We would like to provide an update now that we are in the process of smoothly shifting to the new structure now that funding has officially begun. We are excited for what the future holds and sincerely appreciate your patience the past few weeks.
We have three updates for you including:
- News on the NEM Foundation Catapult efforts
- Set up of the transformation team
Update 1: Funding
The good news is that the NEM Foundation has been working through the funding distribution with the core team to ensure that there is a proper financial transition. Since passing the vote proposal on 20 February 2019, we have been in discussions with the core team with regards to setting up fund disbursement. This includes a schedule of funds release, quarterly budget forecasts, and so on. We would like to announce that we are receiving funding in installments.
The first installment of funding is for 25 million XEM and was initiated on March 7th.
These funds will be used to set up processes and structures for a new product-focused, revenue-driven approach for NEM Foundation.
There are still expenses and ongoing costs which are being managed based on existing funds. We will continually update the community as the funds are activated.
Update 2: News on NEM Foundation Catapult efforts
Update 3: Set up of the transformation team
We have taken onboard the advice to work on an agile approach and not hire all roles immediately. During this transition, we have set up a ‘transformation task force’ to work on key priorities on a short-term basis to execute the following:
Strategy: Market positioning
- Who are we to the industry players
- What is our core focus
- Why do we do what we do
- How do we execute the transition into the new structure
- How do we best support the PMC and NEM ecosystem
Systems: Leadership Performance
- Establish KPIs for product-driven roles
- Establish cross-functional meetings where both leaders work together
- Develop weekly and monthly reporting structures for all employees
- Scorecard system on how to grade employees for their performance
- Clear allocation of responsibility and job descriptions for all team members
Structure: Finalize the NEM Contractor structure and model (previously called the “service provider” model)
- Onboarding process
- Service agreements
- Non-performance and resolutions
- Request for Proposal process
Staff and NEM Contractors: Training for team members and NEM Contractors (used to be known as NEM Service Providers)
- Onboarding pack
- Training to understanding NEM Foundation operations
Supporting documentation: Formulate policies and documentation which will support the decision-making process
- Social Media and Communications Policies
- Travel and Expenses Policies
- Insurance and employee benefits
- Employee Disciplinary action policy
- Due diligence standards for all partners and future partners
- Job descriptions for all team members
- Confidentiality policy
- Equal opportunity
- Code of Ethics and Conflict of Interest
- Standards of Information Sharing
- Whistleblower policy
Shared values: Working with the community
- Re-engage with the bounty programme
- Develop engagement points in forums
- Ensure our values are aligned with the community
The list above is not a complete list but it gives a good picture on what NEM Foundation is working on. We have also developed an FAQ here.