Call to Action
Regardless of whether you feel this idea is good or bad, please at least respond with your insight. Perhaps I can be persuaded to give up my foolish ambitions in this Quixotic endeavor, save my hard-earned money, and just keep my head down and my shoulder to the wheel at work. But on the other hand, maybe there is enough support for the idea to merit optimistic collaboration. All I am asking for here is a critical consideration and honest feedback--but no hatersTagline
bitSymbio; where crowd-funding meets crowd-sourcing.Mission
Take BitCoin mainstream or bust!1-Minute Pitch
Inspired by the success of crowd-funding sites such as IndieGoGo and KickStarter, bitSymbio provides an online social forum to support the funding and incubation of BitCoin related projects. bitSymbio is the first online, global funding platform that also provides for collaborative production. bitSymbio provides the online social tools to allow members to collaborate on projects and to share in the financial gain of success. Additionally, bitSymbio is the first organization to be structured such that the majority of profits go back to the bitSymbio community to drive further innovation, which in turn drives more profits... bitSymbio is also unique in that its structure also provides an efficient marketplace for common components that may be shared between many projects (e.g. templates, Web Service APIs, controls, hosting, testing, translation, etc).
bitSymbio provides a symbiotic environment where online members collaborate by sharing ideas, skills, resources AND funding to help distribute start-up risk, decrease launch costs and ensure a successful project. Just as important, bitSymbio provides a social knowledge-base that will help improve project development processes from cradle to flight. Furthermore, bitSymbio works with other BitCoin services (e.g. NameCoin and OpenTransactions) to provide a means to ensure collaborative monetization (shared rewards) between all project participants. bitSymbio provides the community services and tools to help project owners identify members to fill skill and resource gaps. Additionally, members can research not only projects and teams to fund, but also search for project teams with which to collaborate. bitSymbio supports profiles for marketers, graphic designers, project managers, engineers, consultants, technical writers, testers and of course funding partners (and many more) to collaborate, distributing risk and sharing in the rewards of more successful projects.Goals
• Become profitable by January 2013
• Do one thing and do it well
• Roll out a Phase every 30—45 days
• Build something Satoshi could use (i.e. [eventually] anonymous)
• Share all success with project founders and bitSymbio community members
• Fund bitSymbio as well as 10 other projects as a marketing blitz launch
• Perpetuate a flow of funding and collaboration that leads to profitability across the board
• Wrestle control from the corporate stiffs (i.e. the man)
• Be the change we wish to see Profit Model
bitSymbio’s profit model is very simple: collect approximately 5% for every funding transaction. Beyond that, by example, bitSymbio sets the precedence and encourages successful projects to also commit back to community through various reinvestment funds.Proposed Equity StructureNOTE: MISSING CHART IMAGE What this chart shows
This chart shows how revenues generated by bitSymbio will be distributed. This is only a proposed structure to begin the process. It would be possible to adjust the percentages based upon agreement of all founders. Right now there is only 1 founder. bitSymbio is also actively seeking partnership agreements with NameCoin and OpenTransactions for systems integration.The Numbers
In this scenario, estimate that bitSymbio funds 1-million BTC within a year on various projects. A 5% transaction fee would be 50k BTC. Founders would earn 27.5k BTC, with 5k BTC going back into Platform Development, 5k BTC would be allocated to popular community projects needing funding, and 12.5k BTC would be distributed among members according to a tiered reputation system.What this chart doesn’t show
By establishing a business model that gives a significant contribution back to the community, bitSymbio sets a precedence that other business models will be judged by. Successfully funded projects will most likely include a financial component that gives back directly to bitSymbio members and projects. This foments an environment of reciprocal trust and growth. To the libertarian, as well as to the common person, this model breaks from the corporate capitalism model that seeks only the return on investment to shareholders. In contrast, one could say that bitSymbio focuses on a return on investment for all stakeholders by ensuring all stakeholders have a share in success, even in projects in which one is not actively involved. Proposed Funding
• Total Funding: 100,000 BTC (~$650,000 dollars)
• Use of Funds
o 70,000 BTC Used to Develop and Promote bitSymbio (~$455k)
o 30,000 BTC Used to Fund New Community-Nominated Projects (~$195k)
o More details revealed in Executive Summary and Founders DisclosureProposed TimelineNOTE: MISSING CHART IMAGE
This chart reflects the general approach to launching the site. Each phase is estimated to take approximately 1 calendar month, which means that the site will have to break functionality down into small pieces to allow for adequate time for development and testing between phases. Early phases of development will happen in parallel. For example, planning for Phase I should be complete by the end of July, along with identifying all the necessary founders. Assuming this happens, then the first release of development will not be until Phase III because Phase II is a beta-invite phase, which simply allows us to queue people for notification when the site goes live. After Phase III, the plan is to continually add functionality piecemeal based upon available resources and ongoing success. The key will be to tie the 100,000 BTC to benchmarks, setting the precedence for other future projects founded under the platform. Next Steps
The next step is to toss this elevator pitch out for consideration and see what comes back. In parallel, the single founder will work on the following: exec summary outline; gaps in funding, skills and resources (e.g. founder share opportunity); specific features / benefits; suggested roll-out plan; basic philosophy and vision; instructions to contribute; basic submission guidelines.A Note from a Founder
sHeba Praeotius Nobly aWare
Who is Nolybab Praetorius?
Nolybab is to me as Neo is to Mr. Anderson. I am not pretending to be anonymous in some vainglorious attempt to mimic Satoshi Nakamoto. I have been using Nolybab Praetorius online since at least 1999. Nolybab is simply a well-established pseudonym I have adopted for online.
As th Caterpillar Asked Alice: No, Who are You?
Well, the idea isn’t completely new. Credit goes to KickStarter and IndieGoGo for their part. Also, BitCoinStarter was also exploring business models in regards to BitCoin and Crowd-Funding. But this work is actually the culmination of over 8 years of research and development. The research stems from 2004-2006 in a series of essays outlining what I referred to at the time as Neo Tribalism and Digital Nomadism. In the essays, I argued that Open Source and Crowd-Sourcing could lead to impromptu digital tribes of collaborators that could ultimately outperform inefficient corporate structures. From 2006 through 2008 I completed another series of essays on what I referred to as Collaborative Monetization, Production and Consumption, as well as focuses on the coming NoSQL movement (referred to as non-relational databases at the time), and my personal passion, Fractal Transactions (slight variation from Thomas Frey’s conception, though I did lift the name from him as he coined the term first). I also lectured extensively both in the US and Japan with regard to Social Networking, Cloud Computing and Collaborative models.
Finally sensing my time had come—I abandoned Golumn and took up with a Hobit named Bilbo (just kidding)—I quit my 9-5 Corporate Job (pharmaceutical industry) and started a company with a few partners. We specialized in leveraging Cloud Computing (chiefly AWS and GAE) to create engaging social applications for Facebook, MySpace, Ning, Orkut and other social networks. Although we did succeed in raising initial angel funding and acquiring one major client, the economy tanked in 2008 and our major customer had to lay off 18,000 employees worldwide and cut back on all unnecessary projects. Unfortunately, our project was not core. They reorganized or let go everyone within the innovation department and closed all innovation projects.
After that failure I was forced to tuck my tail between my legs and return to Corporate America. For some deranged reason, I felt that the Finance Industry would suit me well (they did pay VERY well). So I landed a cushy VP position with a very reputable financial institution in Jersey City and went to town. About 3 months later, I got a call from one of my business associates about additional opportunities in Japan related to my ideas on Collaboration and Fractal Transactions.
As this started taking up more and more of my time (writing patents, translating presentations, late night conference calls) my work suffered. Finally I was forced to leave my cushy job again in pursuit of my life’s passion. We started another company, developed a prototype, received seed funding, recruited a top-notch executive team and launched the product. We even had a stock listed via some exotic reverse-merger technique. With offices on 49th and Madison Ave in NYC, I thought this was finally the time. Alas, greed and power-struggles for control of the company destroyed all hope of success, returning me to a job in Corporate America, yet again (do not pass go, do not collect 200 BTC).
So here I am again, knowing the time has come. The pieces are fitting together and technologies converging. I find it difficult to even focus at work, so consumed by thoughts of rejoining the revolution. Yet BitCoin is only one aspect of that revolution. For BitCoin to go main-stream, the community must find a way to come together and evolve the platform beyond mining. bitSymbio offers not only a means to achieve incredible development, but also to transform and exhibit the ideals of organizational social responsibility. This is an experiment that needs to be tried. Now...or so I perceive.
I am planning on uploading the PDF online somewhere within the next couple of days. I will post the link. In the meantime, if you want a copy of the PDF and you really don't want to wait, then just reach out to me and I can email you the PDF.
Call to Action
Regardless of whether you feel this idea is good or bad, please at least respond with your insight. Perhaps I can be persuaded to give up my foolish ambitions in this Quixotic endeavor, save my hard-earned money, and just keep my head down and my shoulder to the wheel at work. But on the other hand, maybe there is enough support for the idea to merit optimistic collaboration. All I am asking for here is a critical consideration and honest feedback--but no haters