If you start a business and ask the bank for $10m they will throw you out on the street. ICOs should set a much lower and realistic softcap, even $1m or $2m is enough for most of these projects in the ANN thread.
Do you think they really need millions of dollars for a team to develop a program and then market it afterwards?
There are not so many specialists and developers in the field of cryptocurrencies so they ask for a big salary. And business-plan includes spendings not for few months but for years - till the product will not be completed. So sometimes it is fair assessment of required funds.Do you think they really need millions of dollars for a team to develop a program and then market it afterwards?
But only sometimes. In most cases business plan in ICOs is useless paper.
By the way many projects don't even need ICO to make a product
