[ELECTION CLOSED] Index Council V2: Nomination Thread and Process

I think one solution would be to relax the quorum requirements, eg, Steward plus 2 other Council members.

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My previous nominations still stand due the outstanding merit of the candidates! :yum:

I hereby throw my own hat in the ring:

If elected into the council I would consider my purpose to guard against over centralisation and look for ways for decision making to be pushed / appropriately delegated out. We have spent a lot of time, energy and resources engineering an org structure, let’s use it!

Thb I have been concerned over a culture developing that is anti-decentralisation, the recent decentralisation OR profit narrative has been particularly disappointing.

Centralisation really is not something we should be playing fast and loose with, for our own benefit as well as our users and investors. It is worth remembering that some of the most costly decisions at IC to date have been when the community was ignored and unilateral decisions were made by a few individuals (Liquidity Mining).

Speed and efficiency is great but not when you are being driven off a cliff. As with many things in life I believe it is a question of balance > over-simplified binary thinking.

I commit to being fully transparent.

I have no conflicts of interest and will immediately declare any should they arise.

Crypto can be a macro emotional rollercoaster. The current risk off environment effects our users as well as our own community finances. I would like to see us more pro-actively focus on strategies to be ready for all type of market conditions and stages of the adoption cycle, bull, bear, crab, from “institutions are here” to “mass adoption” . The recent pivot to allocate more resources to DAO treasury sales and yield type products to help our users as well as our bottom line is a good example of this. Our strategy should be to be nimble, resilient and attentive to what the market is telling us.

Overall spend is still higher than revenue and our run way is only so long. I’d like these numbers to be much more front and centre so everyone is acutely aware of the challenge we face and at what point we will have no choice but to raise capital again to sustain growth. If elected I’ll continue banging the drum to allocate resources to product, engineering and growth to focus on product development, UX, UI, distribution and marketing in favour of other ares. We grow or we die.

As previously mentioned I’d like to see the council focus on delegating as much decision making to the many high context nodes within the IVM (Index Virtual Machine!). I’d like the council to focus on areas of mis aligned profit / cost centres as in my experience these are highly corrosive to organisations and partnerships over time. (Gas costs) As well as focusing on finer details such as NAV decay and harmonic liquidity dynamics that are fundamental to whether products can run a positive or negative profit margin. The council v2 should spend the majority of it’s time on issues that effect our users and be much less “internal” facing.

Hell bent on making IC the Apple of crypto products.

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I’d like to also nominate @funkmasterflex and @catjam

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I’ve got some questions around how we’re thinking about this. If we take a step back, does this even make sense? What are our primary lenses for how we’re vetting candidates?

A few thoughts.

  • Builders > Bureaucrats

  • We need strong, product focused, humble, tenacious leaders who are AMBITIOUS and drive us to create / grow / maintain products.

  • They need to be the highest/executive level thinkers and people of a character that embody the values IC wants to be known for.

We’ve been focusing on only a part of the picture, and therefore starting from inaccurate assumptions and unhelpful lenses. Let’s fix this for this conversation and the future conversations around leading well in the Coop.

Let this be one of the primary filters when vetting candidates as we consider our options.

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I would like to nominate the following Owls​:owl::owl:

@funkmasterflex - Funk has done an incredible job for IC over the past year. He is a servant leader who puts the needs of the community first. Every project he touches becomes better🌟

@chasechapman - Chase is a strong leader for both IC and Web3. She has driven major initiatives within IC and has earned respect across the organization. She is also a world-class communicator and will be a powerful voice for IC to the broader community.

@Static121 - Over the past year, Chavis has significantly increased his leadership and become a force of nature within the Coop. He has helped drive many major initiatives over the past six months with excellent results.

All three community members are people I look up to as examples of great leaders within the community. Each has dedicated tremendous time and energy getting our community to where it is today.

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Throwing my hat in the ring as well… here are my thoughts below:

Centralization vs. Decentralization

Tokenholders, contributors, and community members deserve a voice in Index Coop. I’m an efficiency maximalist, with a strong preference for anti-fragility via decentralization. Right now, we are disorganized and chaotic. We need strategic thinking to set the agenda. My preference is for progressive decentralization and progressive governance minimization. I would like to move towards a system which allows for permissionless innovation and fosters emergent order. I like meritocratic decision-making, particularly reputation tokens, and have already begun spear-heading this effort through the Alternative Governance workshops.

Transparency

Open Source (Almost) Everything, sums up my position. Be transparent as a default, with exceptions for things that “represents core business value.” Transparency breeds innovation.

Conflict of Interest

No conflicts of interest.

Resource Allocation

I would like to be cash flow neutral by the end of S2. I think flexible budgets will help us get there. We currently haven’t found product-market fit, and we’re spending too much money trying to fuel growth for products the market is demanding yet. This could change at any time, possibly with products like icETH, FIXED, and BASIS, and we need dry powder when it does. I favor investing more into strategy and technology. We need to be innovators first, find product-market fit, then fuel growth - in that order.

Delegation of Decision Making

The promise of DAOs is automated management, not delegated management. Pushing decisions down to middle management from upper management is less efficient and doesn’t accomplish any decentralization goals. I will promote bottom-up solutions for operations, top-down for setting strategic objectives, and delegation to individuals when there are important tasks without a clear owner.

Why I think I would be a good council member?

I’ve worked quite a bit in every Nest and have a broad understanding of value created across Index. I have an acute understanding of what drives revenue and growth. The talent across this DAO is incredible and we can make Index Coop a fast-growing, yet sustainable organization that paves the way for the future of web3 as long as we are all focused on the same objectives.

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Just highlighting this incase it’s getting lost in the stack. Fully aware I was the first person to shotgun the forum with a host of nominees. My bad.

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Hi @nic,

I think organizations require very different leaders at different stages. There are very few leaders who can stretch from org inception to customer validation to product-market fit to scale-up. The question then is which stage is the Coop at. Putting it bluntly, I think we’re probably in-between customer validation and PMF but not firmly at PMF yet. I also agree with catjam and your sentiments that we need a turnaround. I think there are signs that that turnaround is underway but it’s only just beginning.

With all of that in mind, at our current stage, I think leaders who can make hard decisions, execute a turnaround, and bridge to PMF would be preferable to a visionary or C-level exec who can scale a growth business. Once we’ve firmly achieved PMF and have a proven scalable business model then we’ll be in a much stronger position to recruit or recognize the leadership that we will have earned.

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I would like to nominate myself for Index Council.

This was not something I had intended on doing. I would much prefer to focus on building out the product team as a world-beating organization. That said, I believe there are massive opportunities for Index Coop in the near future - that we run the risk of missing out on. I want to at least share my views with the rest of the organization, so everyone has the opportunity to decide if these are goals we should work towards.

Index Coop Mission Statement

I believe we aim WAY TOO LOW as an organization. While we have retired our original statement - “be the Blackrock of crypto”. I still think it does a fantastic job of reminding us of how narrow the scope of what we originally set out to do actually was - lets take a successful business model and apply it to a new niche within the industry.

We should not model ourselves on financial institutions. They are dinosaurs. We should instead model ourselves on the tech giants of the early 21st Century. And we should aim to surpass them in time.

We need to want to disrupt finance, not ape into it through a regulatory back door before the dust settles. Co-opting a line from Google, lets organize the world’s financial system and make it useful for everyone. That’s bigger than crypto. Crypto and blockchain is not our business - it’s just a substrate for us to build our business on. What our business should be focused on is creating access for the individual to the kind of financial opportunities that have only previously been available to experts and insiders. This a the key trend we see in DeFi right now, and we would be foolish to ignore it. The BASIS-ETH is a perfect example of this. A large part of our business model should be based on identifying middle men and removing them from the ecosystem. This is how we generate massive value. The REAL index is an example of this. We can disrupt billions worth of credit markets by enabling liquidity to easily flow from on-chain to off-chain. Our mission statement needs to evolve to encompass this understanding - that decentralized finance requires the active disruption of the paradigm that currently exists. This awareness will prime us in our understanding of the landscape and inform our decisions to pursue opportunities like BASIS and REAL.

Centralization vs Decentralization

Right now IC would benefit from operating far closer to a traditional startup than we had previously. There is an enormous amount of wasted energy and overlap in the coop, and at times it’s extremely hard to identify who should be in charge of what initiative.

I would suggest, we abandon the KPI model and instead focus on OKRs (Objective & Key Result) as our key metric. The main difference being that KPIs are purely quantitative and run indefinitely. OKRs are tied directly to an Objective, and run for a defined time period. As the owner of the OKR, you have limited time to reach your Key Result. Well designed OKRs start at the organization-wide level and cascade down to Nest > Pod > Contributor. Each level down on the cascade should design their OKRs to serve the OKRs on the tier above them. OKRs should be published and publicly viewable.

The Index Council should be tasked with creating 3 to 5 OKRs, and Nest and Pod leads tasked with creating OKRs to serve those goals. Each contributor should be tasked with creating their own OKRs to serve their Pod and Nest. This is how we create real alignment around goals in a diffused organization.

When a contributor receives a request to participate in an activity that does not help meet their OKRs, they should decline. This is how we save time and energy.

Creating greater alignment now is what will enable us to decentralize more successfully in future.

Product Focus

We need to make some smart big bets. As mentioned above, there is a clear lack of product market fit for on-chain indexes right now. We may simply be too early. It is our responsibility to operate as if that potential lack of PMF is an absolute fact. The organization is in the middle of a pivot, but I believe that pivot merely takes us from drowning to threading water. We need to make some smart choices and use our limited resources wisely. There are a number of fantastic ideas germinating in the coop right now - we need to clearly define what those are and decide what to focus on.

A couple of points that are important in making that decision:

  1. Launching 30 products in a year might not be a wise use of resources. It will massively overly extend our marketing and distribution capacities, as each of our launches fights for bandwidth every couple of weeks. Instead we should focus on creating a smaller number of products that cover all bases, and also on building and distributing them as well as possible. This narrowed scope of action in the now, enables us to allocate more resources on the innovations we need to bring to market in 12-18 months. That should be at least 50% of our design and engineering investment. We don’t need 30 products to stay afloat. We just need to kill it with 5-7 that are attractive, reliable and profitable to run.
  2. We need to remind ourselves that we are in an exponential tech explosion. The near future will look very little like the past. Much of what we recognize about DeFi today will be redundant incredibly soon. We need to focus less on what is around us, and more on where we see things going. This involves taking risks. If we don’t take risks we will be left behind.
    I strongly recommend we shift our focus to zero knowledge solutions as we prepare for a future when most computation and data storage is executed off-chain, and far more sophisticated apps emerge that are not limited by the current constraints of executing on the blockchain. We already see this model emerging in dYdX. There is no good reason right now to believe that the future will not follow this trend. We can be ready for it or we can try to catch up when it happens.
  3. We need to double down on our efforts to work with Set Labs. No marriage is perfect. IC and Set have fundamentally different business models, and divergence over time is inevitable as both of our organizations grow. This already creates much tension, and much work has been done to improve communication and alignment between our teams. We need to focus less on where we differ and more on where we compliment each other. Set wants to be the premier asset management platform. IC wants to the premier asset manager. The scope for synchronicity here far exceeds what has been accomplished to date. Historically, Set has acted as the initiator in much of the strategic communications between our teams. We need to reverse that relationship. Set is a service provider - they should not be leading the dance. IC needs to set clear objectives and then align Set on our roadmap. Both parties will be much happier in the partnership if we can get this right.
  4. To be a great service provider, we first need to be a great product team. Partnering with the right teams can 80/20 our growth in the near future in a way that almost no other activity can. First we need to demonstrate to the market that IC’s internal product team can win without partners. I know that the product team as is today lacks some degree of legitimacy in the eyes of the rest of the coop - we have never designed any big winners in house. This will change soon. This current pivot towards FIXED, icETH and BASIS is the result of months of development and cultural shift in the team. We are now ready to deliver. A strong product team that can stand on its own two feet will build confidence in the coop, but also in our external partners.

Resourcing
I think the liquidity pod should be disbanded and the treasury function of the organization scaled back. The liquidity pod has never served it’s function properly - existing either as a lame duck that underperformed, or as a frustrating arena for contributors to push an agenda or pursue a pet project that does not tie directly to their remit in their home nest/pod. I say with absolute certainty, that @allan.g, @overanalyser and I could perform all important functions of the pod in a couple of quick messages a week. I strongly encourage the excellent research and analysis of @anthonyb.eth and @jackiepoo to continue under the analytics pod. They are adding a tremendous amount of value. I also thank @MrMadila for stepping up to lead the team when it needed it. However, the output of the group is not justifiable considering the time burden it places on high value contributors.

Having an activist treasury with resources dedicated to asset management is a distraction from our core business model. It should be paused completely until a later date when that function would be more appropriate to the business. All of the accounting and reporting done by @ElliottWatts , @Hammad1412 et al is excellent and should be enhanced and supported.

We need a far more focused traditional media marketing function in Index Coop. My previous experience in the music industry has shaped my perspective here. Music, as a business, has essentially been in decline for 20 years. People in that industry know how to get shit done with very little resources. We overly optimize for social media. Social media grows our awareness, but our legitimacy comes from association. This needs to come from traditional media and advertising. Sharing one article where we are featured by the WSG or equivalent is worth 500 of our own tweets. Orienting our organization towards Crypto Twitter is a huge mistake. We need to be far more focused on working with publicists and agencies that can bring our products into the reach of normal people who don’t follow web3 DAOs on twitter. I have had a number of excellent conversations about the opportunities we can leverage with @dev in recent weeks and strongly recommend he run for council and take a leadership role over our marketing function.

Edited the last paragraph to specify that I am talking about marketing via traditional media - PR agencies and ad campaigns.

Conflict of Interest Disclosure
Employment: None
Directorships: None
Paid DAO contributor: Index Coop
Consultancies: Arbolus - DeFi advisor
Financial arrangements: None
INDEX token holdings: None substantial
Significant token holdings: None
Significant token equity holdings: None
Non-Disclosure Agreements: None
Management Fee arrangements: I stand to receive a management fee icETH, MNY, FIXED.
Token voting delegations: None
Any of the above disclosures for family or connected parties: None
Other: None

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Hi all - I’m self-nominating for the Index Council for S1. As @nic mentioned, I believe that the next few months are crucial to Index Coop’s turnaround, and we need strong leadership + product skills on the Council to help guide us. If elected to serve on the Council, I’d bring my executive-level leadership experience and product leadership & strategy expertise to guide IC towards our next phase of growth.

I want to be upfront that I have a full-time job outside of Index Coop – I lead product at Flipside Crypto. I can commit approx 5 hours/week to the Index Council if elected. Time expectations are currently unclear, but I’m hopeful that a well-functioning ICC can be efficient and effective within that 5 hours/week.

As an ICC member, I would focus on developing product strategy and recruiting additional senior product leaders with financial product experience. I’ve had the opportunity to work with the Product Nest and see this group grow remarkably over the previous year. I’m excited to support their growth in this next level by working with ICC + Product Nest to identify and focus on a narrow set of big bets to identify the right target market (Institutional Business, DAOs, retail) and launch products aimed at achieving PMF. I’m also passionate about creating a diverse, empowered contributor community and would bring my experience with Women of Index Coop and Community Nest to the Council to achieve this goal.

On transparency and decentralization: If elected, I will serve a max of 1 consecutive term on the Council, and step away for S2. I support a Council of 5+ members as decentralization is an important cultural, organizational, and legal construct for Index Coop. I will create frameworks for Index Council updates to be shared at the Nest level and build on PJ’s work to keep the full Coop apprised of ICC work through the Leadership Forum.

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Well, this is brilliant. I’m glad you’re running ser

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@JosephKnecht Hey fren. Thanks for this. I love the assessment and largely agree with your diagnosis here.

The only thing I’d argue with you for is taking a step back and asking “What does the Coop really need for a holistic turnaround?” I am absolutely convinced of this: Leaders of Character are vital to every stage of an organization’s maturity curve. In fact, without these leaders, the org will continue to have issues that in the end will block shipping, no matter who is at the Product helm and how talented they are. (Using bold here so people skimming have ease of reading and get the points)

I am a huge proponent of strong product leaders who can make hard decisions and execute a turnaround in the area of Product. In fact, we need Nest Leaders of Character in all areas of the business who are constantly thinking:

  • “Is this working?”

  • “Is it really working?”

  • “How do I make this group better, leaner, more efficient, to serve the Coops bigger vision and priority for shipping product”

  • “How do I ‘kaizen’ myself and iterate on my group’s vision.”

  • “Who is shadowing me and growing as a Leader I can train and replace myself with?”

  • “Where do I actively need to invest in my own growth? What book should I read, who should mentor me…”

  • etc

Product is a full time + job. Being a board member here is a HUGE job. And I have a concern that having only product leaders to the exclusion of some form of C-Suite thinkers will definitely begin to steer us towards create/grow/maintain, but won’t result in the organizational turnaround that must happen. It’s a dance.

At the highest level - a board of an org would be connecting the puzzle pieces, and working with a genius level product team to execute, steering all the nests in the right direction. Additionally what I’ve seen successful in countless organizations both in my personal experience as a consultant, and with case study after case study:

With the right Leaders in the Council seats, we can trust that they’ll find the Product leaders we need and set them up for success. One begets the other - starting with the bigger vision and working our way in. The council should be first and foremost Leaders of Leaders - not only ‘Doers’, we have plenty of those.

One other note, I don’t want to confuse Leaders of Character with technical proficiency.
While Leaders on the Council obviously need some level technical proficiency in their respective areas (and I believe we should have representatives from every area), we need the ‘right people on the bus’, sitting in the right seats - who can cast a Vision and drive us towards it. We don’t need tweaks. We need large scale change and we need it fast. I’m not convinced the PMF and scaleability and all these vital pieces you’re highlighting can be driven properly without the right folks overseeing the turnaround.

Leaders of Character are needed at any and all stages of an organization’s growth. We need them now. And this is a singular opportunity to make a decision that shifts the direction of Index Coop.

P.S., We’ve never spoken directly, but I’m a huge fan of yours and will be reaching out here to connect.

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I am self-nominating for Index Council v.2 on the basis that I believe

  1. in our mission to develop ( create grow and maintain) decentralized financial products that unlock prosperity for everyone.
  2. we have the opportunity to innovate not only in terms of killer products but with our culture and in the allocation of human and capital resources
  3. diversity cultivates the search for common ground and shared understanding
  4. disciplined people, thought, and action will help us secure Product Market Fit
  5. I have the time and resources to dedicate to this role having delegated opportunities to team members @mrvls_brkfst @el @aakansha @Danilo_dg I would not be here without you guys or our world class growth team and the many other talented people in this Co-op. As mentioned to @metfanmike "…working Sundays is probably a sign to go 75% and will wind it back when I end up doing less, which is my personal performance target 1) automate (WIP) & 2) upskill / empower > hand off faster (WIP). My practice for over a decade has been to make myself dispensable

All of this may sound very unoriginal because I share (figuratively and literally) many of the sentiments already expressed by other nominees and contributors to this conversation

  • Position statement on decentralization vs. centralization at the Index Coop &

  • What their stance is on delegation of decision making,
    Welcome to progressive decentralization, where transparency should be the default. The council while centralized is mission-critical at this point to define, communicate and socialise strategic objectives that align us with enabling and functional stakeholders like Set. The council can and should delegate quickly wherever possible to empower WIN teams. In my experience building teams - clear direction coupled with trust and autonomy empowers people to go above and beyond. Game theory informs my position on trust Play this, I dare you

  • Link to a current conflict of interest disclosure, public to voters
    I am not aware of any conflict of interest. For transparency I am an elected member of the executive Sub DAO over at the Aragon Network DAO (AN_DAO) which I see provides potential for partnership rather than a conflict of interest. Should a conflict of interest arise I will create a similar statement on this forum as the one posted here

  • What they think Index Coop’s strategy should be
    While I think this strategy could be better-balanced in terms of the way the partnership dynamics are communicated we are very fortunate to have been handed the basis of a strategy that we should work to deliver on.

  • What is their stance on resource allocation

A wise old owl live in an oak the more he saw the less he spoke, the less he spoke the more he heard. Why can’t we all be like this wise old bird.

  • At this point I can take a stance only on the allocation of resources within my own area of professional expertise (+15 yrs) which lies with startups and agency and consultancy growth and performance marketing. For everything else, I actively seek out and synthesise the wisdom of people considerably more knowledgable than me.
  • i.e. level of overall spend; any Nest, Pods or initiatives which should receive more or less funding.
    Our Paid Performance and SEO team have assessed more than 200 opportunities since February. 95% of these are no go options. I would reallocate advertising funding to PR for it’s clear return on investment and other more innovative means to drive awareness, acquisition, activation, revenue, retention and reffereals “… identifying middlemen and removing them from the ecosystem” can apply equally to the antiquated models of paid advertising that leverage our attention.

  • I.e. what activity would they like to see the Council focus on, what activity would they like to see delegated.
    To this point @JosephKnecht @anthonyb.eth @bradwmorris @DocHabanero and the AltGov crew have developed a solid set of council agenda topics here of the 18 there I would make the decision to delegate at least 15

  • Why they think they would make a good Index Council nominee.
    ^^^
    2 x EDITS: for Grammar and to add quote
    1 x EDIT to the owl poem which I see was wrong >> the more he saw, the less he spoke…

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I am self-nominating for Index Council for Season 1.

I’ll do my best to articulate my thought process when answering a short summary below (feel free to DM me on Discord if you want me to explain further);

My position statement on decentralization vs. centralization at the Index Coop

I personally believe that any extreme on either side will not bear fruits and growth to Index Coop. Where we strike a balance between these two is very important. Especially at this crucial time in the Coop, like what others whom have eluded too. Although I’m biases on the ideals of decentralisation i also see the values of certain principles of centralisation. ICC in this respect should be the fulcrum to balance this two opposing ideologies of structural governance.

In my ideal state of ICC, i see it becoming a curatorship whereby it empowers contributors to realised the vision & mission of the coop. Co-creation and facilitating in goal creations between & across Nests & Pods. Decentralisation plays a huge role in this as the concept of delegating process building and growth of IC by cooperation between every level of contributors who are equally passionate about IC. That sense of empowering and giving ownership to every contributor & broadly the community is where i see the strength of any Web3 organisation/DAO lies.

Lastly I totally agree on @MrMadila position on this statement, especially when talking about centralisation is not something we should be playing fast and loose with especially when wanting to get things done & fast. This could be solved in a matter of delegating and empowering the WIN TEAMS instead. @anthonyb.eth actually summarised it pretty well of Index Coop being a progressive decentralisation and I agree on this.

Position statement on ICC transparency

This for me is paramount, over-communication is key when ICC. Clear and early communication should be one of the things ICC should strive for when it comes to informing the contributors and community alike. Working asynchronous in a DAO can be challenging on two levels (communication & proximity-biases; the more one has frequent interaction, the more it seems one seems valuable) simply because of the global nature of what a DAO is.

Link to a current conflict of interest disclosure, public to voters

In regards to COID, not sure if this counts as a conflict of interest but I’m also currently attached with Parcel Inc which is a DAO/Contributor Tooling platform as Community Growth & Strategy Lead. Thus my working hours will be split between here & Parcel. And as @catjam shared, I agree and hopeful that a well-functioning ICC can be efficient and effective within that stated hours mention by her.

What Index Coop’s strategy should be

If I could summarised Index Coop strategies, its a triumvirate of business (growth & product), finance (finance), and community culture (people & governance). This for me is quite unique because traditional organisation and businesses have either 2/3 of that said things. And usually when you have an organisation that have all 3, it tends to be incline and overlap in 2 of those 3, which cause frictions among the broader organisational structure.

Business;
I’m on board with what was shared by @afromac on his ideas of IC being Product Focus. I totally believe that churning out a market fit product will come eventually (the 2nd gen of products i would like to call it; icETH, FIXED, BASIS to name a few). And leveraging the talents we have from Growth when it comes to distribution & partnership is key in realising the this Strategy.

Finance;
The faster we reach a positive turnaround in our cash flow, the better for the longevity & sustainability of Index Coop. Like what was ICC V1 has done by pivoting back IC to how a startup would run is a good first step; and continuing and reiterating the foundation set by them to make sure IC last for the next 100 years.

In regards to this, if i am elected, I will take a 30% cut of my ICC fixed compensation (Band 6) for the whole duration of Season 1 as elected ICC.

Community Culture;
I really vibe with @nic posts in this thread. And I believe that not only empowering new leaders is key for the health of the Coop. Shifting towards Leaders of Characters is much needed and is one of my intent to make sure that not only we have talent pipeline but also leaders pipeline within Index Coop.

My stance on resource allocation

With the foundation set by ICCv1, flexible budgets is key to navigate resource allocation. I would say both Product & Growth would be the the top two in this order. While also opening up budgets (if there is enough allocations) for experimentation and R&D.

My stance is on delegation of decision making

The ideas of DAOs is automating organisational management. Delegation is a good first step forward, although less efficient in the long run. Thus I would be an advocate for empowering bottom-up solutions to increase efficiency, and top-down in curating strategic directions. Lastly empowering individuals or win teams in tasks without a clear DRI.

Why I would make a good Index Council nominee.

I’ve seen the organisation growth of Index Coop for the last 9 months, it has been reiterated countless times, with many highs and many lows. One of my key strength that I nurtured thus far is the ability to understand & empathised with broad worldviews (across different cultural, diversity & regional background) and find a common ground where all can sit into a room and discuss. Being unbiased (even to our own principles) when moderating a difficult conversation is no easy fit. If Index Coop wants to truly be a global leader in the space, it need more representations across different socio-political-economic background, only then we’ll be truly resilient. I have hope in Index Coop, the foundation is strong, and the time is now to build upon that.

Thank you for taking your time to read. And looking forward to the new ICC.

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I will be throwing my hat in the ring as well.

On Index V1
I’m proud of what the first council achieved in its three months. The organization was not in the strongest position in Q4. Index Coop lacked direction, financial prudence, a sense of urgency, and checks & balances. The net result was an increasingly bloated, uncoordinated organization burning through limited financial resources while failing to ship products. In addition, our relationships with key stakeholders (e.g., Set, Scalara) were strained.

Index Council I moved to turn the situation around. The Council set in place a vision and a high-level strategy, stood up Nests across the organization to foster coordination, onboarded a lean team of core contributors to more market-based compensation, worked with the Nests to sharpen their Season 1 proposals, and improved channels of communication with third parties, most notably with Set. On a monthly basis, budgeted Season 1 spending is now over 30% lower relative to Q4 budgets, helping to put the Coop on a more financially sustainable path.

An organizational turnaround is underway, we’re increasingly rowing in the same direction, but the work is not over. I would like to serve on Index Council II through the end of May to help continue the forward progress.

On Centralization vs. Decentralization
Neither. I reject the extremes and prefer a balanced approach in which the contributors working on this project every day choose/entrust high-context individuals to - temporarily - represent the group and make cross-functional decisions so that the organization can be more nimble than a maximally decentralized organization but also less dictatorial/capricious than a CEO-led organization.

On Transparency
The Council should communicate when a decision is made, the rationale for the decision, and, if applicable, the rationale behind dissenting votes.

On Conflicts of Interest
I don’t have any conflicts of interest.

On Resource Allocation
I have been a startup CFO multiple times in my career, including for my own startup. Financial sustainability is an indelible part of my thinking. What matters for an early-stage organization like Index Cooperative is to be lean and experimental to conserve cash while taking measured bets to validate a sustainable business model.

That doesn’t mean we have to hold ourselves to a strict timeline for becoming cash-flow positive. Rather, we need to manage our cash so that we have enough runway to execute our plan. If enough of our bets pay off and we subsequently gain traction and TVL, we should expect a higher token price and increased investor interest, both of which would tee up a Treasury diversification in 2023 at more favorable terms than today.

On Delegation of Decision Making
The guiding principle for the first iteration of Index Council was for the group to weigh in on cross-functional issues (e.g., overall vision/strategy, organizational structure, hiring process, third party relationships) but to delegate where a Nest or specific contributors had expertise (e.g, Nest- and pod-level strategy, tokenomics, liquidity, tech stack considerations). The Council should continue to operate by the same guiding principle.

On why I would make a good council member (IMO)

  • I am a fully committed, core contributor at the Coop. I have a high degree of context across the organization and am well-versed in the business.
  • My bent is simplicity and structure. If the problem is well-defined and prioritized, we’re halfway to solving it. We need to stay focused on the highest priority topics and park new ideas so we are not perpetually sidetracked.
  • I have highly relevant expertise in asset management and early-stage startups. I was a vice president at J.P. Morgan Asset Management for six years and then spent a decade in startups, most notably as a founder of a fintech platform.
  • I am both strategic- and execution-minded. We are an early-stage startup, and we need leadership that can not only devise a strategy but also deliver. During Index Council I, Institutional Business continued making progress without skipping a beat.

Thank you for your consideration and happy to answer any questions. Note: if I’m elected, Minotaur Ventures LLC would formally fill the seat.

20 Likes

gm @LemonadeAlpha -

In the interest of extreme clarity, is the above your indication of self-nomination?

While not required, linking to the above prompts that outline a self-nomination post should you wish to provide any stance or position statements to help voters that may not already have such context when you clarify. Thank you.

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Thank you @mrMadila. I would like to nominate myself to join the Index Council.
Following on in @Metfanmike’s format, I hope I don’t bore you all. I must admit there is a lot of appeal in @LemonadeAlpha’s style.

On Index V1

Looking back, going from Q3 into Q4, Index Coop was drifting away from our core purpose. INDEX 2.0 despite all it promised, it did not live up to expectations and the need for a more structured organisation was borne. The council was the solution then and it remains our best path forward today.

The first iteration of the council achieved a lot but left a lot still on the table. The Council achieved what was the hardest task, it laid the foundations and started turning the ship. We will look back upon this time as a pivotal junction in our colourful web3 history.

Creating a remuneration structure, hiring a core team, creating the liquidity pod, launching products and moving the community towards more openly discussing what a sustainably Index Coop looks like, are all Council V1 big wins. Not perfect solutions, but big steps in the right direction. We have a high level vision now, we need to continue building on this, align all parts of our community and motivate our community to achieve excellence.

In Q1, I think the ship started to turn, we need to finish the turn, capture the wind and set sail. There is much, much hard work still to do if we are going to realise our ambitions. I would like to serve on Index Council II through the end of May to help continue the forward progress.

On Centralization vs. Decentralization

Neither. I don’t think we yet know what works best in Web3. We are pioneering things as we go but mostly things are built around narrative and ideology rather than proven tested web3 business models. In traditional companies, some specialise into a niche, others are more a group of business units within global conglomerates. For Index Coop, right now, I think a Council with “win teams” supporting is where we are at. Win teams receive strategic guidance from the council and then are expected to present their findings with the expectation they are adopted. The objective is to be nimble, make informed decisions and for us all to own the community outcome.

On Transparency

The Council should communicate when a decision is made, the rationale for the decision, and, if applicable, the rationale behind dissenting votes. The first 20 mins of the Wednesday call is perfect and the sCoop is a great way to catch up on it if you miss the call.

On Conflicts of Interest

For transparency, I am a contributor at Llama Community who has grants with various DAO for financial reporting and treasury management. I view this as a complementary relationship. I am a methodologist with Scalara for PINT & PAY, if you know if/when these products will launch, I’d like to know. :slight_smile:

I will remove myself from any conversation that is seen by myself or others as having a conflict.

On Resource Allocation

I have led / managed projects spanning several continents with truly global teams supporting them. I have run teams in high pressure offshore environments, managed frame agreement contracts, successfully brokered multi-million dollar deals for a world leading engineering company. What I have learnt assembling teams, dispersing them and building again with the project life cycle is you really need to do the core things really well with a lean team and then resource up and down to suit what needs to be done. Index Cooperative should be dense in talent, lean in headcount and experimental at heart. To quote @LemonadeAlpha when something works “pour fuel on the fire”.

I could rewrite what @Metfanmike wrote, but we are cut from the same cloth in this regard. The below quote perfectly articulates what I hope to convey.

We can then evaluate if we need to do any treasury diversification. We might not need to but in time we will know what the future holds.

On Delegation of Decision Making

Looking back over V1, more EWG input would have been great. Our Dev team has grown so much and it would be great seeing more of their knowledge at council level. I think the Council does serve the cross-function role really well, it nearly became a cross-function pod at one point… However, V1 of the council can definitely be improved. Much like @catjam, I am more in favour of 5 instead of 7. We need to ensure the SME are a part of the conversion even if they are not on the Council as such. Delegation is key to scaling, if you boil it down, the Council can set high level directions and then Nests / pods / win teams can figure out the finer details.

I think we do need to figure out who we are before we decentralise out too much decision making. Index Coop is a bit fragmented atm, we don’t all rally behind the same vision. Are we an on-chain business or are we an on-chain local sports club ? We are philosophically divided and I think one of the first things the Council needs to do is figure out who and what is Index Coop. I suspect it won’t please all, but we need alignment.

On why I would make a good council member (IMO)

  • I am fully committed, a core contributor at the Coop. I have an extensive DeFi network that I utilise to benefit the Coop.
  • I am a hybrid type resource, mostly Finance Nest but dabble in business development and product stuff.
  • I like simplicity, structure and to move at speed. My opinions are dynamic which reflect the knowledge I have at the time and own my mistakes.
  • Execution-minded - I have built, managed and led teams in multiple countries and in some incredible high stress environments. I have experience in engineering, contract, financial performance and do a lot of project management/coordination in my professional career.
  • Strategic - I know DeFi reasonably well and I have informed connections that give me an edge. I created Finance Nest with a strategy and despite Index Coop’s continual pivoting, this team has stayed the same true to the original vision.
  • We are an early-stage startup. We need a strong mix of leaders that can craft our strategy and execute it efficiently.
  • I also want to give a huge shoutout to @Finance , who does a fantastic job in sharing the workload and ensuring everything gets done in a timely, efficient manner. We run a lean Nest and we work as a team which enables member(s) to step forward to serve the community on the council.

Thank you for taking the time to read the lengthy post and I really look forward to Index Coop pinning down its strategy and defining who and what is Index coop during the second council sitting.

16 Likes

I’d like to nominate myself for Index Council.

As the engineering pod lead, I’ll make sure the Index Council considers the technical aspects of any topics being discussed. Simply put, technology is at the core of why DeFi can be a better alternative to finance as we know it today. Many of the products we’d like to launch require new functionality to be built, and this will continue to be the case for a long time as blockchains improve and new DeFi primitives come out. I have a special role to play in our relationship with Set Labs, as well as in evaluating other technology options that could enable us to innovate faster.

I want Index Coop to be where the best technology combines with the best growth and operations teams to create a wildly successful business. Not just in terms of eventual profit, but as a major positive force in the new financial paradigm we’re all now a part of.

We are at a turning point for Index Coop where we desperately need alignment across our organization, not just within a nest or pod. There are aspects of decentralization that I love, but there’s advantages to acting more like a tech startup and less like a government. We spend so much time and energy to make even simple decisions. I know this because I worked hard on the IIP for liquidity pod, and after spending dozens of hours getting stakeholders comfortable such that it passed unanimously, the result was a leaderless group that wasted hundreds of people-hours in endless debates with few actions being taken. Not ideal.

I cringe when I hear about v1 of the Council needing 4-5 hours per day. This is way too much for people who supposedly have other critical roles to play. I’m with @catjam that a more reasonable commitment would be 5 hours per week. My hunch is that having 7 people with an equal vote is still too many to reach 100% consensus on any major decision, especially when you consider all the details of that decision. If elected to the council, I will be hyper-focused on the issues that matter most, which in my view are strategic vision and aligning the priorities of the DAO as a whole. I commit to being transparent whenever there are opposing views within the council.

I don’t have any conflicts of interest to disclose. If elected, Defensible LLC will formally take up the seat.

25 Likes

I am nominating myself for the Index Coop Council.

Decentralization vs. Centralization

Tokens are the single most powerful tool for decentralized group coordination. The only way to compete and win in DeFi is by embracing the full coordination potential of token-based organizations.

Decentralization is a skill that takes practice. Poorly executed decentralization is harmful and inefficient for any organization. We are not here to play at decentralization. We are here to implement decentralization at the highest possible level.

In a 100-years, people looking back at this period will see many DAOs that failed to implement decentralization. However, that will not be the case for IC. People will remember us as one of the first DAOs to compete and excel as a fully decentralized organization.

ICC Transparency

Outstanding leaders build trust through effective communication and transparency. Transparency is a discipline that takes time and practice. We must commit to practicing the highest levels of transparency.

Hard conversations are a reality. By necessity, some conversations happen behind closed doors. However, the ICC must strive to mitigate this and ensure that Index Coop remains one of the most transparent and welcoming communities in the world.

Conflict of Interest

The vast majority of my personal crypto holdings are $INDEX governance tokens.

Resource Allocation

Index Coop continues to get better at resource allocation every quarter. We must run a tight and efficient organization while ensuring that we are still going for the moonshots and big experiments.

Delegation of Decision Making

Organizations win when decision-making happens at the lowest possible level. ICC’s role is to help each community member perform at their personal best. Every community member should be passionate about their work and feel in charge of the decisions that affect them. We must strive to delegate decisions to the people who are closest to the problem.

Index Coop is the most exciting organization on the planet. I care about the success of IC more than anything else in the world, and I believe that the next six months will be crucial for our long-term success.
If we want to truly transform the global financial system - we need to win and win now. Let’s do this! :rocket:

8 Likes

I would like to nominate myself for ICC. I’ll point to my call in the leadership forum yesterday and the product strategy I posted as an indicator of how I can help drive overall growth at Index Coop. I also previously worked in the Growth nest so I have an understanding how we can harmonize efforts between the two groups.

The three strategic objectives I would like the ICC to focus on would include:

  1. Diversify our product portfolio based on market research and customer segmentation [Product focused].
    a. Focusing on our technology capabilities. Being platform agnostic could allow us to launch products that align more closely with our product roadmap. This would be considered on a per-product basis.
    b. Creating a multi-chain strategy that doesn’t spread us too thin, but also allows us to make some calculated bets.
  2. Continue to expand our existing products on-chain through partnerships and integrations. [Marketing focused]
  3. Expand our product portfolio off-chain/on a CEX. [IB focused]

We’re at an inflection point in many parts of the business. Understand and digging into these will allow IC to head for exponential growth.

  1. Product Market Fit, as @JosephKnecht pointed out is critical at this stage. We’ve seen tapered demand for our products, so my first initiative as Product lead was to focus on Market Research. This has helped us identify which customers to target and which products they want. Likewise, what core competencies does Index Coop offer that we can leverage to dominate the space. These should be at the front of any strategic investments we make. I view these core competencies as:
    a. Marketing and distribution. I’m sure this is no surprise to anyone considering it’s why IC was created
    b. Product curation. Over the last year and a half we’ve learned more about building structured products than anyone else in the space. Let’s use this to curate products for our partners.
    c. Engineering. In partnership with Set we know how the intricacies of building products, going through rebalancing, etc. I think we still have room to level up in this competency.
  2. Partners - the type of partners we work with and how we work with them has changed massively in the last few months. I’ve worked with a number of our largest partners and will be focusing on creating a standard partnership onboarding process over Season 1. A copy of our standard partnership agreement for branding partners can be found here.
  3. Capital - IC is hemorrhaging funds at a frightening rate. Launching and growing products is expensive which will ultimately slow our growth if we continue on this path. The advantage, is that it forces us to be more creative in how we launch products. Our competitors, who have less cash, are bootstrapping launches by doing things such as auctions (at a 20% discount which would be $200k on a $1M product launch) and bribes (paying streaming fees out to LPs, which means no revenue to the organization). We’ve already seen a few creative ideas from IC, such as an NFT raffle to $JPG LPs and focusing on products like icETH and FIXED which require $100k vs $1M for sectoral products. My goal is to continue fostering creativity and innovative solutions so we can focus on profitability.

I look forward to the possibility of joining the Council.

11 Likes