Hey everybody! It’s me again, Adam Chapnick, with the Security Token Academy and I’m excited to be joined today by another special guest. It’s Yury Zubarovskiy from Venture Fusion. Thanks for joining us.
Thank you. Hi.
So, Venture Fusion, tell us about this. What is it and how did you decide to do it?
So, Venture Fusion is a decentralized startup incubator powered by the blockchain. So, the main idea that you can create at least your project on the platform and you can tokenize the equity in your project. And the main goal that you can pay with equity, with shares for contributors in your project instead of cash and we think that it will give opportunity for all people to launch their project and realize their ideas. At the same time, we will have stock exchange for trading platform where you can sell the shares.
Okay. So, walk me through how it works. If I am an entrepreneur and I want to work with you guys, I come to you, I have a great idea, it may be blockchain, may not be. What happens next?
You create the project-
On our platform. And you lease it on our platform.
And then you can start to work it out by yourself. But, at the same time, we will help you to find the right people with their expertise who can help you to build your project.
So, initially you can find team members. It’s the core people of the project and they will work for the equity on…terms. So, for example, you have idea but you have no expertise in technical part, no expertise in marketing or sales but you ... so you need a CTO, CMO, or a sales person. And you give him, for example, 20% of the company on the terms of ... that he work for three years, for example, eight or sixteen hours a week. So, he can contribute into your project in such amount. And ... but there are many specific small tasks that usually you give out to the freelancers. Logo, website, prepare some articles and so on and you can give micro shares, very small shares, maybe 0.1 or something like this.
Anything, anything, right.
Yeah. So, basically, we’ll help you to find and build the team and we will give you the tools for everyday task management and planning of your project, tools for shares management. So, as we have a task management system, we will see what’s inside your project, what about deadlines, maybe you have some task result expertise that you need someone to help you and we have special mechanism that will help you to find help or understand your problems inside the project at any time.
So, I have put ... when you say “I put my project on the platform,” it’s a website? That shows-
Yeah, yeah, yeah.
Okay, so it looks sort of like a marketplace, it’s looking kind of interface, maybe?
But, inside it’s a specific task management-
Right, in the back.
Yeah, in the back.
Okay, that’s great. And then, so, the idea that I can get these early stage collaborators with micro payments of equity is awesome. What ... is there ... is your experience that there are people who sign up saying, “I’m looking to help companies for micro payments of equity” or is it in conjunction with money or how does that work?
It’s about our experience. We built this project from the same concept, so, initially and now we have about 20 collaborators in the project and we welcome the same concept. So, we think terms for courting members and small shares for short tasks.
So, does that mean that everybody is working only for equity?
And so nobody’s getting paid?
No salary, everybody? Wow!
Yeah, yeah, yeah.
Okay, so if I joined ... if I get on that platform, is there like a ... have you built the other side, of the network of the experts that are on there saying, “Hey, I’m a CTO and I have eight hours a week.”
Yeah, yeah, yeah.
Our reports are that there are many people who will work full-time but they are interested to participate in projects and get equity.
They have money but they ... from the... they expertise, they see the potential of the project and they want to contribute. At the same time, many freelancers, they are not only interested in cash. They want to get equity in the project they contribute. Many advisors, experts they consult projects but they usually receive nothing. And, we think it could be a good way. On each stage of the project, of the growth of the project, will join new people who believe in the project and who see what’s inside.
Yeah, it’s interesting. What about the component about tokenizing the portfolio companies? How does that work?
Yeah. So, we will provide the tools to manage the shares and it will be transparent too. So, we will see all the contributors, all the shareholders. We can see why they receive the shares, what they contribute in the project-
You said why they receive the shares? Oh, you mean what they did?
What they did, what they did. We see all the metrics, about deadlines, competitor, about the quality of the content.
That’s really interesting.
Yeah, and we will have ... we call them investigators. So, it’s external people who for, also for shares, will check the quality and timeline of the tasks.
That’s very creative. I love it. So, how did you decide that this was the thing you were going to do?
It’s ... about my background?
Because I am start-up minded people, a people man ... guy. So, I have many different projects, ideas and I test them every day, make prototypes, and work them out, test hypotheses. And, I understand that I have no time to work on any specific project. I need to build some platform that will give you an opportunity to run as much ideas as you want or, maybe you have only one idea, you’ll launch it and also you’ll participate in other projects, other startups.
Fantastic. So, looking ahead, where do you foresee you guys being this time next year?
Next year? Next year? So, now we are preparing for…because we want to provide to our investors the right to share the dividends of the platform. Now, we have the prototype, a working prototype on the Ethereum blockchain and we’re planning this year to launch the public version, Elevation. And, during next year, we want to build the community, attract projects, and test all hypotheses.
Well, thank you so much for sharing the project with us, your plans, and make sure you check back with us as it goes along to let us know how you’re doing.
Okay, thank you.
Thanks for being here.
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