How to Execute an ICO [Beginner Guide]
The world is now crazed with ICOs. The tech is the long-lasting trend — all the money is on the tech industry. The youth is getting rebellious against the corporate offices and trying to build their dream possible. Everyone is working so hard to make their voice heard. However, they are facing the inevitable problem fulfilling their dream — money!
Even a person having solid plans and possible ideas to execute it — getting enough investment is a hard nut to crack open. The traditional approach was to go to the venture capitals and ask them for money so they could build their dream.
However, getting investments from these venture capitals could be tedious and bring some unwanted effects — usually, there will not be a regular flow of money unless the VC is satisfied with the growth. Moreover, they often will be acting like bosses and try to dictate your dreams and plans. And, isn’t that’s the reason the people quit their day jobs and decided to chase down their dreams?
To be honest, some of the venture capitals can provide you also with excellent business support and valuable contacts.
An alternative solution to this very problem could be “Initial Coin Offering” a.k.a. ICO. So, what are there ICOs that world is so crazy about?
1. Introduction to ICOs
ICO is an idea to get crowdfunding for your project. Let’s consider an example, and you will grasp the concept in a better sense.
Let’s consider: you have a plan to solve a complicated problem our society faces today. We could think about the lack of jobs. So, you are thinking of building an online platform where everyone could find the job that matches their skill sets. You will collaborate with the employees and the employers and make a perfect little platform to build your dream come true.
However, to build such a platform, you are going to need some brilliant developers, coders, and business experts. Meaning, you are going to need money to pay your team. So, what should be your next plan? You will design a beautiful PowerPoint presentation and knock door to door for the capital or the initial investment. However, getting investors are not just sitting there for you to come. Let’s say that you have found the perfect investor. Still, it will be tough to convince them to invest in your idea.
The investors are just businessmen. They will not hand over all the money that you will need to run the project. Investors especially the VCs will give you the cash on installments. Also, they will monitor your every single move and could stop the flow of money at any given time as they please.
Alternatively, you could ask some ordinary people to fund your project. The method is also called crowdfunding at times. Of course, you cannot just walk around your home requesting every guy you see and showcase them your idea, right?
If your project concept is based on blockchain or is going to utilize cryptocurrencies, you could take the ICO path. You can try to sell investors tokens which later on will be used in your solution. These tokens have price tags as this is going to be the money that will fuel your dream project!
So, how much money could this process make you? We are not talking about hundreds or thousands of dollars only. You could collect millions from raising money by ICO.
Yes, we are not just bragging about it! Only in 2017, the start-ups raised over $5 Billion. This year, within just six months, we have seen companies raising over Billions — the growth is now more rapid than ever.
Moreover, your business plan doesn’t have to be strictly connected to the tech industry. You could try starting an agro farm and collect money from an ICO. For example, let’s consider the BananaCoin here. These guys planned to make an organic banana farm. They managed their initial investment through an ICO. After their massive success of creating an organic banana farm and selling fresh bananas, they are now expanding their business with a mango farm too.
However, to be a valid case, your solution needs to utilize somehow the currency sold during the ICO.
Sounds quite lucrative, isn’t it? So, it’s time to ask the fundamental question — how to start and execute an ICO? Well, here is coming the answer to that question.
2. ICO project basics
Phases of the ICO
There is quite an amount of tasks which need to be done in order to succeed with ICO. To deal with all the massive works, from the timeline perspective, we can divide all the tasks into four major phases:
1. ICO Planning
2. The pre-ICO phase,
3. The ICO phase, and
4. The post-ICO phase
The planning phase of the ICO builds foundations for any further activities in the project. It is the phase where you should realize how many tasks is ahead of you, how many resources you will need, what is an expected timeline and which activities are the critical ones. This is also a time when you should choose which of the activities in your ICO project will be done in-house and which ones will be executed by some hired guns and external parties.
At the end of this phase, you should also know how much your ICO will cost. Yes, will need some funds to start collecting more.
I cannot stress it more — You can still fail if the project execution is poor, but you will fail for sure if you do not take your time for proper planning.
The pre-ICO phase includes all the tasks you will need to execute before launching your idea for the ordinary people. This is a hefty phase, and a lot of ICOs fail because they took this phase too lightly. It could take several months or even a year or more in some cases.
During that phase, many ICOs do also pitching to private investors looking for significant stakeholders upfront the start of the ICO. Possibility to acquire such investors is also a sign that your idea and project goes in the right direction.
Then comes the action stage or you could just tell it the ICO phase. During this time, you will be selling coins or tokens to the commoners. You could think of it as a company going public and selling shares. It could be a couple of months depending on your targeted amount.
In the post-ICO phase, you will dedicate all your time to the tech and lead your project to success. Nothing should be on your mind except making the business a sheer success.
ICO Project management
From the management point of view, ICO is a project and should be treated accordingly.
To fulfill all the tasks required in an ICO project, a variety of team members will be needed. Your team will include the developers, the blockchain specialists, public representatives (PR), the marketing team, some legal advisors, your partners, early investors, etc.
Managing the project and your team will not be an easy task. It will feel like being under a lot of pressure. Well, you will be under a lot of pressure. However, this pressure is necessary to impact a change in the society and being successful with your dreams and goals, isn’t it?
If you are more a creative person or a businessman, it might be wise to hire a professional project manager just to be sure that everything is planned and executed in the most effective way. You could then just concentrate in what you are best at, and where you will bring the most value to the project.
So, let’s start with our big list to execute and ICO, shall we?
3. Check Your Idea!
Before you are starting anything, you need to brainstorm, a lot.
CoinMarketCap has informed us that there are about 1,500 cryptocurrencies available on the market. That means your plan will have to be better, different, and feasible. Otherwise, why should people be investing in your idea at all?
To get you started, ask yourself these questions:
- What kind of problem is your idea going to solve?
- What is your target market?
- How your idea is better than the rest?
- Does your solution benefit from utilizing blockchain technology or cryptocurrencies?
- Do you have, or can acquire, competencies to deliver the solution?
Moreover, also ask yourself if your business idea really needs tokenization. Not every idea is suitable for ICO, and not every idea will get support from the ICO. So, choose your niche and idea properly.
If you are an open-minded person, the much more question will arise which only help you to test and solidify your idea, first in your eyes, and later in the eyes of your investors.
Once your idea is tested internally, try to seek third party opinions. The good business advisors are gold. They could move you fast on the right track of business thinking, shed light on things you would never think of, as well as open doors to some initial investors. Yes, they usually cost.
So if you are not ready yet to spend money, try to get some public opinions from online forums. Reddit is a perfect option for exploring ideas and checking public reviews. The Bitcoin Talk is another example of a useful community that might trigger your brain.
Although if you are just wondering about it without following any straight method, you might end up nowhere. Remember, you are here to do business, not to become a messiah!
4. Know Your Market and Your Competitors
Market research is a crucial step for any business. Starting a business without proper market research is like walking in the dark hoping you will find light someday. You might have got a brilliant idea, but if some else is working on it or already has built it, your plan will more likely fail. Providing unique ideas are the only road to salvation here.
Also, think about the timeline, if someone else has the same idea as yours, you could take the lead by launching the business earlier than them. However, don’t try to serve half cooked dishes! You need to finalize project as perfect as it gets.
A business full of flaws will only do damage to you. So, make up your mind, do proper market research to identify all your competitors, and go public only after your plan is bulletproof.
Otherwise, your ICO will fail miserably. Statistics have shown that about 46% ICOs fail due to various reasons. The statistics are based on the year 2017 only. However, still, you don’t want to be another example of the failure!
5. Does your Government Support You?
To execute an ICO, you should form a company. Depending on the country you choose to form your company in, different legal and fiscal obligations may apply to ICO business. Some countries have already established regulations allowing lawful ICO processing, and in some, the ICOs may be even banned.
We all know blockchains and cryptocurrencies are all about making things decentralized and distributed. And that become a headache for many governments and market regulators.
Moreover, scams related to ICO is not a rare case. We have seen and heard of ICOs robbing public money or being scammers. The government has no choice but to regulate the ICOs now. For example, in the US, the Internal Revenue Service or the IRS is monitoring all the activities of the ICOs so that they have a precise knowledge of their wealth and activities.
In China and South Korea, ICO is banned altogether. We are unfortunate to see such countries with advanced technology prohibiting the future of technology. The SEC has exempted the US citizens to deal with some specific tokens. The red-listed cryptocurrencies are Gooldmint, Monaco Visa, Datum, and many more.
So, if you are planning to launch and ICO, I would advise having a lawyer familiar with that matter. You don’t want to be in jail by launching an ICO. Moreover, all your money could be seized by the government, and you could face a long-time prison visit for such acts!
Just try not be or look like a scam in any way. Show your idea to the public and leave nothing hidden. Be as transparent as you can be while writing the white paper. Moreover, be honest, don’t plan to raise a lot of money and run away with it!
6. Design and Develop the ICO Token
You are going to sell your tokens during the ICO. So, it goes without saying that you will need to develop a token in the very first place.
The most critical decision you need to make in that regard is about the development platform. The most popular platform for tokens is currently Ethereum, and there is a reason for that. Ethereum is a blockchain platform that supports smart contracts, which are applicable not only for tokens but also for ICO sales logic and other use cases.
There is plenty of Ethereum tokens’ source code available. You could copy them and tweak it to make your own token. Implementing your token with Ethereum and following a standard like ERC-20 will help you also later to integrate such token with other elements of the cryptocurrency ecosystem like wallets and exchanges.
Besides Ethereum, there are other options, which could be considered, e.g. Waves which offer excellent token platforms.
You could create your token also based on your self-invented blockchain network. This is usually a time-consuming process but may be the most suitable for the business idea you are going to build.
7. Distribution Plan
You need to decide on a distribution plan. A token sale could be of various forms, or you could call them the stages:
· You could go for a private sale where you will be selling the tokens to the selective individuals, usually major investors.
· Then comes the pre-sale where you will try to sell your tokens without giving detailed information.
· And as last you have the ICO or the general sale.
Which of those stages and to what extent you will utilize is entirely up to you and you only.
For example, you could consider the NXT’s strategy which is on the number one spot regarding ROI. They managed to collect about $16,800 as donations from the forums. They started their ICO back in 2013.
Telegram another popular name collected over a staggering $850 Million with their private and pre-sales.
Working on a distribution plan you have to also decide on the followings:
- How many tokens you are planning to offer in different stages from the total pool available?
- What will be the purchase options available for investors in ICO?
- What will be the terms and means of receiving of the tokens?
- What will happen to the tokens and funds if the ICO targets are not met?
There are several options that could be used to deal with the latter one. Usually there is a minimum target set which defines amount of funds that need to be collected in order for the business to deliver the promise. If that kind of funds are not collected, then all the acquired funds should be returned to investors.
However, if the minimum target is met, but not all of the tokens from the designated pool are sold, then the best practice is to burn the unsold ones. In that way, the sold tokens should keep their initial sell value.
8. Take up Your Pen and Paper
After the token, you will need to write about your idea and your tech in a broad but simplified way, understandable by all of the investors. You will have to write a detailed and clear explanation of your project. This paper will be called the “Whitepaper”.
A whitepaper is everything people should know about your project. Try to be as thorough as possible. Your customers will want to know everything including project plans, market analysis, your planned timeframe, your methodology, tech architecture, your legal plans, your team, and you. In short, you are expected to write about every aspect of your project!
Maybe not every one of the investors will read through the white paper. However, it creates your image to the world. The business and tech savvies will definitely read it and try to analyze the impact you are going to make on the market.
Also the review writers will read every single word. And they might criticize you if you have a poorly written white-paper. It will hurt your image badly and sabotage the hunt for getting investors.
Moreover, the blockchain geeks have a fairly vast knowledge about the technological facts. They might criticize you badly if you provide a mediocre level information.
9. The Perfect Little Website
A website is an important factor to get more investments. The investors see your website as your potential. Your website should be simple yet detailed with all the necessary information.
What you need to present first is the project’s aim. If people don’t know what you and your team is planning to do, they will lose interest. Be focused on clearing your idea in some short yet concentrated words. For example, if you plan to make a new kind of job market, you should focus on “New Job Market.” People can grasp the idea just by seeing these three words. Moreover, it makes an excellent first impression. You should grab their attention at first glance. Don’t try to be descriptive or vivid here.
Show You Know How to Solve a Problem
Another detail you should have on your website is your tech. Be very detailed about how you are going to solve a particular problem. Designing infographics or a short video is a great idea to go with. This showcasing will make the plan more reliable to the investors. They would think themselves a part of the team — not an outsider.
Apart from these, you could try adding a roadmap. A roadmap shows the time-lines of the critical milestones you want to touch. People want to see also when they could reap the money and have the fruits. The better ROI you promise them, the more they will be interested in your project. Try to find out all the important milestones and plan a timeline you want to meet. Now share this idea with the world. The world will see it as your determination and realize how much focused you are about your project.
You need to add details of the team. People would want to know whom they are investing on. Your team members should have a photo, the name and their designation in the company. It will look more professional and reliable. They don’t want to give money to some John Doe.
Social Media Channels
Link up your social media accounts. Most of the people these days have multiple social media platforms which they use on a regular basis. The social media platforms could be a great way of connecting with the investors. We are not just talking about Facebook pages and Twitter accounts, try using the platforms where the potential investors might be. We are talking about Reddit, Bitcoin Talk, GitHub, Medium, YouTube, or LinkedIn.
As you have finalized your contents, you need to work on your website layout. Try to keep things simple and elegant. No one wants to see a pile of words stashed here and there.
Be organized. Using a single page website a great option as things are easily accessible and convenient. Although you could go for other options as per your demand. Try to choose the design which is clean and clutter-less.
To summarize, your ICO website should definitely contain the following things:
· Your logo
· A simple infographic or an introduction video or both
· A roadmap
· Detailed illustration of your tech
· The team members’ description
· The impact of your project on the society
· Use cases of your project
· Legal documentation (terms and conditions)
· About us page
· Social media accounts’ links
10. Address the Regulators: KYC/AML and GDPR
In most of the countries, there are AML (Anti-Money Laundry) regulations, which imply on business to collect data on every customer that provides you money with — the so-called KYC (Know Your Customer).
ICO is a process of acquiring funds for a business, and you as a business owner should be able always to proof the source of your funds.
Dealing with KYC/AML requirements may be a tricky one. First of all, usually it is a costly process to collect and verify personal identification data. Second, it may discourage many from participating in you ICO as investors.
Moreover, if you are planning to address customers from EU (European Union), you may also be required to implement the GDPR (General Data Protection Regulation) processes.
Yes, that is a lot of work just to be aligned with the law requirements.
11. Your Tokens Shop: ICO Cabinet
ICO cabinet is an application that manages your sales process. Usually, it consists of a dashboard dedicated to the administrator of the ICO sale and a separate dashboard for investors.
The administrator dashboard is meant to present the status of an ongoing sales process, including information about investors. This is really important to know who, when and how purchases your tokens, so you could stimulate the sales via proper marketing activities.
The investor dashboard allows investors to register themselves into the system and purchase your tokens. Many ICOs offer tokens in exchange for other cryptocurrencies like Bitcoin or Ethereum. Some may be even integrated with payment gateways, offering tokens in exchange for real-world currencies. The more options you give, the higher the chances for a successful sale.
If your case requires KYC/AML and GDPR compliancy, your ICO cabinet is the place where those processes should be integrated.
12. Test and secure
Security is and always should be your primary concern. We have seen a lot of great ICOs fail due to lack of security.
We have to let you know about The Dao when we are discussing the security issue. The Dao project was one of the most promising ideas we have seen so far. It planned to develop autonomous organizations where there were no bosses — a self-sustaining organization. The ICO even raised over $150 Million. However, due to a cyber-attack, it lost over $500,000. Soon people lost faith over The Dao. Now, The Dao is just an example of ICO related security issues. You don’t want to end up like The Dao.
All information systems starting with your token’s smart contract, website and ICO cabinet applications should be thoroughly tested to be bug-free and secure before going into production.
It is wise to use an independent, third-party security audit service. Certification from such service could later be helpful with your tokens promotion as well as become an additional argument during negotiations with exchanges.
But do not forget that security is not just about the information systems it is also about your team. As usually the weakest point in the system is usually a human.
13. Marketing: Get Your Voice Heard!
It’s the era of marketing communication. You need to spread your voice to the public, more specifically, to your investors. You have everything you need to launch the ICO. However, if people don’t even know that you are launching an ICO, then what’s the point of doing it anyway?
You cannot and should not hope for investments if you don’t have a solid marketing strategy.
There are several ways you could set up your marketing strategy, and not everything needs to be done internally. Once the marketing strategy and its execution plan are in place, many activities can be delegated to external agencies and specialists.
And here some tools you can try to utilize in your marketing strategy:
Social Media Marketing
The most obvious thing to do is creating hype with your social media accounts. There are lots of great freelance social media experts who could boost up your social presence and help you gather the organic traffic, not just some paid likes.
Remember, paid likes and followers will get you nowhere. Try to seek you’re your actual target audience and create contents for them. There is no easy way to reach out your voice to the common people.
Social Media — Your Own Blog Section
The next thing you should do is to create a blog section. We still lack some helpful blogs in the blockchain and cryptocurrency niche. More people are getting attracted to the blockchain and cryptocurrency niche.
Before others build up an active blog community, you should seize the chance to help the community with some great blogs. Blogs are the best source for collecting organic traffic. People will visit your website to quench their thirst for knowledge.
Try to be true to your readers and actually help them with honest information. They will give back the courtesy someday.
Adding up a great FAQ section also a smart idea. People are questioning a lot about various simple yet common questions these days. You will be surprised to know how many people are seeking the perfect definition of ICOs!
As the hype of blockchain is increasing people are falling victim of fear of missing out. Very soon the internet will be full of people who don’t know what a blockchain or an ICO is but will be willing to invest as they think of it as a great way of winning cheap money!
Social Media — Publish on a Regular Basis
Try to be regular on the social media. Don’t plan on dumping 15–20 posts once and then be invisible from these accounts, you cannot grow your community. Instead, you should post regularly with a lower number of posts. Try posting 5–10 posts throughout the week rather than dumping all of them at the same time.
Being available on the forums is an excellent move as most of the blockchain enthusiasts are on these forums not on Facebook. Try to show your presence on Blockchain topic-based forums like the Bitcoin Talk, Altcointalks, BitcoinGarden, and many more. Reddit and Quora are two great options where people are docking to get information about blockchains and cryptocurrencies.
Slack and Telegram are the blockchain based messengers where you will find blockchain-educated users. They are the potential investors whom you should target.
While doing the social media marketing, remember that Facebook has banned all kinds of ICO related ads. So, you cannot increase your popularity in this platform just by placing ads. You have to be popular using the dedicated groups and pages to find your deep sought investors.
Remember, you can never make the common people think that you are a scammer. We have seen ICOs with a lower number of followers going silent, and the people suddenly started screaming their name as scammers. Always serve your followers, they are your asset and still will be.
Websites Dedicated to ICOs
There are several websites dedicated to spread information about upcoming, ongoing and past ICOs. These are the places where many cryptocurrency investors come to check news from the sector. Thus these are often good places to be listed on. Although to be really noticed, you would need to place your ICO on one of the top promoted spots, which of course costs money.
Consider Bounty Program
The bounty program is the marketing promotion of the ICO, for which the organizers pay tokens that participate in the sale. A certain number of tokens is dedicated to incentivizing bounty hunters, who support the startup during the ICO. Bounty hunters mainly do tasks related to promoting the ICO in forms of:
· Signature Campaign
· Social Media Campaign
· Content Creation Campaign
· Translation Campaign
Sometimes ICOs offer bounty prizes also for finding bugs in the technical environment.
For participants, the bounty program is a way to earn tokens without directly investing money.
Roadshows are frequently used by ICOs in order to attract bigger investors. However, making a proper communication about such events can be also a good way to spread the word about your project to broader audience.
14. Let’s the ICO begins
Well, you have done all the works you needed to do before you are about to launch an ICO.
The best situation is, if you start your ICO, when you can present an MVP (Minimum Viable Product). That is not always the case, but it helps a lot to authenticate you and your busienss plan in the eyes of your investors.
One crucial question is also — for how long do you intend to continue the ICO? Well, it depends.
If we think about the statistics, an average ICO continues for about 41 days. Although it is just a number. You can continue our ICO for as many days you want it to stay. Then again, if you see your investor number dropping down in rapid speed, despite the marketing activities you execute, you probably should stop the ICO.
There is no standard time frame. It depends on how much and how fast you are earning money. However, you should always have and communicate a hard deadline for the ICO. The point in time which be considered as end of the ICO — either positive with the expected funds collected or failed one.
Communication should be on the top of your priority list during and after the ICO period. Moreover, people will have tons of things to ask about the token, your services, and your project details. If you fail to maintain proper communication, your brand image will get severe damage.
Apart from maintaining a bulletproof communication, you should also impose a strong security measure. Your ICO will be extremely vulnerable during this period. You must be prepared for kinds of security breaches and attacks. You could lose millions to the hackers.
15. After the ICO
Assuming you succeeded with selling your tokens and collecting funds, the next step should be getting listed on cryptocurrency exchanges. A cryptocurrency exchange works like a typical stock exchange. It’s the most effective way to speak out to the world and make your presence noticed. Each of these exchanges has specific criteria that your ICO project needs to fulfill.
Don’t sweat as long as you haven’t stolen anyone’s idea and is completely unique; you have nothing to be afraid of. Of course, to be listed on the top exchanges may cost you. But now you have the resources to make it happen.
So, what should you do to get yourself enlisted for example on Poloniex exchange? Well, there is no particular method you could follow. They claim to enlist the most unique, innovative and popular projects that meet their users’ demands. Another important criteria for getting enlisted on their platform is by creating strong market demand. The more market demand your brand has, the easier it is to be enlisted.
To get enlisted on the exchanges, you should have the following attributes:
· Coin name — Well having a name is the most certain things to come in mind. So, you got to have a name for your coin!
· Trading Symbol — A coin trading symbol is a three-letter name that can represent you coin name. For example, Ethereum is ETH, Bitcoin is BTC, Ripple is XRP, etc.
· The Project and The Token Description — Your project should have a clear and short description that can truly stand for the mission and vision your project has. Apart from the Project, your token should also have a clear and concise mission and vision. You need to submit these pieces of information to the cryptocurrency exchange.
· Coin Logo — Coin logo is the most simple and clear symbol of your brand. A logo can give your brand name a better status and makes it more trustworthy among the users and the investors.
· Launch Date — You should tell the exchange the initial date of your project to run so that they can age your project.
· GitHub Link — Exchanges will ask for source codes before listing you coin to their directory. It’s okay. You don’t have to worry about them stealing your idea and copyright.
· Compliance Fee — Some cryptocurrency exchanges might ask for the entry fee which often referred to as the compliance fee. For example, Bittrex used to charge $5,000 as the entry fee. They have revoked that law later on.
· Third-Party Certification of the Source Code — Your project’s source code should be verified by a trusted third party. Some of the exchanges are very strict about this certification.
These are the main things you need to know about the cryptocurrency exchanges. Without these pieces of information, they might not register your brand’s name on the exchange’s registry. It is vitally important to get your name registered otherwise people might think of as a scam or a fraud.
Deliver the Promise
Once your ICO has ended, your primary concern should be focusing on your dream project only. You have worked so hard for making your dream to be true. Now you have the chance to fulfill your dreams as you have the economic backup to do so.
Moreover, your investors will seek to witness improvements and some results. You should do all you can do for your customers and the token investors.
Well, to speak the truth, starting and launching the ICO were relatively simple things compared to what you are going to do after the ICO. You could think of it like — just getting the money to make something you dream of. At this point, you have a moral, financial obligation to work on your project and deliver something of value to the world.
Well, you have collected some money for the investment, you have some cash on your wallet, and your team will get the salary that they deserve. However, you need to focus on one thing here — making money for everybody else! How could you do so?
Actually, sell to the mass people and earn money for everyone. Launching an ICO makes you more of an entrepreneur as you are collecting money from the common people not just begging to the corporate investors. It will make you more independent and help you get more control.
The world you know is changing so should be the way of doing business and collecting the initial investment for your business. Launching an ICO makes you more independent and gives you the freedom to steer your project to the ultimate goal that only you can envision. Sure, there are lots of cases of ICOs to fail. However, on the other hand, we could give lots of names of the successful ones too.
It goes without saying that ICOs are the new fuel for the business especially the start-ups. The amount of investment through ICO has reached the sky. Billions of dollars are spent on the initial investments of the start-ups.
This more likely seems that cryptocurrency is just an imaginary word uttered by some tech geeks. It is very much the reality. It also works like an indicator that the world as we know is going to change.
Actually, the change has already begun. Now it’s time to see how far will cryptocurrencies go and impact the everyday life of every single human being on the planet. Moreover, we want to look at how cryptocurrencies will impose decentralization and distributed network that crumbles the controlling hands of the banks and the financial institutes.
So, if you have a dream in your heart and chase it by setting up your own business, ICO might save the day from the mean investors.
The article apparently does not discuss all the aspects and details of the ICO project. However, I hope that it gives you a good general picture of the required works and will prove useful as a starting point for your own project.