If this is the work, apply. If this is the costume, there are other doors.

Knock if you can name a founder, an entity, a product URL, a market, a budget for a Sprint, and a lawyer who will pick up the phone. Knock if you intend an offering and are willing to be told that the offering is not this week’s homepage. Knock if you will tolerate a register, a geography lock, and a creator roster that can be zero people. Knock if you want a ninety-day plan that still makes sense if no one is invited to buy.

Do not knock if you need us to fill a round. Do not knock if the only fee you will pay is a share of proceeds. Do not knock if the team is a handle. Do not knock if “global retail” is the strategy and “we’ll add geofencing later” is the control. Do not knock if you want a sentence that says Reg CA-compliant. That sentence will not be written here, including in a private Slack.

The rest of this issue is long because the work is long. A one-page explainer of “how to do a legal ICO” is a poster. Posters are how 2017 talked about risk. We are trying to leave a file. If you save one thing from the cover, save this: an RCAICO is a posture. The acronym is optional. The stack is not.

Launch the offering. Not the 2017 funnel.

Turn the page. The next feature is the operating map — the twelve fields a serious issuer can fill before anyone is allowed to write a headline. If you cannot fill them, you are not behind. You are at the beginning, which is the only honest place to start.