Title: DAO to business consultancy service
Read the proposal: Link to google document
Date: 17 August 2021
Summary
We propose that the Bankless DAO begin gathering research, talent and processes for business consultancy services, to create a platform to share ideas and execute on a Bankless DAO to meat space business consultancy service.
The general execution plan would be to first gather interested leaders in the Bankless DAO to step forward to hold regular meetings to discuss this topic. We will then scope out the network of internal expertise that we already have in the Bankless DAO. We will then take on small meat space implementations, and provide unpaid assistance to businesses to gather simple low risk onboarding. As we gather more momentum, expertise and value creation, we will target larger paid implementations.
BACKGROUND
Crypto organisations have the domain knowledge but little meat space presence which is needed to achieve mass adoption. Meat space organisations have many pain points that crypto can help, but no domain knowledge. This is where we find a meeting point.
Value add to businesses
- Settlements
Many businesses view the cryptocurrency and decentralised finance market as high risk with high volatility, and many businesses could benefit from being educated about low risk low volatility stable coins.
Businesses receiving payment through USDC can reduce credit card fees and decrease days in accounts receivable.
- Customer Engagement
Businesses of all sizes can benefit from the use of Social Tokens and Non fungible tokens (NFTs) for consumer integration. Both ERC-20 and ERC-721 tokens can have purpose and use cases. Side chains can be used for low cost implementations.
The needs of enterprise users will vary from physical retail stores to internet native software as a service companies. This will require further research.
Businesses will see a level of customer engagement that will exceed their expectations.
Further research on social tokens can be found on this document.
- Increase returns on working capital and treasury funds
Cash on hand currently generates 0.0% interest and could be gaining 4% risk free and fixed through centralised exchanges which include some level of insurance. Some mature decentralised protocols such as compound and aave are also able to accept stablecoin deposits.
Risk free returns can significantly increase the bottom line for low margin businesses.
Asymmetry in information
There is currently a lack of education and guidance for parties interested in cryptocurrency and DeFi protocols at the corporate level.
The blockchain industry moves very fast. The amount of domain knowledge can be overwhelming. The coverage by traditional media companies can be poor and patchy.
Retail investors in the crypto space know where to find their own information. Whereas corporations prefer information handed out on a plate with battletested advisories.
Due to the nature of corporations having management oversight as well as internal management boards, they will also require more detailed implementation details as well as proposals, before new crypto features can be implemented.
Source of revenue for the Bankless DAO
And what we do is to hand them out on a plate nicely, for a fee, to fund future growth.
We can accept consulting fees from corporates directly and offer a neutral recommendation. (Slight legal problem, is the Bankless DAO a legal entity that can accept a fee for service?)
Or we can accept sponsorships from crypto companies.
What are the driving factors as to why this is a good idea?
There is known consumer demand.
We can bring corporations up to speed to prepare for the crypto revolution.
Employers and Employees benefit from quicker transactions.
There are profits to be made by businesses and BanklessDAO.
MISSION & VALUES ALIGNMENT
As cryptocurrency and DeFi continue to grow we anticipate a major need for talent who are ready to on-board business users. We want to be prepared to provide guidance for all risk profiles to allow those users to manage risk while exposing themselves to the massive potential of cryptocurrency and decentralised finance.
SPECIFICATION
This is clearly a multi year, massive project, which I envision to take the following broad Seasons.
Season 0
This season will focus on organising a platform for discussing this, as well as organise leaders around this.
Get ourselves on the Bankless DAO website.
Season 1
In this season, we aim to try a couple of small businesses, to help drive value to their businesses. We also try to conduct professional research.
The detailed implementation of season 1 can be found on this document.
Season 2
Recruitment and organisation
In this phase, we build an army of elite Bankless consultants. We put our flag up to the entire blockchain ecosystem and recruit the best and only the best to work with us.
Suggest to follow the structure of the usual consultancy firms (can see accenture / Mckinsie): Base salary + Project implementation bonus + (sales: teams will find their own projects to do)
People will self organise into teams of people they love to work with.
Season 3
Implementation and profit
Consultants and teams will self direct and find projects worth implementing, and will learn to tap on one anotherās expertise. And intra-organisation teams will fight to implement larger and larger projects. And with each successful implementation, reputation follows.
FINANCIAL IMPLICATIONS
Requesting Season #0 funding
This season will focus on organising a platform for discussing this as well as research.
Hours already spent:
Homeless 60 hours
Angyts 10 hours
(Currently vacant: 1 more champion: 20 hours)
(Currently vacant: 1 research coordinator: 50 hours)
Taking current funding norms, we are requesting for 140,000 BANK for season 0.
BRAND USAGE
Bankless Consultants
SUCCESS METRICS OR KPIS
How will the projectās success be measured?
Need to recruit 1 more champion. And need to recruit 1 research coordinator. Find at least 2 companies to implement in season 1. Firm up implementation details for season 1.
More participation on this subject, more talent organizing around this topic.
Have visibility on the Bankless DAO website.
NEXT STEPS
Season 0:
Get more champions. Get funded. Do basic research. Have a regular meetup. Plan for season 1 implementation.
SQUAD BACKGROUND
@homeless is an owner of several meat space businesses which are crypto curious to crypto adverse. He works with multiple business partners that are crypto curious and interested in crypto onboarding.
@angyts is an owner of a meat space company that has nothing to do with the blockchain. He is keen to understand how businesses can onboard to crypto.
POLL (Discourse Post Usage Only)
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I support the D2B consultancy
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I DO NOT support the D2B consultancy
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I will support if the following changes are made, write below
0 voters
References:
DAOHaus is aggregating/advertising DAO services, consider sending ourselves there later.
@CP18 a new Bankless DAO member
