I wanted to stop by, make sure everyone knows we’re reading this thread, and offer a few points I’m hoping will help as we continue this conversation. There are multiple sides to a discussion and I hope to provide another to absorb and consider here.
Everything I say below comes from a desire to help as many teams from our ecosystem as possible. Also, please note the Harmony team is here to make sure our ecosystem partners and teams are receiving the help they need, within reason and a level of fairness.
Our community and ecosystem are everything, and I hope we all try keeping this in mind as we continue this discussion. That said, allow me to offer a few points:
-
We have a handful of grant types within our $300MM ecosystem growth program, with the most popular being Launch Grant; an equity-free (ie. no strings attached) method of helping teams start their project and launch on Harmony.
-
Launch grants, which Cosmic Universe received, are not investment vehicles. This is purely meant to provide a boost to teams who need a bit of extra help bringing their vision to fruition with zero strings attached.
-
Milestones are pre-defined and agreed upon in advance of approval. These milestones are rarely customized and, when they are, it’s for projects that struggle to fit into the milestones due to the nature of their product. For example, one milestone adjustment we made was for MotoDB, a project manufacturing hardware that plugs into cars for data collection and mining.
-
Why not customize milestones?
Customizing milestones creates an incredible administrative burden and creates an unsustainable support model. Keeping track and guiding all our grantees is hard enough, and made more difficult with varying milestone.
But yes, we’ve done this a handful of times before, and perhaps there’s room for this here for the CU team. See more below.
Project-X
Our Project-X program was an experiment in attracting promising teams at EthDenver to Harmony while injecting money into the project in exchange for equity. These are not grants. That said, and like any experiment, we learned some lessons here. One lesson learned is that we should have been more communicative about Project-X, but like most lessons our goal is to learn and adapt from them.
I understand some of the concerns mentioned here. At the same time, we cannot react to every “we’re the next big thing” by providing money. Note that I’m a fan of CU and strongly support what the team is aiming to accomplish. Though please remember a Launch Grant is not meant to be an investment or a vehicle to fund growth or later stages.
Launch Grant is “We see you’re creating something that can contribute to our ecosystem. Here’s an equity-free $50,000 USD for launching on Harmony.” We also help with marketing efforts and networking teams with other contacts in the ecosystem. That’s a Launch Grant - no more, no less. But we could do a better job at communicating this (see below).
Next Steps
First I want to say that I would like to continue this discussion with the CU team and make sure they know we’re here. At the same time, please see it from our perspective as well: a project agreed to an equity free grant, hasn’t met half the milestones agreed upon, and are now requesting for more money.
Does this seem like a reasonable ask while viewing it from that perspective?
This is meant to provide another perspective, but I want to make sure we have a path forward. We don’t want Project-X to be the only method for teams to raise additional capital to fund their product.
1 - [New] Harmony Ventures
We created the Harmony Ventures program to help our ecosystem teams with obtaining additional funding beyond our equity-free grants. We can help and guide you through this process.
Here’s a short snippet about the program:
Harmony ecosystem builders have the opportunity to join Harmony Venture Network. This is a new concept where Harmony Hackathon Winners and Harmony Ecosystem Fund grant recipients have the opportunity to grow to the next level by presenting their vision, latest roadmaps and developments, to an audience of strategic investors.
2 - Adjustment of Milestones
I would like to open the discussion to adjusting the milestones for the $50K launch grant.
To the CU team: Can you share what you have in mind in terms of milestone adjustments?
3 - Investments
As we set out in our ecosystem fund guidelines in harmony.one/apply, Harmony will co-invest in teams and grantees who secure an outside lead investor.
“We also offer follow-on investments; but, at the moment, you must have an outside, lead investor for us to match the funding terms.”
We will invest in tokens, though not equity and we ask for an external institutional lead investor (not friends and family or a launchpad).
“Tokens of each investment are on-chain and semi-liquid.”
We hope to see our ecosystem project teams grow and flourish, and we believe all projects should consider additional investors beyond Harmony. We should not be considered the only or even primary funding source as you scale your project as that is not sustainable for you nor scalable for us to grow the entire ecosystem.
4 - Clarification on Launch Grants
I think perhaps there’s some misunderstanding on the purpose and expectations of launch grants, and I think we (Harmony) can do a better job at communicating this to potential grantees. The reply above from Ed Norris is sort of confirmation. We’ll look at ways to make this more clear.
We’re here to help our ecosystem partners and project teams, and I hope the fact we’ve been so hands on with grantees and transparent here on talk.harmony goes to support this. Not everything we will do as a team will be perfect; we’re all only human. Our decisions will disappoint some while exciting and pleasing others. So long as we keep an open dialog, we can learn from each other, try to understand one another, and find a path forward.
Thank you everyone and I’m looking forward to more replies.