This page contains frequently asked questions in relation to how NEM Ventures came into being. It was originally part of a single FAQ but the investment questions became more relevant as the start up events became less relevant so we have split them out.
Social Media Channels:
- NEM Ventures Telegram
- NEM Ventures LinkedIn
- NEM Ventures Twitter
- NEM Ventures Medium
- NEM Ventures Facebook
How can I follow updates?
We will post updates to the NEM Ventures Next Steps forum post and try to publish this across the social media channels above, Telegram is likely to be the more active of these.
What does the NEM Foundation think about NEM Ventures?
Incorporation and timings
We are incorporating a capital fund based on XEM, this is something that has never been done before. We are taking advice currently, and anticipate that the structure will be up and running in 2-3 months, in line with the milestones listed in the proposal, as soon as a more precise date is known this will be released.
Proposals accepted will not be able to be funded until the legal entities are incorporated
EDIT: The group structure has now been incorporated in Gibraltar and is below, we are also now open for new proposals:
- NEM Community Trust (NCT) – a for purpose trust that lives in perpetuity for the good of NEM
- NEM Holdings Ltd (NHL) – a Company Limited by Guarantee, with one member (NCT) that exists to provide governance and a budget conduit
- NEM Ventures Ltd (NVL) – Company Limited by Shares, owned by NHL. Controls the investment budget and process.
How will the project backlog be managed?
There are 24 projects that were submitted before the conclusion of the NEM Ventures public vote. We have committed to review all of them as soon as possible and in parallel to the set up of the entity. A full list of these is available on the forum post above
All projects will be communicated with directly explaining this process; initial communications will go out in the next week. We will assess projects on their current state, longevity, the management team, and scalability. KYC will be part of this process and we are bringing a service in at present before we can start reviewing, we expect to commence reviews in the next 2-4 weeks.
Proposal may be accepted or rejected, or we may work with the teams to alter the business model to give it the best chance of success. Where proposals are better suited to the Not For Profit entity, the process for this will be explained to those projects.
EDIT: The backlog has now been completely reviewed and a majority of decisions have been made, first investments are being negotiated at present and will be communicated when appropriate
I have an existing project in the backlog, how can I tell you about favourable advancements in our project/company?
As part of the review process, we will give all projects a chance to review and update proposal documentation that has been submitted, we will also ask each project to complete a brief form to help us get control of the process.
How will currently funded projects be managed?
All projects that have been approved for NCF funding, will continue to be managed by the existing NCF Committee through to completion, the process will not change nor will the contact people for each project. Where the committee would like support, NEM Ventures will provide it in the form of reviews, guidance and recommendations but decisions and fund distribution will be made by the committee.
Will this hinder the creativity of those receiving funding?
No, Nem Ventures will provide expertise in relevant areas where needed, as well as incentivise the open sourcing of non commercially sensitive software which should be of benefit to the creativity, productivity and accessibility of other projects in the nem ecosystem as a whole.
Do projects still go through community vote?
In some cases, if there is not a large enough level of agreement within management team, public vote may be utilised to decide if a project will be funded, however this is expected to be a rare case. Additionally, infrastructural level projects akin to NEM Ventures that seek over $750k USD in funding will go to public vote.
I missed the vote and discussion, what was the support level for this mandate?
Were there any articles written in support or against this project?