DAOs are about building community around a purpose and shared set of values. A key objective for the first season (the initial 3 month period of the DAO) would be to agree on a purpose and set of values.
Given the above, the following, and indeed everything included in this proposal, is but a start point for consideration by the DAO. A way to get the conversation started.
Give power, funding and tools to music ecosystem stakeholders
Music ecosystems are full of entrepreneurially minded and creative people. In other words, they are full of leaders. What will happen if they are given greater power, funding and tools to make the things they want to happen happen? This DAO aims to run that experiment.
The intention is that this approach will give both local and national music ecosystems greater means of self-determination and self-management. Baked into that is an intention to provide greater resilience. To have non-governmental means for tackling problems.
Governance is the central innovation at work here. Given the relatively nascent state of the DAO art, it is also the area that needs the greatest level of diligence. We will:
Carefully examine and feedback into current best practice / tooling across the DAO world
We will also lead the way with evolving best practice by bringing leading thinkers and practitioners into the community's governance development
A key aim of season one will be to develop and agree an initial governance plan.
The proposed structure includes each county in the UK having a sub-DAO. A key role of the central DAO would be to support local communities with setting these up and running these.
Trust - the treasury
Various revenue sources are proposed.
1. Products and services
The diagram focuses on this source. The strategy is to fuel a virtuous cycle. The provision of products and services to local music ecosystems generates revenues that fund the development of projects, products and services that lead to healthier local music ecosystems that use more products and services that generate more revenues that further grows the funds……
Revenues / profits from product and services providers are divided between a local trust for the location in which the service is provided and a central trust.
Any non product or service commercial projects that get funded would also make returns to the fund.
Make an evidence rich pitch to businesses (local and national) for music’s capacity to drive economic growth and to attract and retain staff. Put the tools for making that pitch to businesses in the hands of an army of music ecosystem stakeholders.
With evidence of efficacy established, we would also look to have central government funding administered by the DAO instead of local government.
5. The honour pledge
All community members make an honour pledge when they sign up. That if they are able to attribute part of their financial success to support from the community, then they make a donation / donations to the trust.
Any of the following who align with the purpose and are sold on the strategy and ROI:
Music industry businesses
7. Ethical capital markets
Invest an agreed % of the fund in the capital markets.
The trust - data, code and IP
The trust would also include these assets with the assumption that they be leveraged to serve the purpose.
The DAO manages the trust
The DAO would need to figure out how to manage the following:
Approval and funding of proposals
Funding of individuals and groups doing purpose relevant work