Especially when dealing with money, crypto projects are often standing between their own interests. On one hand they may have been starting an opensource "we save the world style" crypto project, on the other hand they underestimated the effort, that is needed, to make it successful and are struggling with maintaining their own, personal moneyflow. This is a patters you can see all over the community. So what helps? Though such projects are part of a fast and wild ecosystem and have to constantly adjust their agenda, there are still options. One very often underestimated practice is, to make, even though it may be a nonprofit project, something like a business plan.
Not being able to fund the project produces a style of behavior, that drives potential adopters away.
I am not talking about having a professional book keeping, but at least you should have an idea of the moneyflow inside of your ecosystem. The best is: it brings you many more advantages as a side effect, by caring about things like that in advance, you often discover business ideas, that would have been missing otherwise.also does is create much more trust, then a team , that is constantly operating in panic mode.
A good practice for example is, to found a commercial side project, that depends within its business model on the output of your nonprofit project. It has the potential, to earn money for your needs and at the same time start funding for the nonprofit, because the company has an interest by design on the success of its fellow nonprofit.
This is also a good way, to make sure, your investors are understanding the needs to fund your project
Short example from my projects. After founding the Federated Blockchains initiative, i looked out to get investors interested in building a point of sales system, based on the Federation as an app, with hardware terminals, where ever they may be necessary. A few weeks ago i was able to partner with a friendly venture capitalist, and the chemstry among us turned out to be good. We immediately began to make our contracts and i managed to get the funding of Europecoin AND Federated Blockchains into our contract. Two weeks ago, we rented our new office building
and last week we have been ready to go and the office running.
During this week first test terminals have been arriving from China, to build some first prototypes
and also this week, w got our approval as a GmbH (the German equivalent of a limited)
In two / three month, we will start hiring developers and we will begin with those people, that
are actively contributing, to give them time and money, to continue with their work
Summary:
As a result of combining nonprofit with business, i can fund my project,
fund myself and can give back to those, who engaged and made this all happen.
hope you like it
so long, Matthias
http://www.federatedblockchains.eu.org
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