Do we know how the spending and revenue from each project would be tracked?
OIP-41 - Launch Olympus Incubator program
- Edited
I am in favour of a program like this but this needs to be thought through. I think the benefits of seeding new innovation is always important. (Having R & D equivalent)I am not an expert in setting up incubators but I have used several. I have reviewed the chat here the best I could and I have a few questions and comments others haven't put forth.
Will there be a Morality Clause or Equivalent?
Would it be possible for OHM to provide insurance to funds going into the incubator to act as a protocol rug pull safety? Especially if ohmies aren't voting on entries to the program. Just pledging. Create a fund that acts as an insurance fund for fellow ohmies pledging and you could run the 3,3 together mechanics to the pool, and if all goes well the insurance will never be needed (go into treasury or however) and the accumulated bonus funds could be given to the incubator protocols as a ice on the cake for completion of the program or back to the fellow ohmies.
Thanks for reading
Mark11 Fully in support of this. This would be a great complement to working with more established projects via the Partnerships team and Olympus Pro. One other area to help grow or establish the developer ecosystem are hackathon, so…
Hackathons: to grow developer ecosystem. target are indy developers.
Partnerships: via Olympus Pro, work with more established projects for the liquidity as a service
Incubator: kind the middle ground between Hackathons and Partnerships.
SquidGodFinance I'm personally against funding a fork, why not build on top of Olympus instead of starting from scratch?
This proposal is perfect for Olympus and the risk reward of the Dao getting into private rounds is highly asymmetrical. I don't think a lot of people realise how much money VCs in this space are printing (see this tweet from Papa Fisk: https://twitter.com/Fiskantes/status/1455820422344318978?t=KEKU_LGC8N-obyh62G4eLQ&s=19)
OlympusDao has a tremendous opportunity as the Dao with the largest community on Ethereum. We can offer more than ANY VC and so should receive highly preferential terms during any negotiation:
- Huge community of members to support partner projects
- Marketing network through Agora and Fohmo
- Huge pool of capital, ability to print own currency to fund projects
- Industry leading expertise and support available through the Dao
I would suggest that we would also not need to spend any of the treasury balance. Since ohm is the reserve currency of defi, a custom one-off bond can be created which mints a set amount of ohm with the tokens from the project (if the project is pre-token, then an NFT which represents equity) and new ohm can be minted against that value.
Hello Ohmies - just tightening up the proposal after this community feedback - I think you will like the improvements
Exciting, you got my vote 
It is really unfortunate that it took this long to propose this. The Ohmies attacked Danielle, and I think he would have been a great ally for Olympus, but we as a community fumbled that. From his comments and interviews his views have turn sour or at least not as interested in Ohm as he was.
Speaking the truth. Thank you for taking the time to write.
In general successful risk money VCs / angels succeed because they look through hundreds of teams. The scope of the Ohm incubator is too narrow to get the VC math to work out and have the required deal flow.
In trad tech world grant programs have been a bit of a hit and miss and most orgs try and get out of early stage incubating because they a) don't get the best dealflow b) can misalign the team to focus on building for the investor rather than for growth b) can't get the VC math to work because of the narrowed scope (only invest in areas that benefit us).
That said doling out a bit of money to support Ohm aligned teams that build new primitives / integrations can be a good marketing effort and incentive to help people build around Ohm at this phase. Just better assume it all goes to zero.
Mark11 Hi Mark11, thank you for your detailed and thoughtful reply.
I've read through the updated proposal and I think the additional details you have laid out are fantastic and will go a long way to allaying any fears ohmies may of had. I am particularly grateful for the the specified DAO budget, and financial risk controls - thank you.
Its wonderful to see how responsive the DAO is to community feedback. I only have one final question, how can I help make this program a success? I am already a member of the DAO, will there be a dedicated incubator channel I can apply to?
gnostication lots of very valid points raised.
Sounds good
With all the scam Ohm forks around, it would be nice to have an official incubating program for Ohm.
Each project would receive a watermark as a sign of verification.
14 days later
I think this is outside the scope of Olympus as a reserve. We should focus on obtaining producing assets over speculative ones. Additionally I think that it would be advantageous to make it so that the dao does not require community involvement to correct decisions, that is a recipe for mishaps.
I do like the idea, perhaps an alternative would be an Olympus product which opens up crowd funding opportunities for ohmies, but without risk to treasury funds.