An ICO white paper is more than just an introduction to your business idea and your team. It gives a comprehensive description of how your idea will work, the details of the token sale, your roadmap and the partners that will be accompanying you on the journey to your final product/service launch.
Your whitepaper is your chance at getting new contributors to fund your business idea. Having a well-crafted whitepaper does not guarantee the success of your project. But having a poorly written whitepaper can affect a good project negatively.
Although most people launching ICO projects are familiar with the importance of a good white paper, they still end up making certain mistakes that ruin the entire point of having a whitepaper at all. So, here are the top five mistakes that you should avoid making in your ICO whitepaper:
1) Failing to mention a target audience: In the early days of ICOs, the target audience was crypto-savvy people. But now that the cryptocurrency has hit the mainstream market, your white paper should target people who may not be crypto-savvy but can be potential token users in the future.
2) Not mentioning why your idea needs blockchain: In your white paper, it is extremely crucial to explain why blockchain is the best option for your idea. Potential contributors want to know why if your idea has the potential to achieve something that other projects on blockchain will not.
3) Underestimating the importance of your team: Your team is an integral part of your project. Failing to mention their qualifications and their expertise will only make potential investors doubt your ability to execute your vision.
4) Overstuffing your white paper with facts: There is little doubt that facts form the basis of a white paper. But overdoing facts in your white paper may make it look paralyzed. Use bullets or break points to break long paragraphs of information into short crispy chunks, so the readers won’t find the white paper boring or the information overwhelming. Instead use your facts in a storytelling way.
5) Drowning your actual voice in rhetoric: Your whitepaper is all about conveying your idea in a crisp and clear way. So, don’t use words that make your statements look like rhetoric. Overstatements only trap your actual voice and restrain you from saying anything meaningful to the investors.
Your white paper is a written account of your vision. By changing the focus of your white paper to details that matter and coincide with your vision, you persuade your potential contributors to believe in your vision too. If you put efforts into making it right by avoiding the above mistakes, your white paper will not only help you get investors but also long-term supporters of your project.
