We are proposing the creation and funding of a Business Development Working Group to run for a three-month period ending August 15, 2021.
What is the core problem(s) you want to solve?
Index Coop will benefit from an independent business development working group. Up to this point, BD has fallen under the Growth Working Group. When our community was still small, this arrangement worked. However, both working groups have grown significantly and oversee increasingly complex operations. The current arrangement makes it more difficult to:
Coordinate outreach efforts
Track and manage engagements
Fund key initiatives
On-board and manage new contributors
Execute enterprise-level Initiatives
Why is this worth addressing today?
Over the past six months, our structure has been continually refined and improved. The BD vertical within Growth has accomplished the following items:
- Obtained a Singapore non-security letter from a global law firm
- Retained a top market-maker in Karion Labs
- Received approval for listing on KuCoin (a major global exchange)
- Partnered with Pool Together for a campaign
- Partnered with APY Vision for a campaign
- Listed $DPI on top custodian Fireblocks
- Produced professional-grade investor materials
- Met with 15+ DeFi protocols
- Held conversations with 15+ institutional investors/ custodians/OTC desks to generate awareness of DPI and lay the groundwork for formal two-way partnerships
- On-boarded numerous silver and bronze owls
Today, Index Coop is experiencing explosive growth. We are on the verge of becoming a major player within both DeFi and crypto. Over the next six months, we will execute major enterprise level partnerships, on-board world class institutions, and bring our products to the world.
In order to do this, we need a business development working group with ownership and direct accountability for exchange listings, investor relations, partnerships, and integrations. Operating as an independent working group enables continued growth while ensuring the maximum level of accountability around our core KPIs.
- Exchange Listings // Wallet Integrations
- Core Hypothesis: High quality exchange listings drive retail consumer adoption
- Initiatives: Aggressively pursue Tier 1 listings and wallet partnerships
- Core Hypothesis: DeFi Partnerships & Integrations Q2 and Beyond
- Initiatives: DeFi Partnerships & Integrations Q2 and Beyond
What will BD be doing in Q2?
1. Aggressively pursue exchange listings, partnerships, and investor relations to further the reach of Index Coop and grow AUM
- Focus and organize the BD DAO function
- Act as the official DAO representative for external BD engagement
- Develop deep relationships across all functions in the DeFi ecosystem
- Identify and execute partnership opportunities that bring long-term non-forkable value to the community
2. Establish battle-tested processes for executing enterprise-level initiatives
- Develop a framework for managing interactions with ecosystem partners
- Ensure that in-bound and out-bound conversations are effectively managed
- Build out in-bound interest pages on our website
- Ensure best-in class materials are maintained a collated for easy access across the DAO
3. Build a world-class Business Development team
- Focus on attracting and retaining the best talent across DeFi
- Establish a culture of winning and growth where every team member is valued and empowered to contribute in high leverage ways
- Develop a framework for on-boarding and developing new community members
What impact will this project have?
The BD Working Group strives to be the model for maximum accountability and ownership. BD’s impact will be measured on IC’s North Star and Core KPI.
Key Performance Indicators
This working group will be focused on the following KPIs.
- Token Holder
- Coop Cumulative Revenue
What is listed below are the initiatives that we believe will drive these outcomes.
- Tier-1 Exchange Listings
- Enable a global audience to access our core suite of products
- Tier-1 Exchange is considered FTX, CoinBase, Gemini, Binance, and Huobi
DeFi Partnerships & Integrations
- Listing collateral on borrowing & lending protocols:
- Enables users to lend our products to earn additional yield
- Enables users to deposit our products as collateral for loans
- Listing on L2 scaling solutions:
- Allows for low fee trading of our products
- Allows for low fee acquisition of our products
- Co-incentivising liquidity:
- Enables users to earn additional rewards from holding our products
- Enables users to enter into larger positions
- Strengthen value proposition for pitches to institutional buyers and exchanges
Maximize institutional exposure to the Index Cooperative product suite
- Host webinars to introduce institutional investors to Index Cooperative product themes (e.g, Metaverse, Decentralized Finance).
- Launch an Index Cooperative-hosted event series to attract an audience of both DeFi natives and TradFi industry professionals, thereby creating awareness of both the DeFi/Metaverse themes and Index as the go-to provider of ETPs. We aim to be the central node in the community.
- Speak on third-party-hosted panels to showcase Index Cooperative as the leading asset management player in the crypto index space.
- Create resources to educate potential investors and also keep current investors informed on performance.
- Develop relationships with as many custodians and OTC desks as possible to improve liquidity to DPI, enhance trade execution, increase ownership, and facilitate the purchase process for institutional investors bought into the DeFi theme who do not yet have a custodial account set up. We are hopeful that this can be a revenue generating effort as well as we refer new customers to custodians.
On-boarding INDEX investors
- Help coordinate and execute strategic capital raises and execute future treasury diversification rounds.
We are asking the Treasury Working group to allocate $274,000 to the BD WG for 3 months. Each core contributor will be paid 146 $INDEX per month ($6000 monthly salary / $41 Index Price).
This is a conservative budget. There is a chance that we may require more funding to support further exchange listings. If that is the case, a request for more funding will be made through a public forum post.
Events / Conferences / Webinars. Our Investor Relations team plans to attend an industry conference and host 1-2 DeFi events in strategic locations (e.g., NYC). This is a conservative estimate for the price of these events and may change as these plans are adapted to the changing global situation.
Contributor Rewards: We expect to continue to attract top-talent to the BD working group outside of the three core contributors. This allocation gives us the flexibility to reward and retain high-leverage community members as needed.
The Business Development Gnosis Multi-Sig will have 5 connected wallets and all transactions will require 3/5 signers. The connected wallets will be: BigSky, Mrignz, Fallow8, MetFanMike, Fire (or another treasury committee representative). Once funded, the multi-sig address will be published to the community for easy monitoring.
The BD working group will be led by BigSky, three core contributors, and advised by one member of Set Protocols. This working group will be directly accountable to the community for the execution of the goals listed above.
Other members will be welcome to participate and help out as appropriate.
Working Group Leader(s)
- Experience: Full-time community contributor & Gold-owl contributor
- Responsibilities: Overall communication and context setting. Enable each vertical leader to execute.
- Directly responsible to the Index Coop community for this working group
Core Contributor: Metfanmike
- Experience: Silver owl contributor
- Responsibilities: Managing and facilitating investor relations and exchange listings
Core Contributor: Mringz
- Experience: Silver-owl contributor
- Responsibilities: Managing and facilitating DeFi partnership & integrations across the DeFi ecosystem.
Core Contributor: Fallow8
- Experience: Silver owl contributor
- Responsibilities:Managing and facilitating investor relations and exchange listings
- Timeline: This working group will begin operations on May 15, 2021 and run until August 15, 2021
- The BD Working Group will hold weekly meetings
- Progress will be communicated broadly to the Cooperative with a slide during weekly Context Meetings.
- We will publish a monthly BD Progress report to the forum outlining progress on the core goals outlined above
- All official work will be documented on Notion
- The BD Discord Channel will be used for routine communication
I am committed to Index Coop principles
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!
- Yes - Establish a Business Development Working Group
- No - Do not establish a Business Development Working Group