Blockchain alphabet soup gets longer each month as its the “IEO” now being served up widely. Initial exchange offerings skip formal fundraising rounds – who needs ’em – and go like this: idea + white-paper = crypto IPO. Look Ma – no hands.
Of course this makes no sense – unless you spent a year of your life traveling the globe, idling in Telegram chat rooms, paying legal billls, and waiting for your ICO/STO to get bailed out by a Saudi prince or Silicon Valley VC.
IEOs, then, are less bad ideas than ICOs in a post-crypto bubble world; maybe. Always find a positive when none appear. Truth be told, I advocated for this last year – even though I was half kidding at the time. Let me assure you: if you think too many charlatans showed up for the ICO dice roll – which came without insignificant startup costs – how many do you reckon will come knocking at the door absent a cover charge.
Yet – you know me now; there’s always a “yet” – what if these IEOs had a product. Clients. A few….revenue dollars. Patents. Audits.
I know, I know. Don’t get carried away, Mike.
Honestly, though, I don’t think it’s the idea itself that’s unworkable. It’s the dearth of credible businesses that have the stuff of greatness to execute a winning formula. The optimist in me says this may someday change.