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Savio Gomez

Fintech - Blockchain AI StartUp Advisor | Loan Aggregator | Capt | PhD | Auditor | Inspector

The Advisor Side Of Things! 31 Aug 2018

The Advisor Side Of Things!

 

The Oxford English dictionary very clearly defines the term «Advisor» (a.k.a. Adviser) as «A person who gives advice in a particular field».
But in the ICO space, there seems to be rather large discrepancy about just what that the word means.

It is staggering the number of times a week I hear that Advisors are not paid, not even with the wonderful one of a kind ICO native tokens that they were promised. ICO founder's primary reason being 'Advisors did not perform' (and this leans very specifically in terms of bringing in funding to the ICO).
Needless to say that the contracts (*) made stated nothing about the mandatory need or guarantee or a funding level the Advisor had to raise.

This from a conversation just over six hours ago with a well-known Advisor; «Sad news, I got scammed again and not paid by xxxxxx ico. This is my fifth time i got scammed from an ico. That's why i am not going to join any ico project's as an advisor without upfront».

And this a few hours ago from another well known advisor about his role in an ICO; «......he (the CEO) hired me as marketing manager, not advisor. I made a marketing plan and wrote content to social media, contacted a magazine to get an article, etc. I was busting my a** off running after investors, making conference calls, creating content to social media. He promised he would pay me half month salary from XXX 2018 till tomorrow then he changed his mind. He kept saying to me that I wasn't doing anything».

Needless to say that these are just two cases, there are tons more of this kind of rampant abuse of service providers.

Going back to Advisor *contracts, in my opinion these contracts are a joke in most parts parts of the world. If you don't think so, just ask a good lawyer or a good collection agent about it — I've asked several. The irony is that we all talk a big game about how blockchain technology and smart contracts are just awesome, trust to the moon and so on! But Advisor contracts are stuck in the past, on paper, non-enforceable!

For founders of ICO's I say to you, if you want someone to get you funds for the ICO, just call it so! Simply those that brand themselves as «promoters», «financiers», «angel investors», «venture capitalists», «fundraisers» and similar. Pay them the 5% ~ 40% of commission they  want from the investments they attract and be done with it. 

For everyone else, the next time you come across stories about a recognised industry Advisor asking for payment upfront, do remember that there are always two sides to a coin! Advisors are asking for upfront payments since they have absolutely zero assurance of ever being paid for the services they provide.

I end, leaving you with what my dear brother acurrately summarised “……...don't know squat about ICO's & smart contracts... but it makes sense to get paid for all the effort & man hours that are put in... payment should not be on a hit or miss system”.

Till next time, wishes for a wonderful and blessed weeked ahead!

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