OrangeDAO

Full proposal here: https://docs.google.com/document/d/1bdeN26QTuqCmyBDVC9wEEaM3BNIFHKGZCFc_O6qa0WM/edit#

Goal: To support Orange DAO builders with an idea to explore and build full time for 3 months.

Single Point of Contact: (Only 1 individual for GovC to reach out with questions, and to represent at TownHall.) @jamessinka.eth or James Sinka #3533

Sponsors: Include folks planning to work on this proposal. Do not include folks who are just supportive of this proposal. @cryptpalsingh, @JPren, @RicardoG.eth

Description: James Sinka has built a fellowship like this at On Deck [letter of recommendation here]. In this proposed Orange Fellowship fellowship, Orange DAO provides accountability, community, and personal runway of $25k for builders to build full time. What members build could become a startup, a public good, or open source project at the end of the batch. There will be a demo day at the end of the batch to share with the DAO what you’ve learned and built. We want to mirror this from startup school where applicants tell us what they think they’re going to accomplish in the 3 months. We have them select a KPI they track, like commits pushed or users talked to, or milestones met.

This proposal funds 6 builders in Orange DAO to go full time. They receive 25k in USDC. Fellows will either be taking an advance for their startup, which will trigger a MFN conversation for their first round OR build something within Orange DAO and the $25k as a project “contractor” payment. Note no MFN is triggered unless a web3 startup/DAO is formed within 12 months of the end of the fellowship. There is no expectation of startup formation. We’re doing this for the future benefit of the Orange DAO community. This grant is tied to a member’s Orange GEM, thereby curbing bad acting & can lead to a ban if they run off with the $. James Sinka will run this program in sync with Season1 and have the conclusion & demo day wrap with the end of Season 1. No $ORANGE is given out initially, but we will do a post hoc proposal to vote to give $ORANGE to those who the DAO believes deserve it. James Sinka will be reviewing applications and managing the pipeline.

Methods: To ensure a successful program, the following methods are being put in place. Members will meet weekly on a zoom call to share what they’ve learned, ask for support, make goals for next week, and accountability. This format mirrors the YC experience. Fellowship success KPI: 4 out of the 6 people are able to get to 80% of their goals.

We start by funding Orange DAO members (YC alumni) through a 5-minute application that will be reviewed within 72 hours. They must state their objectives and KPIs for the end of Season 1. Our first batch will consist of 6 Orange DAO members. Orange DAO members who are determined to go full time into web3 and need the runway to do so. Think of this as a scholarship program at Stanford. James Sinka will be managing the program, hosting office hours, etc - James will be responsible for getting fellows resources to maximize their success. Probably good for additional DAO members to participate as well (comment).

Fellows will meet weekly on zoom to discuss what they did last week, what they plan to do next week, and what their blockers are. This mirrors the YC experience we each had.

The Program Manager of the fellowship will start and own the discord channel for Orange Fellows to interact and support one another. This channel is open to any Orange DAO member to join, keep up with the fellowship, and support in any way they’d like to. This channel will house and document learnings of the fellowship as well, so future programs can learn from the experiences of past fellows.

If fellows start a company in web3 in the 12 months following the fellowship, the MFN triggers and converts to equity. However, if they don’t, then they don’t owe the DAO anything. Our request is for fellows to help the DAO capture and share the learnings they’ve had.

The subsequent generation of Orange Fellowship PM will be selected by Governance or an appropriate committee who will appoint said program manager on an ongoing basis. The Orange Fellowship PM will be the one setting the budget and in charge of filtering and choosing fellowship participants.

Benefits: This proposal supports talent to join full-time and build things for Orange DAO or a project that Orange DAO will own a stake in. This is the perfect timing for Orange DAO members who want to build full-time in web3.

This proposal aligns the DAO’s needs with these members looking to become core contributors, without the friction of having individual proposals for each role, nor requiring DAO members to self-select and carve out these roles for themselves.

Success Metrics: Fellowship success KPI: 4 out of the 6 people are able to get to 80% of their goals.

Success Confidence: (If this proposal was executed 100 times, how many times will it meet its goal?) 80% James Sinka has built, run, and supported a fellowship like this at On Deck, full time, for the past year.

KPIs after proposal: We have a documented playbook and learnings for how to do Fellowships v2 Success Confidence: 95%

Duration: Start: Season 1 End: End of Season 1

Tokens Requested: (Treasury control) (Treasury Guidance) $ORANGE Total: $6K ORANGE - however, tokens are to be retroactively dropped, upon a vote, for projects that are deemed worthy, by the DAO, up to 1K ORANGE. $175k USDC ($25K USDC * (6 fellows + 1 admin)

Token Distribution: (Sponsors’ control) 30k $ORANGE for the Sponsor (James Sinka in this case)

FAQ: What happens if 2 or more Orange Fellows join forces to co-found a company together? If 2 or more Orange Fellows co-found a company in web3 within the SAFE conversion window, the amount that will convert to a SAFE would be equal to the total amount these fellows have received from the DAO Example 1: 2 fellows found a company together as co-founders within the SAFE conversion window, $50k will convert to the SAFE. Example 2: 2 fellows found a company together as co-founders and a 3rd fellow joins the company as an early employee, $50k will convert to the SAFE, the $25k from the 3rd fellow will not convert to a SAFE. What happens if I start a company that’s not related to web3 after the fellowship? Your grant will not automatically convert to a SAFE.

Can I have some other job or role or startup while doing an Orange Fellowship? The Orange Fellowship is a full-time program (40 hours a week). You are expected to work on this full-time and not commit to any other full-time employment during the 3-month program. Can Fellows work on more than 1 project for the DAO during the fellowship? Yes, please include as much detail about your fellowship project(s) as possible in your application.

RISKS: (Open to All Members) OrangeDAO Fellows run off with the money We tied the $25k grant to the Orange GEM allowing us to track bad behavior Not enough demand There could only be 5 people in the DAO who want to go full time in web3, meaning we can’t fill all the slots outlined

COUNTERPOINTS: (Open to All Members) If someone abuses the system we can hold them accountable with their Orange GEM There’s been a flurry of excitement, we just need to boost this opportunity via newsletter and Town Hall and the appliations will be flowing in

ADMIN: FOR TREASURY: Transactions Upon Passing: Send 10 $ORANGE From: 0xXXXXXXXXXXXXXXXX (Treasury Gnosis Multisig) To: 0xXXXXXXXXXXXXXXXX ([Name1]’s wallet) Send 0.05 $ETH From: 0xXXXXXXXXXXXXXXXX (Treasury Gnosis Multisig) To: 0xXXXXXXXXXXXXXXXX ([Name1]’s wallet)