Last Friday (17/08) the NEM community was informed there had been changes made to the NEM Community Fund (NCF) that was in place to help start ups build on their blockchain.
The new entity that has been introduced is the NEM Ventures. This system is quite different to the NCF as the funding that is now being released to the company award the backing will also be required to offer in most cases, equity or mosaics to the VC.
This differs strongly to the previous funding model however, as most of the community understands, it is an essential process in order to ensure the long term growth and replenishment of funds for future projects wishing to build with NEM.
Saying this, the NEM Venture may also work better for the startup, since the NEM community has equity within the startup it is more likely they may be open to try using the business themselves or even provide some support.
It is unsure of when the new venture will be released and projects are able to start applying for funding and building on NEM. However, as a startup owner myself, having applied for the NCF we did see the long waiting times and expensive process of the community voting. Our company, Mobi, is a carpooling mobile app designed to help decongest our roads, connect people together and provide alternative transport to the daily workforce.
We believe that the NEM Venture fund is actually BETTER for us than the NCF even though we are likely to offer mosaics or equity. Why is this you ask?
Firstly, we have built a team around the general app development, maintenance, onboarding and marketing sections of our company. NEM Ventures provides experienced business personnel with success throughout previous ventures. Mentorship is something money can’t buy. By working closely with this experienced cohort they may be able to guide us and create many more incredible features for Mobi throughout the future.
Overall, the NEM Venture is a system that needed introducing to ensure the NEM community received quality projects and the process was completed within a timely manner. I know at Mobi we are looking forward to working with the board and can’t wait to get started!