Thanks @Grand, per Jeremiah’s initial proposal, there is a 12 month term, and we have the ability to terminate at any time. This new proposal will be an amendment to the existing one, and so will keep with the existing term. We can revisit along the way if necessary, but it’s natural that there is more change at the beginning as we’re establishing the appropriate working relationship. For future advisors, I like the idea of this term being shorter, but again we have termination rights and are managing these advisors VERY closely. We only have a couple advisors right now and are not looking to expand unless we find exception people who can add immense value. To your point, the $18k Bomani launch is great, and that would have been even bigger had we fixed the known issues with how flow controls and network rewards function. As a side note, I will be retiring our crypto influencer advisor (who has done an excellent job btw, I just don’t think it’s a segment that is ready for Rally yet, so will revisit in future).
@sixmofo I appreciate your continued skepticism on these matters as forces us to really think about things and articulate the value for these types of arrangements. I’ll start by asking what you think are reasonable spend level for a startup looking to achieve a $100M exit. How about a $1B outcome? What about a $100B outcome?
I don’t want to belittle your concerns but I also want to be extremely direct. Many on this team have built $1B+ companies, and as a former VC I’ve certainly studied what it takes to build value at all of those levels. Millions per month, or even tens of millions per month, is a typical budget for startups looking to be $1B companies. We think Rally can be a $100B project. The crypto market is insanely hot and fast moving, and I assure you that other projects are looking at what we’re doing and will be throwing orders of magnitude more capital at social tokens and creators than we are. Dapper Labs literally just raised $250M. We can’t sit here wondering about the $1M on an ANNUALIZED basis that we’re spending when we’re getting fantastic ROI. There is probably only ONE person with Jeremiah’s skill set to unlock Clubhouse and related areas for us. What is that worth to Rally Network over time? Maybe $1B in network value? $10B?
Additionally, it’s SO hard to find great talent. Execs at big tech companies regularly get $1M+ packages. We shouldn’t nickel and dime exceptional talent. You get what you pay for.
We just raised ~$30M into the community treasury and so we should spend aggressively so that we can later raise even more into the treasury. Spending less now directly hurts the community’s treasury to raise more later.
This is how you build massive companies/projects. Alternatively, we can sit on the $30M, be shrewd, and end up with a $100M project with the RLY token maintaining price or likely shrinking in the long-term as more tokens get released (which has second order negative impacts on the value of network rewards, etc)
There are many other things worth spending on too - PR, marketing, creator sales folks, etc. But I hope you understand my point. Let’s not look at $1M spend and say that “it’s a big number”. Let’s not lose sight of the big picture.