Steven Rüttimann, CIPP/EI will challenge your business concept!

Business Law student and startup entrepreneur. Great skill in design thinking, innovation and entrepreneurship. Participant of Virginia Tech's Global Entrepreneur Challenge 2018.

Recent Answers

First of all, there might be legal restrictions depending on the country you're planning to run the ICO in.

Basically, you design your product first, which in your case means preparing - at the very minimum - a whitepaper in which you explain the use case of your system, how it benefits the people involved, what the raised funds will be used for, what your 5-year outlook looks like etc. The key to this is transparency and legitimacy, as you want to build trust in your product and don't want to be taken as a scam. Furthermore, a lot of marketing will be involved by running a website which explains your idea and a lot of social media involvement, getting people to discuss your ICO. Next, you'd have to provide an online tool on your site for the actual token sale or outsource it completely to a platform that provides ICO services.

If you provide me with further information, I'd be glad to analyze your situation in a call.

Since you do not seem to have a legal structure yet, you should start out the way any (tech) startup tackles seed financing.

You generally want to do this on multiple levels. In the seeding phase, you try to crowdfund a certain amount of shares of your soon-to-be-incorporated company. There are many crowdfunding platforms out there. Choosing will be a matter of finding a platform matching the type of your business/crypto currency. If you want to go a more humble way, you could always approach friends, family members for seed financing. After that, you move on to series A, B, C etc. of financing rounds raising higher amounts of capital.

Since you're trying to launch a crypto currency though, further funding could be achieved through an ICO (Initial Coin Offering). Nevertheless, higher risks are involved with ICO's. Furthermore, a newer phenomenon keeps popping up, called a pre-ICO. Pre-ICO's generally work the same way, but raise less capital but at an earlier stage in order to reduce risk for later ICO investors and provide funds earlier. However, risks involved in pre-ICO's can be even higher which is why such instruments should be planned with great care in order to not come across as scam and build trust and transparency in your venture.

Id be happy to analyze your situation further in a personal call when provided whith further information.

Having great expertise in competitive strategy and organizational frameworks, I'd have to say this strongly depends on the type of business you run and, furthermore, on various internal factors such as product design, corporate strategy, pricing, regulation and much more. I'd be happy to provide a deeper analysis of your situation in a call when provided with more information.

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