Title: Proposing a Business Development Working Group II
I am proposing the second iteration and Q3 funding for the Business Development Working Group (BDWG) for the next 3-months starting on the 1st July 2021 to 1st October 2021.
What is the core problem(s) you want to solve?
BD working group has been operating for the past 6-months, first as a vertical within GWG and then autonomously as is its own working group. Each iteration of this WG has seen significant improvements and major initiatives. We continue to fine-tune and hone our strategy as the Coop evolves.
- $7.75 million Treasury Diversification
- Partnership with SushiSwap to launch BTC2x-FLI with Onsen rewards
- Bitgo listing
- Rari Capital Fuse pool initiated
- Relationships established with all major Index stakeholders
- Perpetual Protocol trading competition
- Perpetual DPI treasury purchase
- Miami BTC Conference attended and numerous relationships established
- On-going conversations with Polygon and leading L2 DEXes
- In-depth competitive analysis of other leading Index providers
- Investor landing page and numerous investor materials created
- DeFi Summer Series conference scheduled for NYC on July 15
What we liked:
- Verticals within the WG enabled each contributor to have a high level of autonomy and accountability
- We continue to attract high leverage individuals to the WG
- Bias towards action. WG members identify and execute key Coop-wide initiatives
- Aggressive focus on building long-term relationships throughout the DeFi and investors ecosystem
What we didn’t like
- Numerous initiatives were bogged down in the Forum. We need to focus on executive-level execution
- Increase focus on core strategic priorities and cut extraneous efforts. A major focus for this WG iteration will be honing down on our core mission and improving our focus.
- Better communication with the broader Coop community around what we are accomplishing and the value add of specific initiatives
Why is this worth addressing today?
BDWG continues to be one of the core WGs directly driving IC’s external partnerships and product distribution. The continuation of this WG is vital for the long-term success of our protocol.
Activities that BDWG will oversee:
- Major DeFi integrations
- Growing relationships with major Index stakeholders.
- Direct sales of Index products to DAOs and other ecosystem partners
Alongside these major strategic priorities, BDWG will prioritize initiating, maintaining, and building long-term relationships with DeFi projects, crypto partners, and Index Coop Investors. These relationships provide valuable introductions, advice, and strategic perspective. Developing and deepening relationships will continue to be a core focus for BD.
What impact will this project have?
- Increase in unincentivized supply growth & unincentivized AUM
- Increase in total holders
- The formation of deep relationships throughout the crypto and DeFi ecosystem
- Expanded extrinsic uses cases of Index Coop products in the Defi eco-system
Working Group Leader
- Simon Judd (Discord: BigSky)
- Michael Mtenga (Discord: Mringz)
- David Silverman (Discord: TrotNixonLine)
Request for Funding
We are requesting a budget of $190k over the next three months. Note this is a significant decrease from the previous cycle as we will be focusing our efforts on a few key initiatives.
Rewarding high leverage contributions is our largest expense. I expect that we will not use the full amount requested for contributor rewards every month if our working group does not produce high-leverage results. On the other hand, it is important that we are able to generously compensate contributors when they truly move the needle. Examples of high-impact contributions include, but are not limited to, completing major DeFi partnerships or facilitating large sales of our products to ecosystem partners.
We have increased the amount to support conference attendance and hosting Index Coop events. Conferences and in-person events are significant drivers for key BD relationships.
(note: several other working groups have expressed interest in sending participants to conferences or hosting events. I believe that over the next six-months we should develop a conference and event oversight committee to handle coordination and expenses for all in-person Coop events.)
Organization - How will it work?
The BDWG will be led by BigSky. Each vertical will be led by core contributors with an established track record of long-term high-leverage contribution to the Coop. The working group members will be directly accountable to the broader Coop community for the execution of the stated objectives.
BDWG assigns stipends for regular contributors and award discretionary payments to incentivize activities that directly enable the WG to accomplish its strategic priorities.
The BDWG continues to meet once weekly. These meetings are open to the entire community and we encourage attendance and participation.
I am committed to Index Coop principles 1
I am committed to serving the entire Index Coop with my work.
I am committed to open, rapid communication: I know that clear, constant, public communication lifts up the entire Index Coop community. I am committed to this style of communication.
Shared learnings: I will share my progress, learnings with the entire community. I will ensure that anything I create is accessible beyond my own tenure for future generations of Indexers to access & build on.
Intellectual honesty: I am committed to growth and improvement. I am open to feedback and will use feedback to improve my work for the benefit of the entire Coop community.
I am committed to making Index Coop a welcoming, fun, and engaging community to work in!