Happy new year all, we have been silent for a week or two while we all took some time off after a frantic few months to reconnect with loved ones and recharge batters.
A quick update on the backlog proposals has just gone up on the forum, you can expect a few more updates with additional information incorporation in the coming days as well
Quick update on the backlog posted to the forum. Summary is that we expect to tell all proposals by the end of this week if the investment is continuing to further Due Diligence or being rejected.
Backlog is now 12 from the original 24 due to projects dropping out primarily for being unresponsive to initial contact or failing to provide responses to the first round Due Diligence which was intended to get a better explanation of the Business Model, technology usage, legal complexities and ultimately how it was going to build a commercial viable entity.
New update. It's the biggest yet so i will just post the link to the forum post instead. Stay tuned for more updates in the near future. 😊 https://forum.nem.io/t/nem-ventures-next-steps/19396/34?u=kodtycoon
Thanks Dona. We sent out updates to the various proposals from late last week. Some have been rejected and some are moving to the next phase of due diligence and investment decisions. We are not naming those that or progressing as they are not yet firm investments. So we cant name the rejections either. Where they have named themselves I can confirm though that the message is correct.
Thanks for the support all. We genuinely think the various proposals that were rejected are focussed on a real world problem, but are not currently at a position that we should make a commercial investment. However we do wish them all well with the future projects and securing further funding, the teams have worked hard to get where they are today and several of them worked hard on the proposals. So we understand the disappoinment and hope the community can still be supportive.We have drawn a red line on where protocol decisions are being made purely based on the funding avaialble rather than technical fit - and will be maintaining that red line going forward
I wish them the best as well. Have referred to them several times in the past in discussions with various people. Just a bit disappointed in their tweets. NEM has a strong community that could help them move forward.
No need to call them cockroaches. NEM Ventures team is handling it in an appropriately professional manner. I’m sure the GiveMatters team is disappointed and as such, are probably lashing out from a hurt place. Hopefully they will figure out alternative funding and wish them the best.Good job Ventures team.
I reached out to Paul from GiveMatters on this. It’s important that our partners understand NF and NEM Ventures are 2 different companies. Also we do what we can to best support partners in the ecosystem. From the NF perspective, I can work to get feedback from Paul on his experience and use that feedback on actionable ways for the NF to better manage expectations in the future.
There’s also work being done at the regional level with the new NEM Council to help staff know more about regulations and compliance issues across the world. So in the future, partners who come to NEM Foundation will be better informed. This may ease the burden with some projects that turn to NEM Ventures for potential funding (but go through NEM Foundation for exploration first.)
The reviewing has been ongoing through the startup process, at this stage most of the proposals will have received an answer 1-2 months faster than if they had waited in the NCF backlog, its nice to be getting into the details of due diligence etc and out of the incorporation work for sure. Great to be speaking to motivated and passionate entrepreneurs as well.We expect to be opening for new proposals pretty soon as well
I would like to draw attention to a foundation update from the new council. Good to see a plan in place and that more comms are planned soon. It's no small task to pick the whole thing up in 3 weeks over the holidays, good work @DyNEMite from our internal comms it's clear how hard you guys are working right nowhttps://forum.nem.io/t/nem-foundation-update-january-2019-part-ii/21643
Congratulations @jasonleecj of the NEM Foundation on the safe arrival of your new baby, great to see she is already supporting NEM in first few days from the post on NEM Red. Good luck to you guys settling in and hope it is all going smoothly