Hello,
According to Linkedin most of your staff joined Auctus about 4 months ago.
The only person from your team who has minimal expiriense in pension funds is Vinicius Melo. He had previously worked for just 8 MONTHS at pension fund not even at managerial position and according to Linkedin it was his FIRST JOB BEFORE AUCTUS. BTW he was graduated from University just 1 year ago and his specialisation is MECHANICAL ENGINEERING.
Taking into account that you are going to raise $27 000 000 I kindly ask you to provide everybody with following information:
1. Who are the founders of Auctus?
2. Who is the CEO?
3. Who else from your staff has any relevant expirience in pension fund's managment? Clarify please what exactly is this expirience?
4. Who is responsible for legal issues?
5. Why do you think that existent pension funds will be willing to accept the inconvenience associated with migration to the new platform? How are you going to incentivise them to do so?
6. Do you have any preliminary agreaments with existent pension funds?
7. Almost all countries have very strict legal requirements and limitations as to acounting standards for pension funds. Why do you think that local authorities will be willing to control pension funds in other way (by auditing smart contracts)?
8. How are you going to use $27 000 000 of proceeds from ICO? Do you have any cost estimations?
9. What is the legal status of your company.
Thank you in advance
and sorry for my English
Dear art3719,
Thank you for asking those valid questions. Some of the information we will not be able to disclose right now for strategic purposes as well as sometimes contractual reasons. But we'll try to answer your questions as accurate as possible.
Please note that we are not at ICO stage, but pre-sale stage. Our priority right now is to secure financing for all the ICO related expenses. We are aware that several things still need to be disclosed/done prior to the ICO.
1. Who are the founders of Auctus?
We consider the team of 12 to be founders. Yes a few had initial talks, but we commonly decided to launch this project.
2. Who is the CEO?
We don't have a CEO at this stage. If at some point we feel that it's necessary, we will determine and announce one.
3. Who else from your staff has any relevant experience in pension fund's management? Clarify please what exactly is this experience?
From the 12 team members, only Vinicius; and you are right about the length of his employment. However, it's not a junior role he is holding. Rest be assured, that we are being advised by several senior executives (20+ years experience). This being said, pension fund employees with very long tenure, usually are a bit 'company blind'. When Vinicius entered the pension industry, he saw right away what could be improved by blockchain. Of course we cannot run Auctus just with engineers. At this stage a lot of development is necessary, but we are getting industry feedback from several senior mentors. Further down the line we will add more pension fund professionals to the team. We will also announce a proper advisory board prior to the ICO.
4. Who is responsible for legal issues?
We are getting legal advice from a Swiss law firm. We will disclose the name as well prior to the ICO as we have an agreement that only kicks in after meeting some pre-sale targets.
5. Why do you think that existent pension funds will be willing to accept the inconvenience associated with migration to the new platform? How are you going to incentivise them to do so?
I think you need to distinguish between western, well run pension funds with high end, but expensive pension fund management systems and smaller pension funds for example in emerging markets. We have defined a minimum viable product (MVP) which can improve operations at smaller pension funds right away at a very low cost. We will start to penetrate the market with these smaller ones.
6. Do you have any preliminary agreements with existent pension funds?
We have two preliminary agreements with pension funds. They want to see the Demo first before we can officially announce a partnership. We hope to be able to announce a pension fund partnership prior to the ICO.
7. Almost all countries have very strict legal requirements and limitations as to accounting standards for pension funds. Why do you think that local authorities will be willing to control pension funds in other way (by auditing smart contracts)?
Our full scale pension fund platform needs a lot of buy in. However, our MVP doesn't. It's a gradual process, not an all at once approach.
8. How are you going to use $27 000 000 of proceeds from ICO? Do you have any cost estimations?
The higher the raised funds, the more international we can go. There are significant advantages to deploy fast in as many jurisdictions as possible. As you righteously noticed, it's not an easy process. The MVP is, but if we want to expand our services, we need a lot of buy in from several stakeholders, preferably in as many jurisdictions as possible. We have a cost estimation to be able to run Auctus profitably at USD 5m. In that case we would just start in one or two jurisdictions, but not our prefered strategy.
9. What is the legal status of your company.
We are running under a Swiss limited liability company. We might change to a corporation limited by share ownership (Swiss Aktiengesellschaft) in case we choose to give equity ownership to some key partners or investors.
