Although the world of ICOs is still a new and largely wild frontier, nevertheless, best practices are emerging, and there remain opportunities for businesses to receive ample funding for their projects. It helps to examine what our forerunners have done in order to achieve money from investors, examining their stories for clues.
Storj is a company that shows what can happen when people easily understand your business model at a glance. Straightforward and simple, they offer storage in the cloud that people can rent, and this is based on blockchain technology.
This firm seeks to provide its customers with a solution to their need for additional space in which to store their data, and it does so in a manner that is inexpensive. Its use of the blockchain ensures that information will be safely encrypted, something that is increasingly important for businesses today, and it is also built to incorporate speed.
Investors were impressed with the business model and its transparency, and Storj was able to raise $30 million dollars in the span of just a few days. Their approach shows how a company that works with the blockchain can systematically break down these complicated systems in ways that anyone can comprehend, providing a blueprint for others to follow.
Filecoin is another operation that seeks to help internet users with housing their data, and similarly to Storj, it incorporates a mode of solving this ongoing problem in a way that is incredibly easy to understand.
The result is a decentralized network that rewards people with Filecoins in exchange for making their servers and unused space available. This proposed idea was so attractive to people that within an hour of going public, Filecoin was able to generate $135 million. This figure was paid to them using various forms of remittance, such as Bitcoin, Ether, and American dollars. Filecoin would eventually draw another $122 million in revenue.
Filecoin and Storj were both able to stand out in the crowded ICO market, as they had developed services that were both relevant and unique to their target audiences. For startups desiring to glean insights from these stories, it would be wise to study the playing field to determine both the ways in which you can differentiate yourself from the competition and the markets that are yet untapped.
Storytelling is a vital component to help brands connect with people, giving them inspiration and not just the nuts and bolts of the operation. In this endeavor, it helps to employ people expert in writing and marketing and who can adeptly convey the why with poise and aplomb.
Sirin Labs was able to capitalize on the ubiquity of smartphones – the portable devices that our modern world essentially runs on — and focus on a pain point inherent to their use. The need for security is no small issue, as most people store their photos, videos, passwords to their social media accounts, and other untold amounts of sensitive data.
It isn’t hard to see how the system can run amuck with a few keystrokes from a hacker, and yet the sheer enormity of the task at hand was viewed as an opportunity instead of an obstacle. Sirin Labs underwent the process of becoming in their words ‘the world’s leader in secure open source consumer electronics, bridging the gap between the mass market and the blockchain economy.’
In short, their ICO was successful, attracting $100 million in just under a day, and in the span of a week, they had received a total of $157.8 million.
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