Hi and welcome to the first communication from the newly mandated NEM Ventures on behalf of the NEM Community.
We had intended to post this over the weekend but the team had various things to attend to after the past few weeks of debate, votes etc. We are now back on deck and ready to get stuck in, this is a summary message to communicate how we will work over the next few weeks and where to find information etc.
As you may be aware, a public vote was held recently which will change the way the NEM Community Fund will function, these changes will impact the project you have submitted a proposal for to the NCF. If you missed these changes, below are some useful links:
There were a number of constructive comments made during the discussion of the proposal, all of which we were grateful to receive and some of which enabled us to alter our proposal for the better. We thank those involved for that.
This message gives an initial indication of what to expect, further information will be provided in subsequent updates over the next few weeks.
Communicating to all parties
We will communicate with the whole community as directly and transparently as possible, and have composed a Communication Plan to do so. We will listen to feedback and create an FAQ document for Ventures so information is consistent and publicly available in one place.
Incorporation and timings
We are incorporating a capital fund based on XEM, this is something that has never been done before. To create a legal entity and put NEM in a fantastic position as a formal capital fund. We are taking advice currently, and anticipate that the structure will be up and running in 2-3 months, in line with the milestones listed in the proposal, as soon as a more precise date is known this will be released.
There are 24 projects that were submitted before the conclusion of the NEM Ventures public vote. We have committed as a team to review all of them as soon as possible and in parallel to the set up of the entity. A full list of these and the order they will be assessed, assuming project owners still wish to proceed, is provided at the end of this message.
All project owners will be communicated with directly with a copy of this post and explaining this process; initial communications will go out in the next week. We will assess projects on their current state, longevity, the management team, and scalability.
The proposal may be accepted or rejected, or we may work with the teams to alter the business model to give it the best chance of success. Where proposals are better suited to the Not For Profit entity, the process for this will be explained to those projects.
Proposals accepted will not be able to be funded until the legal entities are incorporated
Below are the projects that are currently in the project backlog from the NCF records, if any are missing do please let us know.
- Mobi Rideshare
- Sernez Proposal
- D.FX Proposal: FX Settlement Ecosystem
- AEM (Accounting Enterprise Middleware)
- CryptoAds Marketplace
- Blockchain Accounting Software
- AirGap - The New Crypto Wallet Standard
- Atomic Network
- The Magic of NEM - Book
Future projects or proposals will come direct through the NEM Ventures website, the Foundation Community, or any individual or group we connect with via our networks. No new proposals will be considered until the current backlog has been processed.
We encourage projects to contact us and submit proposals, the review will have to wait until the backlog above is cleared. The process for these submissions will be published in the next two weeks.
Currently funded Projects:
All projects that have been approved for community vote and funding, will continue to be managed by the existing NCF Committee through to completion, the process will not change nor will the contact people for each project. Where the committee would like support, NEM Ventures will provide it in the form of reviews, guidance and recommendations but decisions and fund distribution will be made by the committee.
If there are any questions, comments or concerns please feel free to reply to this thread or:
- Via the NEM Ventures Telegram Group
- By email to [email protected]
- Look up our website in due course: nemventures.io (currently under construction)
We will also try and put an FAQ on the website so there is a single point to check for information for anyone who is unsure.
We look forward to working with everyone in the coming weeks, months and years and thank you for your patience while we put the necessary frameworks in place for this to happen.
NEM Ventures Team