Choosing and finding ICO advisors is one of the challenging things that your business needs to overcome when you want to do an ICO.
We have put together a few things to look out for:
- Historical performance
- Block chain experience (tech)
- ICO experience
- Business experience
- Investor networks (preico)
One of the best way to judge an advisor is to look at their historical performance. Unfortunately people with fantastic backgrounds are the hardest to get to bring on board due to their reputations and the fact that ICO in nature etc. Often what you need to do is build momentum for your ICO before going to rockstar advisors that have big brand entrepreneurial experience.
The fact that blockchain is a relatively new technology and that there are not many experienced professionals in this market that have enough knowledge to help with consultation, token creation etc.
Finding people that have actually run and ICO and all the pitfalls and challenges that this represents is a huge ask as many of these individuals are now to busy to with their own businesses to look at helping other people.
While professional business advisors make a lot of sense if they align with your business. Often these professionals demand large advisor fees, this can be a mistake as they may not bring the necessary experience that is required to do an ICO.
Bringing on advisors that only bring investor network is not wrong but once again compensation should be carefully considered. The average commission for finders fees is around 5% of the tokens raised.