• When will the Ecosystem Development Fund start making grants?

    Because the donations to the Ecosystem Development Fund were separate and apart from those which endowed the IOTA Foundation, these assets need their own legal framework under which to operate. After consulting our legal team, we have decided to charter the Ecosystem Development Fund in Germany as a non-profit LLC (gemeinnützige Gesellschaft mit beschränkter Haftung, gGmbH), wholly owned by the IOTA Foundation. The statutes have been sent to the German authorities and are under review. We expect to have authorization by June, 2018, at which point we will announce the first round of grants. 

  • I already applied to the Ecosystem Development Fund on the F6S platform, do I need to re-apply?

    Yes. Because many applications were submitted over the course of the past many months, most projects have evolved substantially since their initial application. In order to have the most up-to-date information regarding the projects, and also to have them organized all in one place, we request that everyone re-submit their applications. We apologize for the inconvenience. We have been working tirelessly to organize this ragtag grassroots project into a professional and well-managed organization, but these things take time. We promise to do everything we can to establish a more seamless and transparent process going forward.

  • What is the evaluation criteria?

    The purpose of the Funds which were donated by community members was to support anything which benefits the broader IOTA community. Some examples would be open-source Proof-of-Concepts, libraries and public utilities, as well as educational resources, hackathons, meetups, and more. We will evaluate each project or event based on its potential for having the greatest impact in terms of the number of people who can benefit from it by, for example, its educational value, inspirational value, or usefulness for others to benefit from it. Any project or event must be directly related to the IOTA core technology in some way.

    It is important to note that there is nothing wrong with projects with a commercial or financial interest. The Ecosystem Development Fund is excited to support start-ups and entrepreneurs working on the next generation of business applications being built on, using, or with the IOTA distributed ledger technology. However, the criteria that the funds must go to benefit the broader community entails that funds cannot go to develop a closed-source or patented intellectual property. It is perfectly fine if other parts of the business are closed-source or patented intellectual property, but the development of these aspects of the business will not be supported and must be developed or worked on using other sources of funding. 

  • How do I apply?

    First you must submit a project or event on the Ecosystem platform (tutorials will not be eligible for funding at this time). Once created, then a request for funding can be submitted. It is not necessary to share the project or event publicly if do not wish to do so if, for example, it is necessary to first know whether funding will be awarded in order to go through with it. However, for funding to be awarded, the project or event will ultimately have to be made public.

  • Is there a minimum or maximum funding level which will be considered?

    Generally speaking, no. The EDF will consider projects of all sizes. That said, higher budget projects will be much more carefully scrutinized and will be subject to more exacting documentation requirements. This is necessary so that the fund can satisfy its fiduciary duties under German non-profit law and operate in accordance with sound financial management principles.

    To give some guidance on this, for something like a meetup we would consider providing some support on the order of $500-$2,000 USD level. For larger projects such as proof-of-concepts or significant application development, support up to $250,000 USD will be considered at this time.

    For larger projects, please note that budgets and timelines will be negotiated and contractually stipulated in advance, and payments will be made in stages contingent on meeting milestone deliverables. 

  • Will grants be paid out in IOTA?

    Yes. If liquidating the IOTA into fiat is necessary, and this is an issue for you to do yourself, support with this process can be granted. Grant applications should use $USD for the requested amount. The IOTA paid out will be in IOTA using the $USD value equivalent at the time of payment.