By @SimonCocking interesting interview with Mike Bishop JD who is advising Covesting on their upcoming ICO campaign. Mike has some good insights into how to assess the value of an ICO before investing in it.
What is your background briefly?
I graduated from law school in 1996. My career focus has been on helping create and ramp up innovative financial products. In addition to advising on multiple high profile ICOs, my previous work has included over $500 million in bulk real estate syndications, $6 million in venture capital for a real estate risk product, underwriting of a $2 billion securitized bond, Regulatory Affairs director for an insurance company and partner in a financial advisory firm helping hundreds of high income clients ($1 – $275 million) in their exit, retirement and business planning needs.
How and why did you get involved in blockchain?
As I mentioned, most of my career has focused on developing innovative financial products. Once I understood the promise of the blockchain to disintermediate or improve efficiencies to financial services I became a fan.
1 min pitch for why do you find Covesting project interesting?
The ability for an investment manager to gain prominence (and make money) simply based on his track record, and the ability of a regular investor to generate the returns of the very best managers is very exciting to me.
Traditionally, an investment manager got involved in the industry based on his (often irrelevant) education or professional pedigree. The Covesting model looks only at the managers’ returns.
In addition, the traditional fund model makes new fund formation very expensive. The peer to peer investing model vastly streamlines the process. Moreover, Covesting’s focus in the crypto space represents a new frontier with the greatest “blue ocean” investment opportunities available today.
— Covesting (@covesting) October 20, 2017
As you have great experience from other projects, what are your tips for a successful ICO?
I have been involved with multiple successful ICOs. The ICO process has made capital raising incredibly efficient compared to traditional alternatives. However, it has not made it free. For an ICO to be successful it needs to have a business plan that investors find compelling, and their chances of success persuasive.
In addition, the ICO needs to have the resources to reach enough people, in a deep enough way to generate an investment. It costs money to do this and there are predictable costs, lead sources and knowable best practices to generate a lead and a sale.
While an entrepreneur may have an exciting new idea, it’s still in competition with other good ideas in the marketplace and must overcome the limited resources of its intended audience.
How do you evaluate good projects? What are the most important aspects?
The best ICOs are those where the blockchain and a having its own currency are necessary components to their model, and are not just window dressing. In addition, because most ICOs are startups, the team should have the experience and talent to stand out and become successful.
How do you see future of crypto economy/blockchain overall?
Many people see the crypto economy to be in a bubble. However, while there may be a correction, I see its long term growth to continue just as the junk bond industry, the dot com world, the real estate and the stock markets recovered after their crashing.
Mike Bishop JD
50+ hedge funds focused on crypto and blockchain with 856 currencies, $180bn market cap. request hotlinked copy fron
m www.slimstrategic pic.twitter.com/KdzDH40f6f
— Mike Bishop JD (@Celebequity) September 2, 2017