Matyas Zaborszky, is author of the 6 Proven Steps to Attract ICO Investors, and is a sought after ICO marketing and public relations adviser as well as a strategic adviser, mentor, investor, entrepreneur and university lecturer. A graduate from the University of Hertfordshire in the United Kingdom, Zaborsky also attended the exclusive EF International School in Santa Barbara, California. Zaborsky has worked for some of the biggest names including investment banking giant Salomon Smith Barney in Los Angeles and successfully exited from a successful startup in San Francisco.
The following opinion is his own.
Houston, TEXAS – Benjamin Franklin is credited with the statement “If you fail to plan, you are planning to fail!” It’s something few of us would disagree with, and yet in many of the ICOs which I study, the idea of failure is barely touched upon. It’s automatically assumed that the Soft Cap will be reached, then the Hard Cap, and all the promised technology-rich environment will come good too, almost overnight. One of the first tests I do when I read an ICO Whitepaper is to try and assess, ‘Is this realistic?’ In other words are the deliverables truly deliverable, or is there an element of failure inbuilt?
From that follows an assessment of how these things can be measured. If there’s a roadmap, then at least there are way-markers laid down, by which various goals should have been achieved, so at least we know what the founders are planning to do, or rather, hoping to do. They are certainly not planning to fail, but their plans to succeed often seem optimistic at best. Very few people ever ask, ‘What’s the worst that can happen?’
A very interesting financial ICO which I’m an Advisor to at the moment has an entirely refreshing approach in their pre-ICO Playbook. They absolutely plan to succeed, and I’m sure they will, but in doing so they look very closely at the threats and potential weaknesses in their planning. They do this to such a significant point that about one quarter of the Playbook is devoted to examining what could – just possibly – go wrong.
Now some Marketing Advisors would say that this is entirely the wrong approach: We should always be ‘Bigging Up’ the product or service, and sweeping objections under the carpet. How can inward investment ever be attracted if we’re talking in such depth about difficulties? Perhaps that’s why the SS Titanic was billed as ‘unsinkable’.
On the other hand, an ICO which takes a clear-eyed look at potential difficulties (rather than through rose-tinted glasses) will always get my vote. Honesty and transparency always play well. By addressing the difficulties, the ICO can then point to solutions, and it’s also a great way to engage with the target audience: What do you think about this? Give us your feedback!
Of course there’s a big difference between an ICO Whitepaper which is open and transparent about the bumps which will be encountered along the road, and an ICO which denies that there will be any bumps. The mid-point is where the ICO team acknowledge the threats to success, but already has the strategic answers, and know what their tactics will be, when or if a problem does occur.
So do I mind it when an ICO team talk about potential problems along the way? Not at all, but there’s only one proviso – they have to have a suite of solutions too!
And by the way, the Benjamin Franklin quote I began with is also attributed to the writer Alan Lakein, and the statesman Winston Churchill, so someone failed to plan as far as getting their name recorded in the ‘greatest quotes of all time’ library. And you can quote me on that.
To find out more about Matyas Zaborszky, you can visit his website here.