With ICO hype at a maximum, we are getting daily requests for ICO whitepapers, and we are taking on as many as we can. Usually, the deadlines are tight. and it’s important to be prepared for the process if you want to make sure your ICO whitepaper is ready for the pre-ICO and ICO launch.
The most common issues we come across in the beginning:
- The team is not clear on how the token economy will work, or there are disagreements among the team members.
- Conversely, the team is trying to reach consensus by adding everyone’s opinions, even if it doesn’t hold together.
- The team hires a writer (like myself) but does not allocate time in order to review the written materials and provide answers to questions that come up in the writing process.
- The company does not have a marketing plan or go-to-market strategy. They have a belief that once the coin is issued, somehow marketing will take care of itself.
In order to give you an idea of how the process works and how much time you need to allocate when outsourcing your ICO whitepaper writing, we’ve put together the following process outline. Not every ICO whitepaper looks exactly the same, but this is typical.
- Launch meeting. In this meeting, the writer and the ICO company leader speak extensively about the ICO. The writer will guide the company through the important questions. 90 minutes time required for voice meeting
- Q&A: The writer may send some additional questions by email. 30 minutes required for email answers
- First outline with a shell of some explanations. Usually within 2-4 days, the writer will send an outline for approval to the company. This outline will usually have a few paragraphs filled in with basics that allow the company to know the ICO whitepaper writer is on the right track and understands the direction of the ICO.
30-90 minutes required for review of materials and comments to the writer
- More Q&A. As the writer is creating the draft, a number of questions come up, either requiring e-mail or voice response.
20-120 minutes of time for responding to queries or having meetings. Sometimes clients want a collaborative process
- Within another 2-4 days, the writer creates the first draft. This draft usually has more than 60% of the sections filled in, though typically some information is missing. The team needs to review the materials at this point.
2-5 hours required for in-depth reading and commenting on the 1st draft.
Note/warning: This is where the process most commonly gets stuck. Typically, several people at the ICO company’s end need to review the materials, and they did not plan an extra 5 hours of time to review this.
- Discussion of comments with the client. This may or may not occur, depending on how extensive the comments are and the clients’ preference for a voice call.
60 minutes for discussion.
- Within 2-4 days, again, the client will receive a second draft which is very close to complete, usually 90% or more. This needs an extensive review because, at this point, the ICO company needs to ensure the accuracy.
2-8 hours for review and for the company to evaluate and make decisions on open questions.
Note/warning: Just as step 5, this can be a major point where the whitepaper can get stuck. Beyond the obvious need to set time aside, it’s also the point at which unanswered questions are, well, unanswered. Anything open at this point is probably something the ICO company didn’t think about carefully enough to write about, and you will need to hold meetings with the appropriate people within or outside of your organizations.
- Second round comments are integrated within 2 days, and the final approval is needed.
1-2 hours final review. By this point, everyone wants to see the whitepaper finished, and finding that last bit of time to review the final draft is easy.
- Finalization of any last changes.