How to Apply to Establish a Fund and Create Your First Project?
At present, the operation of PRS official foundation and funds are in the early stage of trial operation, at the end of which the entry for submitting a fund application will be announced.
Here is the fund and project setup process.
- Form a founding team of the fund and establish your vision.
- Define project goals, tasks, target participation groups and incentive mechanism, and them together in the Project Planning Proposal.
- Contact investors and confirm the investment intention.
- Submit an application to the PRS Official Foundation (The template can be found here.)
- After the application is approved, the fund is established. You will have an email address with suffix @fund.press.one and a certification badge. The email is registered as a fund account on PRESS.one. Please sign all public information with this account, such as Project Planning Proposal and Project Conclusion Report, etc.
- Create a fund-specific Mixin account and associate your fund with your Mixin account in the task management system.
- Publish your Project Planning Proposal. Create tasks in the task management system.
- Investors transfer a predetermined amount of PRS to the Mixin account.
- The project is formally established and begins to operate.
- After the participant completes the task, which will be confirmed by the project team member or the system, he or she can receive the rewards agreed for the task.
- Project finalizes.
- Publish Project Conclusion Report.
You might want to read:
- Who Can Set Up A Fund?
- What’s the Difference Between Funds and Foundations?
- Why Is the Establishment of the Fund Required to Be Approved the PRS Official Foundation?
You need to have a founding team for your fund.
In general, the fund’s founding team is a group of people who have come together for a particular vision. They initiate a fund, are responsible for the preparation of the project, and expand into an executive team during the project’s operation.
To protect the interests of all parties involved in a project, a management committee must be established to jointly supervise the implementation of the project.
The composition of the management committee:
- project execution team
- investor representative
- project participant representative
all of which have clear responsibility, smooth communication, and collective participation in project decision-making.
The PRS Official Foundation will assign a supervisor to the certified fund.
Projects that are beneficial to the PRS overall ecosystem can apply for investments from PRS Official Foundation. Also, commercialized projects can raise funds from PRS holders, or self-funded.
PRS Foundation Social Profiles:
PRESSone Social Profiles
