it will not perform well in the market. Also, with the intense competition prevailing, unique and credible marketing strategies is what will take your ICO ahead of your competitors. Therefore when you choose an ICO development company, you should not just consider the technical aspects, but also verify the marketing solutions they offer. They should be skilled to offer most plausible ICO marketing strategies that will give you a competitive advantage in the market and spread awareness among global potential investors.
Like we discussed earlier, due to the scams ICO have been facing during the past few years, many countries have started legalizing ICOs in their countries. The laws differ from one country to another, therefore it is important to gather knowledge of the regulatory norms based on the area of operation of the ICO. You need to make sure the company that develops your ICO is well experienced and has an understanding of the legal terms to make your ICO legally compliant and operates smoothly in the market. Also, they should be able to offer cost-effective solutions without disturbing the quality and security.
- Forum Reviews
The crypto community has several forums where you can gather information or clarify your doubts with anything that you require regarding your ICO development. You can verify the popular crypto forum sites for the suggestions about the frequently mentioned best ICO development companies, analyze the reviews in global forum sites, and jot down your choice from them. This will help with an easier, and more reliable choice of team for your ICO development services.
These are the most important factors to research and analyze to choose the right set of developers to execute a successful ICO for your crowdfunding business. If carefully developed, ICOs have all the potential to be an amazing crowdfunding mechanism for crypto businesses, mainly startups. Also, with the growing popularity for ICOs and more ICO users, experts predict, once the regulations of ICOs are clearly established they have the potential to get ahead of IPOs and completely disrupt the market. Therefore, to ensure success and enormous funds for your business, conduct in depth research on all the above mentioned factors, and choose the ideal company.
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