Michael JosefsenICO team member replied on 25 Sep 2019
Hi Norm,
Thanks for the review which was informative and helpful in identifying areas that were either missing or not made clear.
I always aim to speak honestly and freely, hopefully the following doesn’t upset anyone.
Just a couple of comments to help clarify our situation;
Team: A well rounded team is of course important and at this stage it’s difficult to get real people with expertise in certain areas on the team, without having working capital for hiring. We are currently in talks with a renewable energy consultant and we are hoping he will join our team shortly, prior to this we had consulted and done our research in this area. In my opinion, hiring for specialist roles can be done once the project has the investment it requires to begin planning and implementation. I have seen many so-called dream teams over the years where projects have apparently raised the required funding and more only to disappear into the ether. I’m not sure which is preferable to the investor, an honest team and viable project or a rinse and repeat marketing strategy.
Product: We do have an MVP in the form of our marketplace which we are able to implement regardless of funds raised via token sales, and this is scheduled for Q4 this year. We do also have a partnership with an innovator, and we are currently working with a product designer on the development of an outdoor/camping product based on the solar powered light and phone charger.
With regards to use of previous funds, we have never had any. Since we first launched in 2018, the project has been entirely funded from my own investment. This includes exchange fees, servers, marketing etc and throughout there has been almost zero coin/token sales to generate funds for the project. Our current position is no different, near zero token sales ($2400) after six weeks (I like to be honest and less of the smoke and mirrors).
The lack of token sales also affects our ability to sign agreements for further IEO’s, therefore we can only state to be announced and in the mean-time enable token purchases through our sales platform on our website and through the decentralised Stellar exchanges.
Thanks again for the review, its much appreciated.
Thanks for the review which was informative and helpful in identifying areas that were either missing or not made clear.
I always aim to speak honestly and freely, hopefully the following doesn’t upset anyone.
Just a couple of comments to help clarify our situation;
Team: A well rounded team is of course important and at this stage it’s difficult to get real people with expertise in certain areas on the team, without having working capital for hiring. We are currently in talks with a renewable energy consultant and we are hoping he will join our team shortly, prior to this we had consulted and done our research in this area. In my opinion, hiring for specialist roles can be done once the project has the investment it requires to begin planning and implementation. I have seen many so-called dream teams over the years where projects have apparently raised the required funding and more only to disappear into the ether. I’m not sure which is preferable to the investor, an honest team and viable project or a rinse and repeat marketing strategy.
Product: We do have an MVP in the form of our marketplace which we are able to implement regardless of funds raised via token sales, and this is scheduled for Q4 this year. We do also have a partnership with an innovator, and we are currently working with a product designer on the development of an outdoor/camping product based on the solar powered light and phone charger.
With regards to use of previous funds, we have never had any. Since we first launched in 2018, the project has been entirely funded from my own investment. This includes exchange fees, servers, marketing etc and throughout there has been almost zero coin/token sales to generate funds for the project. Our current position is no different, near zero token sales ($2400) after six weeks (I like to be honest and less of the smoke and mirrors).
The lack of token sales also affects our ability to sign agreements for further IEO’s, therefore we can only state to be announced and in the mean-time enable token purchases through our sales platform on our website and through the decentralised Stellar exchanges.
Thanks again for the review, its much appreciated.
