Fundraising Strategy Incentives
Fundraising pivot
Asking for $10kis extremely difficult — dealing with individuals, humans, people, a few months worth of savings, massive emotional attachment involved.
Much easier to ask for $1m — at this level, there are only professionals dealing with money.
The majority of the funds will come from a single HNWI or family office.
It means that messaging on the website will be improved and will emphasize a few key terms:
- conscious capitalism
- impact investing
- purpose-driven business
- quadruple bottom line: purpose, profit, planet, people
$100 pre-sale reservation deposits
Accepting $100 pre-sale reservation deposits, just like Tesla and Cybertruck. It will help instill confidence and ensure we have committed and engaged people on board.
We will still accept $10k payments and they will offer various rights, privileges, extra stuff — that will be carefully evaluated with the legal team.
Please be in touch if you are ready to deploy $10k or more — we would like to hear what kind of protection and clauses are important to you.
(everything in the spirit of transparency, we really want to hear from you)
Simplicity
We totally agree with the quest for simplicity, there are some issues beyond our control that forced us to do the negotiation pivot.
Negotiation pivot
Due diligence exposed some critical information.
Data from the Land Registry indicated that the owner is not permitted to sell right now due to the ongoing court proceedings.
- Negotiation update: 2020–06–17 BaseX Island Negotiation Update
- Source data is behind €1 paywall: Land Registry
- PDF printout: Google Drive
- One-pager info sheet: basexisland.com/onepager
Maintaining professional conduct in the face of adversity, I was accused of infringing their privacy? 🤷♀️
I’m not interested in your personal issues, everyone has the right to their privacy.
What I was doing, I was requesting official data, from the Land Registry run by the Estonian government.
The government has a monopoly to use force (military, police, courts, prison) and I am putting more trust towards their official resources.
My due diligence exposed you not disclosing a very important — CRITICAL — the essential piece of information that led me to waste a lot of time and energy.
I’ll park this issue here and I’ll continue working on the project via official channels — government, legal, solicitors, banks, financial institutions.
It was a genuine WTF moment, the seller forgetting about the court order?
The crisis lasted for less than 24 hours:
- Cannot sell now, means more time to raise the money
- Death. Debt. Divorce. Court proceedings might be forced to sell for less?
Patience.
Patience.
Patience.
And in the meantime — getting the ducks in a row — raising funds so that when the island becomes available, we will be ready to act.
Legal framework of accepting money
Everything transparent and open source: github.com/basexisland/legal
A few key issues, we are committed to transparency and open-source:
- Issue 6: Crypto licence
- Issue 11: Salary negotiation
- Issue 12: Detailed legal structure
- Issue 16: Legal agreement templates
Branding pivot
There were other changes developed in the past.
BaseX island comes originally from Island DAO — see the Google Doc about the rebrand
Island DAO comes originally from Estonia DAO — bridging state-level cryptographic signatures governance infrastructure with the DAO.
Estonia DAO is a very cool experiment and I created some experimental code as well as crafty incentives for Voluntary Tax P2P Personal Tokens UBI Blockchain DAO — a paradigm shift from “taxation is a theft” to “monthly subscription for government services”.
What the heck is DAO in the first place?
Decentralized Autonomous Organization — new models of trust of governance. Blockchain changes everything, the most revolutionary technology since the internet.
Governance pivot
Principles behind BaseX have evolved from DAO but DAO is not fit for purpose in a fast-moving competitive business environment.
Everything transparent, open-source, consulted with the community:
Links to follow
We hope this article explains the change in strategy. We are community first, we always encourage feedback, please become an active contributor!
- basexisland.com/onepager — one pager info sheet
- basexisland.com/plan — the detailed plan
- Book a 1:1 call: calendly.com/marsxr/basex
- Visit the website and discover more ways you can help: basexisland.com
- Check Twitter and Discord for more details… We have a community ☎️ coming soon, we are a very friendly bunch!
