HoW Grants: Supporting web3 innovation
Last updated
Last updated
are essentially free funding for businesses that are ‘granted’ by governments, other businesses, philanthropists etc, with the objective of assisting innovative ideas and start-up ventures assistance through their journey of development and growth. Grants are not required to be paid back by grantees.
The HoW Endowment fund will be used to generate RoI and this RoI will form part of the DAO’s deployable treasury. These funds are earmarked for grant funding to innovators, entrepreneurs, youth, social impact organizations, women founders etc, specifically developing wholesale and retail financial solutions and infrastructure in the Islamic finance digital ecosystem.
Grantee business models are required to be self-sustaining ultimately, meaning that they should be revenue generating enterprises and their financial forecast should display a path to profitability in the long term.
Qualifying projects will have the opportunity to present their business case initially to the DAO development community, and in later iterations of HoW, to the community at large. Leading up to the presentation of business cases, there is an in depth process that will need to be followed as well as evidentiary proof that will need to be submitted in order to support grant funding decision making. Please refer to Appendix 2 for the grant application process and requirements.
Introduction of Grantee - This begins with the enterprise/innovator being introduced to the DAO through the relevant Contributor's community/network.
Qualifying criteria - must be adhered to and only enterprises meeting minimum qualification criteria will be admitted to this process. The application form in Appendix 3 is a good indicator of whether a project qualifies or not. If a project qualifies after the stage at which it is introduced to the DAO, the appropriate point of contact will receive an official Application pack including the document in Appendix 3
Fast Tracking - grantee projects will be chosen to be fast tracked using a democratic voting process as part of a Contributor's 'lobbying' for the projects that they deem worthy of allocating resources to.
At this stage in the process, is paramount. and (including supporting evidence) data will be analyzed by Management, Advisors, Contributors and DAO Community, on various organizational levels.
Appropriate projects' point of contacts will be informed of the outcome of this process within 10 working days of the results of this event.
At tis stage of the DAO grants process, appropriate grantees will be informed, through official DAO communication, with a statement confirming the awarding of a DAO grant and the the terms and conditions surrounding such funding.
Follow Up
The DAO will require feedback and progress as well as deployment details of the grant for purposes of keeping the community informed and for providing credence to the DAOs efforts.
The grantee will be assigned a point of contact within the DAO and they will be provided with a list of requirements. This will be done until the grant funding amount is completely utilized by the grantee. Project report backs to DAO stakeholders is mandatory.
In its current iteration, the DAO will rely on the services of the technical partner to achieve current functions.
Once all outstanding events are concluded, the relevant DAO mechanism will ensure transfer of the agreed upon funding from the DAO treasury to the beneficiary's nominated wallet, in case of crypto, and bank account, in case of