Great work to @CorporalClegg and Ample. Placing 3rd out of 60 companies and the only Blockchain comoany in the finals. Fantastic achievement for such an early stage company, if Im not mistaken...also top placing for a pre-revenue generating startup and just edged out by a couple of significantly more established companies (winner was 5 years and Ample is 3-6 months).Great job
IODLT UpdateGreat progress report from IODLT on the forum @crackTheC0de. Awesome to see how much progress you have made in such a short time and that you are getting inbound sales requests from your thought leadership articles. Thanks for sharing it with community as well, fantastic work!https://forum.nem.io/t/nem-ventures-announces-investment-in-iodlt/23183/3
We had a chat about all the activity that is happening with Catapult over the past few weeks and started writing a few tweets on it ... turned into a Twitter book there is so much happening!https://twitter.com/NemVentures/status/1171535251379634177
Someone has been reflecting again on our Twitter account - we forgot to say happy birthday to NEM Ventures a few days ago - passed the vote a year and a few days ago! Here is a snippet of whats happened since thenhttps://twitter.com/NemVentures/status/1172045990657953792Feel free to share, and retweet as much as you like to help bring awareness to NEM, Catapult and of course Ventures ;)
This is a great update! As the newbie on the team it’s exciting to see progress. Also, as the newbie I am still learning and there are some things I am not sure about here., so PLEASE help me out. If I look at Crunchbase - https://www.crunchbase.com/organization/nem-ventures#section-investmentsI can see the four projects were listed back in March and June/July. Only one of these matches the big list of 11 I saw from the January post in this long thread. https://forum.nem.io/t/nem-ventures-next-steps/19396 - What happened to the other 10? Are the 10 still being reviewed? Are there more? Also, I saw that your focus with all these is to "generate positive net income in the medium term." But ... and here is where I need some help ... these four are getting seed round funding... seems that it will take a fairly long time to be a true revenue generator and achieve a positive net return. What am I missing here? Are they already achieving this? If so that would be fantastic!
Hi Lewis, welcome, thanks. The update is not NEM Ventures, it is NEM Studios, we just shared it.You are the new CMO of the NEM Foundation for those who havent seen an announcement yet right? Id imagine you and the NS go to market work in their update will combine shortly.All four of those projects were in the list...3 have changed names. If you look in our Nem forum section you can read more on each of them, all the info we releaesed publicly on them is in there, with some updates as well.Im not sure where that quote is from, it seems like partial context. Regardless, it is not NEM Ventures sole focus. We have multiple focuses:- Does the project enhance nem in someway?- Is the idea and the team credible?- Does it look likely to become viable in the future?- Is there opportunity to make a positive exit to make the funds sustainable?Profit in this context is measured in financial and non financial terms, financial side of it is so Ventures can continue to help companies expand the ecosystem. So the ethos is a bit different from ones you may have seen with other companies on AngelList or Crunchbase. Its not a pure financial profit play here and never was.Given your role now and past experience...it will come as no surprise Im not going to disclose the internal financials of private companies 😉On the numbers...1 backlog company is still being worked with, 4 invested, rest withdrew or rejected, from original list of 24 that was thinned to the 11 you saw. We have attracted 50+ new ones some of which have made the initial cut, all at varying stages ALL covered under NDA for their protection. Hope that helps. If you need more detail feel free to DM me
"NEM Ventures focuses on projects which demonstrate a truly differentiated product, the ability to generate positive net income in the medium term, and founders who showcase the desire to move the blockchain ecosystem forward."
Yeh...so rest of the quote outlines the four points above basically. There are a few podcasts around where ive gone into longer discussion on them as well...generally on our LinkedIn and Twitter accounts they may help as well
There are no absolutes, each proposal is judged on its merits and they are all balanced. Its not a shopping list with tick boxes if that makes sense.There is a difference between focussing on and something being mandatory/optional. It is best summarised as we are looking for the projects that look likely to give the best outcome for the nem community and there are multiple measures for that.
You mentioned, "We have attracted 50+ new ones some of which have made the initial cut, all at varying stages ALL covered under NDA for their protection." So ... under NDA does that mean no status report on the Telegram channel/News Annc. Channel?