Q&A: What do you need to know to run an ICO?
Cryptocurrency

Q&A: What do you need to know to run an ICO?

Chaineum claims to be the first "ICO Boutique" in France, providing a range of end-to-end services to companies that want to expand into this new funding mechanism. CEO, Laurent Leloup, was lead advisor on the DomRaider ICO – the first in France – which raised 262 million tokens in the initial pre-sale. We ask him a few questions in the lightly edited Q&A below.

 

How did the idea for Chaineum come about?

Chaineum was formed with the idea to create a virtual incubator on the blockchain. With the launch of the DomRaider ICO last June, we realized that there was a real need for a company to provide ICO consultation services and therefore this became the focus of the business.

Within weeks we were contacted by several companies looking to launch their own ICOs which means we currently have a number of projects in the pipeline for the next few months.

What kind of companies are mostly looking to raise funds via an ICO?

Many of the organizations we work with are already established blockchain businesses who are looking to expand. They are turning to the crypto-currency community to facilitate this growth due to the number of benefits associated with this type of currency.

What do they usually consider before this?

A lot of the time, the main questions we get asked are around the risks associated with ICOs. In the past, there have been less than legitimate projects which have had a negative impact on the industry. However, once our clients speak to us, we do our best to guide them through each stage of launching an ICO to ensure their project is as successful as possible.

What kind of services do you offer to clients?

Chaineum provides a full consultation service which ranges from helping our clients refine their proposals, the creation, and security of their ICO website and marketing of the campaign.

What is the most misunderstood part of this process?

Launching an ICO can be a complex process and many companies we speak to are so eager to launch that they often forget how much preparation goes into the project. However, the planning is the most important stage of the process.

Confused by cryptocurrencies? Check out: What you need to know about cryptocurrencies

For example, having a well-thought out proposal that highlights your project’s goals, team and timescales will not only provide you with the blueprints needed to make sure your ICO is successful but it will also give potential investors peace of mind that your ICO is legitimate and viable.

What advice do you find you keep repeating?

Not to rush. ICOs are often time sensitive and therefore planning when to actually launch your campaign is essential. Many make the mistake of launching as soon as possible but giving a little more thought to the plan will mean that things will be easier down the line.

There is a lot of hype around ICOs at the moment – will this ever become as popular way to raise funds as other more conventional methods?

CNN previously reported that the money raised via ICOs surpassed early stage VC funding which shows that people are already seeing the benefits of this fundraising method. However, there is still some way to go to make ICOs more mainstream. We believe that as more successful projects receive coverage and reach their goals, this will continue to drive the market forward.

Is there anything else you’d like to share?

There are a lot of risks associated with ICOs. However, if you speak to the right advisors they can help you with the correct direction to launch your ICO and avoid common mistakes that businesses often make.

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