Planning for an upcoming token sale for your blockchain or cryptocurrency? Here is a full guide for how to prepare for your ICO and how to market it effectively. Case studies from Tezos, Bancor, ICON and Golem.

1. The​ ​Anatomy​ ​of​ ​a​ ​Successful​ ​ICO
What​ ​makes​ ​for​ ​a​ ​successful​ ​initial​ ​coin​ ​offering?​ ​Because​ ​ICOs
are​ ​essentially​ ​a​ ​form​ ​a​ ​crowdinvesting,​ ​people​ ​buy​ ​tokens​ ​in
ICOs​ ​for​ ​the​ ​same​ ​general​ ​reason​ ​they​ ​would​ ​participate​ ​in
traditional​ ​equity​ ​crowdfunding​ ​processes​ ​–​ ​to​ ​have​ ​ownership​ ​in
a​ ​business​ ​on​ ​the​ ​hope​ ​that​ ​the​ ​underlying​ ​business​ ​model​ ​will
prove​ ​successful.
Some​ ​takeaways​ ​regarding​ ​the​ ​factors​ ​shared​ ​by​ ​successful​ ​ICOs​ ​from​ ​examining​ ​past
ones:
● Most​ ​successful​ ​ICOs​ ​are​ ​by​ ​companies​ ​creating​ ​something​ ​related​ ​to​ ​blockchain​ ​or
fintech
○ Interesting​ ​product​ ​or​ ​business​ ​idea
● Strong​ ​leadership​ ​and​ ​team​ ​members​ ​with​ ​relevant​ ​backgrounds
● Highly​ ​visible​ ​onboarding​ ​of​ ​experts​ ​to​ ​advising​ ​team
● Community-building
○ Meetups
○ Discussion​ ​threads,​ ​forums,​ ​social​ ​media​ ​groups
○ Reddit​ ​AMAs
○ Responsive​ ​on​ ​social​ ​media
○ Slack​ ​community
● Transparent​ ​and​ ​frequent​ ​communication
○ Clearly​ ​communicated​ ​use​ ​of​ ​funds,​ ​vision​ ​for​ ​company/product,​ ​and
updates/progress
■ Main​ ​channels​ ​of​ ​information:​ ​Website,​ ​in-house​ ​blog,​ ​social​ ​media
(twitter,​ ​facebook)
○ Team​ ​members​ ​quickly​ ​answer​ ​questions​ ​that​ ​potential​ ​investors​ ​have
● Media​ ​‘hype’​ ​leading​ ​up​ ​to​ ​the​ ​sale
○ Hype,​ ​anticipation,​ ​and​ ​fear​ ​of​ ​missing​ ​out​ ​drives​ ​many​ ​to​ ​invest
● Timing​ ​-​ ​one​ ​reason​ ​why​ ​the​ ​Tezos​ ​ICO​ ​was​ ​so​ ​successful​ ​was​ ​that​ ​it​ ​presented​ ​an
alternative​ ​amidst​ ​Bitcoin​ ​controversy
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2. Tezos
Crowdsale
Dates
7/1/2017​ ​-​ ​7/14/2017
Amount​ ​Raised $232​ ​million
Project
Description
A​ ​blockchain​ ​self-governance​ ​platform;​ ​entirely​ ​transfers​ ​the​ ​power​ ​to
decide​ ​network-wide​ ​protocol​ ​level​ ​changes​ ​to​ ​the​ ​stakeholders.​ ​The
model​ ​adopted​ ​by​ ​Tezos​ ​is​ ​expected​ ​to​ ​prevent​ ​a​ ​repeat​ ​of​ ​the​ ​issues
currently​ ​being​ ​faced​ ​by​ ​Bitcoin​ ​Network​ ​and​ ​the​ ​earlier​ ​predicament
that​ ​forced​ ​Ethereum​ ​to​ ​introduce​ ​a​ ​hard​ ​fork.
Team Arthur​ ​Breitman:​ ​Co-founder​ ​and​ ​technical​ ​lead
● Specializes​ ​in​ ​algorithmic​ ​trading,​ ​financial​ ​cryptography,​ ​and
machine​ ​learning.
● M.S.​ ​in​ ​financial​ ​mathematics
● Over​ ​ten​ ​years​ ​of​ ​experience​ ​in​ ​quantitative​ ​finance,​ ​including
roles​ ​at​ ​Goldman​ ​Sachs​ ​and​ ​Morgan​ ​Stanley
Kathleen​ ​Breitman:​ ​Co-founder​ ​and​ ​CEO
● Cornell
● Techcrunch​ ​contributor
● Previous​ ​senior​ ​strategy​ ​associate​ ​for​ ​R3,​ ​a​ ​blockchain
consortium
● Worked​ ​at​ ​Accenture,​ ​Bridgewater​ ​Associates,​ ​and​ ​the​ ​Wall
Street​ ​Journal
Major​ ​Pre-sale
Media
● UK​ ​International​ ​Business​ ​Times:​ ​​Tezos​ ​discusses​ ​its
self-amending​ ​blockchain,​ ​slated​ ​for​ ​springtime​ ​release​ ​​(Nov
2016)
● Bitcoin​ ​Magazine:​ ​​Tezos​ ​Receives​ ​Funding​ ​for​ ​Smart​ ​Contact
System​ ​from​ ​Polychain​ ​Capital's​ ​Digital​ ​Currency​ ​Fund​​ ​(Feb​ ​2017)
● Wired:​ ​​A​ ​Plan​ ​to​ ​Save​ ​Blockchain​ ​Democracy​ ​from​ ​Bitcoin’s​ ​Civil
War​​ ​(Mar​ ​2017)
● Venture​ ​Beat:​ ​​4​ ​reasons​ ​why​ ​Tezos​ ​could​ ​be​ ​the​ ​Netscape​ ​of​ ​the
Blockchain​​ ​(May​ ​2017)
● Reuters:​ ​​Exclusive:​ ​Billionaire​ ​investor​ ​Draper​ ​to​ ​participate​ ​in
blockchain​ ​token​ ​sale​ ​for​ ​first​ ​time​​ ​(May​ ​2017)
Pre-sale
Promotion
Activity
● Tezos​ ​meetups​ ​in​ ​SF​ ​(Summer​ ​2016)
● Made​ ​sourcecode​ ​available​ ​to​ ​browse​ ​(Sep​ ​2016)
● Breitman​ ​gives​ ​Tezos​ ​​talk​ ​at​ ​Strangeloop​ ​Conference​​ ​(Sep​ ​2016)
● Set​ ​up​ ​Tezos​ ​discussion​ ​​Facebook​ ​group
● Cofounders​ ​active​ ​in​ ​Tezos​ ​forum​ ​​discussions​​ ​and​ ​​Reddit​ ​AMA
● Posted​ ​video​ ​walkthroughs​ ​showing​ ​how​ ​to​ ​contribute​ ​(1-2​ ​days
before​ ​start)
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3. During​ ​sale Posted​ ​updates​ ​and​ ​info​ ​about​ ​progress​ ​of​ ​fundraiser​ ​on
Facebook/Twitter
Conclusion ● Gained​ ​attention​ ​because​ ​timing​ ​was​ ​right-​ ​flaws​ ​in​ ​existing
blockchain​ ​threatened​ ​existing​ ​cryptocurrencies​ ​and​ ​Tezos
would​ ​ideally​ ​eliminate​ ​that​ ​flaw
● Prominent​ ​team​ ​with​ ​relevant​ ​past​ ​experience
● Founders​ ​were​ ​highly​ ​active​ ​in​ ​participation​ ​and​ ​discussion
online
● Extensive​ ​media​ ​coverage​ ​leading​ ​up​ ​to​ ​ICO​ ​created​ ​anticipation
Bancor
Crowdsale
Dates
6/12/2017
Amount​ ​Raised $153​ ​million
Project
Description
Bancor​ ​enables​ ​the​ ​creation​ ​of​ ​smart​ ​tokens,​ ​which​ ​can​ ​hold​ ​one​ ​or
more​ ​tokens​ ​or​ ​cryptocurrencies​ ​in​ ​reserve​ ​allowing​ ​any​ ​party​ ​to
purchase​ ​or​ ​liquidate​ ​them​ ​through​ ​smart​ ​contracts​ ​directly,​ ​without​ ​any
third​ ​party​ ​and​ ​in​ ​an​ ​instant​ ​way.
Team Guy​ ​Benartzi:​ ​Co-founder​ ​and​ ​CEO
● Founder/CEO​ ​of​ ​Particle​ ​Code,​ ​Mytopia,​ ​Real​ ​Dice
Eyal​ ​Hertzog:​ ​Product​ ​Architect
● co-founder​ ​and​ ​former​ ​CCO​ ​of​ ​Metacafe
● frequent​ ​speaker​ ​at​ ​major​ ​technology​ ​and​ ​business​ ​events;
widely​ ​quoted​ ​in​ ​the​ ​press
Yoni​ ​Assia:​ ​Advisory​ ​Board
● Business​ ​and​ ​computer​ ​science​ ​background
● Founder/CEO​ ​of​ ​eToro
Meni​ ​Rosenfeld:​ ​Advisory​ ​Board
● Israeli​ ​Bitcoin​ ​Association​ ​Chairman
Major​ ​Pre-sale
Media
● ETH​ ​News:​ ​​Israeli​ ​Startup​ ​Wins​ ​At​ ​The​ ​International​ ​Blockchain
Competition​​ ​(Mar​ ​2017)
● Econotimes:​ ​​Bancor​ ​announces​ ​new​ ​standard​ ​for​ ​token​ ​creation
with​ ​instant​ ​liquidity​ ​using​ ​blockchain-based​ ​smart​ ​contracts​ ​​(Apr
2017)
● Finance​ ​Magnates:​ ​​eToro​ ​Founder​ ​Yoni​ ​Assia​ ​Joins​ ​Bancor
Protocol​ ​Advisory​ ​Board​​ ​(May​ ​2017)
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4. ● Finance​ ​Magnates:​ ​​Israeli​ ​Bitcoin​ ​Association​ ​Chairman​ ​Meni
Rosenfeld​ ​Joins​ ​Bancor​​ ​(May​ ​2017)
● Crypto​ ​Insider:​ ​​Bancor​ ​to​ ​Launch​ ​Self-Trading​ ​Smart​ ​Tokens​​ ​(May
2017)
● Coin​ ​Telegraph:​ ​Bancor​ ​-​ ​​An​ ​Innovative​ ​Token​ ​Sale​​ ​(Jun​ ​2017)
● Coin​ ​Telegraph:​ ​​Bancor​ ​Launches​ ​First​ ​Ever​ ​Crowdfunding
Valuation​ ​And​ ​Promotion​ ​By​ ​a​ ​DAO​ ​On​ ​The​ ​WINGS​ ​Platform​​ ​(Jun
2017)
Pre-sale
Promotion
Activity
● Bancor​ ​​video​ ​interview​ ​​with​ ​Coin​ ​Network​ ​(Mar​ ​2017)
● Bancor​ ​ICO​ ​​explanation​ ​video​​ ​(May​ ​2017)
● Bancor​ ​Pre-sale​ ​​meetup​​ ​and​ ​discussion​ ​(June​ ​2017)
● Announced​ ​collaboration​ ​with​ ​WINGS,​ ​a​ ​platform​ ​that​ ​harnesses
the​ ​power​ ​of​ ​crowds​ ​for​ ​discovery​ ​and​ ​promotion​ ​of​ ​projects​ ​(Jun
2017)
Conclusion ● Much​ ​of​ ​the​ ​successful​ ​marketing​ ​of​ ​the​ ​project​ ​stems​ ​from​ ​the
strength​ ​of​ ​the​ ​project’s​ ​team​ ​and​ ​highly-visible​ ​onboarding​ ​of
prominent​ ​advisor
● Pre-sale​ ​publicity​ ​brought​ ​on​ ​by​ ​media​ ​coverage​ ​and​ ​analyst
expectations
ICON
Crowdsale
Dates
9/20/2017
Amount​ ​Raised $42​ ​million​ ​(150,000​ ​ETH)
Project
Description
ICON​ ​is​ ​an​ ​interchain​ ​that​ ​connects​ ​different​ ​public​ ​and​ ​enterprise
blockchains,​ ​giving​ ​them​ ​interoperability,​ ​while​ ​preserving​ ​their
independent​ ​governance.
Team Board​ ​Includes:
● KJ​ ​Eee​ ​(CEO​ ​of​ ​DAYLI​ ​Intelligence)
● JH​ ​Kim​ ​(CEO​ ​of​ ​theloop)
● Jay​ ​Kim​ ​(CFO​ ​of​ ​theloop)
● Hoon​ ​Lee​ ​(CSO​ ​of​ ​DAYLI​ ​Intelligence)
● Min​ ​Kim​ ​(Venture​ ​Partner​ ​at​ ​DAYLI​ ​Venture​ ​Capital)
Advisors​ ​Include:
● Don​ ​Tapscott
● Jason​ ​Best
● Yiseul​ ​Cho
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5. ● Ismail​ ​Malik
● Simon​ ​Kim
Major​ ​Pre-sale
Media
● Forbes:​ ​​Could​ ​This​ ​Blockchain​ ​In​ ​Korea​ ​Be​ ​The​ ​First​ ​To​ ​Connect
An​ ​Entire​ ​Country?
● The​ ​Coin​ ​Telegraph:​ ​​Don​ ​Tapscott​ ​Joins​ ​ICON​ ​Foundation​ ​Board
of​ ​Advisors
● The​ ​Blockchain​ ​News:​ ​​ICON​ ​Foundation​ ​Announces​ ​Token​ ​Sale
for​ ​First​ ​Blockchain​ ​Designed​ ​for​ ​Real​ ​World​ ​Use
Pre-sale
Promotion
Activity
● Heavy​ ​use​ ​of​ ​Medium​ ​to​ ​share​ ​latest​ ​updates
● Slack​ ​community​ ​grew​ ​to​ ​more​ ​than​ ​6,000​ ​people​ ​before​ ​the
token​ ​sale
● Min​ ​Kim​ ​participated​ ​in​ ​a​ ​large​ ​number​ ​of​ ​media​ ​interviews​ ​and
also​ ​offline​ ​events
Conclusion ● ICON’s​ ​track​ ​record​ ​played​ ​a​ ​large​ ​role​ ​in​ ​convincing​ ​people​ ​that
it​ ​was​ ​a​ ​worthwhile​ ​token​ ​sale.​ ​With​ ​around​ ​40​ ​companies​ ​in
Korea​ ​already​ ​using​ ​the​ ​underlying​ ​loopchain​ ​engine​ ​to​ ​connect
their​ ​blockchains,​ ​ICON​ ​was​ ​seen​ ​as​ ​more​ ​than​ ​a​ ​white​ ​paper​ ​and
a​ ​dream.
● ICON​ ​was​ ​also​ ​featured​ ​heavily​ ​in​ ​media,​ ​and​ ​that​ ​stretched
beyond​ ​just​ ​cryptocurrency​ ​news.​ ​Outlets​ ​like​ ​Forbes​ ​were
willing​ ​to​ ​cover​ ​ICON​ ​because​ ​it​ ​came​ ​across​ ​as​ ​more​ ​credible
than​ ​other​ ​projects,​ ​and​ ​the​ ​people​ ​behind​ ​it​ ​were​ ​able​ ​to​ ​speak
about​ ​real​ ​world​ ​uses,​ ​rather​ ​than​ ​just​ ​spew​ ​forth​ ​engineeringese.
Golem
Analysis​ ​of
success
https://medium.com/iconominet/the-psychology-behind-ico-funding-
81787ecd9b42
Conclusion ● Active​ ​blog​ ​and​ ​well-communicated​ ​vision​ ​of​ ​how​ ​their​ ​platform
should​ ​operate​ ​and​ ​what​ ​problems​ ​need​ ​to​ ​be​ ​solved
● Clear​ ​explanation​ ​of​ ​how​ ​the​ ​funds​ ​would​ ​be​ ​efficiently​ ​used​ ​in
several​ ​different​ ​funding​ ​scenarios
● Specific,​ ​concentrated​ ​use​ ​of​ ​communication​ ​channels​ ​—​ ​blog,
Reddit,​ ​Twitter​ ​and​ ​Slack
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