Feathercoin Kickstarter - Ideas are just multipliers of execution
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Hello friends,
So one topic that keeps coming up for discussion is the Feathercoin Kickstarter and I wanted to share with you this wonderful insight from [url=http://sivers.org/multiply]Derek Sivers[/url] that ideas are just multipliers of execution. In his own words:
[i]The most brilliant idea, with no execution, is worth $20.
The most brilliant idea takes great execution to be worth $20,000,000.
That’s why I don’t want to hear people’s ideas.
I’m not interested until I see their execution.[/i]In a space where execution is so low I don’t see money as being the biggest problem. I see it as being one of helping people to achieve their goals and if they do happen to fail that they do so responsibly.
So I need your help in setting up this Kickstarter thing. Kevlar mentioned [url=http://ignitiondeck.com/id/]Ignition Deck[/url] and that looks great but for me this whole thing could be made even simpler by setting up two boards on the forum:
[b]Board 1: Ideas
Board 2: Projects[/b][b]Ideas Board[/b]
The Ideas board will be a [url=http://en.wikipedia.org/wiki/Dragons’_Den_(UK)]Dragons Den[/url] style environment where people get to pitch their ideas and discuss viable ways to get it off the ground. It could be something related to Feathercoin like @UKMark’s SMS Wallet or something completely off topic.The point is the Ideas board is just a discussion area where people get to bounce around ideas.
[b]The Projects Board[/b]
Projects board on the other hand is quite different. This is only for people who have graduated from the ideas board after they have passed some set of tests to make sure they are serious (test requirements up for discussion). Now they are on the Projects Board they can be held to account. Perhaps they are required to put some of their own money up as a deposit, say 50FTC, not so big that it breaks the bank but not so small that they might abandon the project.I also see the Projects Board being a place where people can share skills, because actually money isn’t the only thing we need a lot of the time.
The project board can be a place where deadlines are set, agreements are managed and entrepreneurs are held accountable.
[b]What if you fail?[/b]
Your 50FTC deposit is given away in tips to the rest of the community at random 8)So what do you think? Anything you would like to add? We can go with something like the Ignition Deck but I want this to be a bit different to what is already out there.
My most important questions is:
[i]What would make you invest in someone with your FTC?[/i]Thank-you kindly.
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I like this idea Chris, better than the other one we discussed at the pub. Although similar, it has more of an entrepreneurial spirit behind it and using the tools we have in out collective minds to empower them.
I’m going to give this some thought and perhaps pitch my big idea here.
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[quote name=“Entimp” post=“28232” timestamp=“1379328367”]
I like this idea Chris, better than the other one we discussed at the pub. Although similar, it has more of an entrepreneurial spirit behind it and using the tools we have in out collective minds to empower them.I’m going to give this some thought and perhaps pitch my big idea here.
[/quote]Do it!
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[quote name=“chrisj” post=“28230” timestamp=“1379327848”]
[i]The most brilliant idea, with no execution, is worth $20.
[/quote]So, have a LOT of brilliant ideas ready! ;)
[quote author=chrisj link=topic=3687.msg28230#msg28230 date=1379327848]
[b]What if you fail?[/b]
[/quote]Try, try again.
[quote author=chrisj link=topic=3687.msg28230#msg28230 date=1379327848]
My most important questions is:
[i]What would make you invest in someone with your FTC?[/i]
[/quote]Verifiable credentials. Solid plan. Ability to execute.
Or basically anyone that is the exact opposite of me. ;)
If you’re asking what kind of service someone could provide to make me invest my FTC … lap dance, web design, guru advice, inside information, graphics, web monkey, white hat hax0r, researcher, app, random code, etc.
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Yes and no.
You want FTC to be successful? Coming up with a good idea is one thing, but offering large quantities of FTC to fund brilliant ideas are another. What we need is someone, or a panel of business minded people that can dissect a business idea and determine if it’s going to succeed or not. And I do mean getting down to the nuts and bolts. I want those people offering up ideas to prove beyond a shadow of a doubt their plan or software will succeed, and I want to see a working model.
What I’m suggesting is an Angel Investor type of investment fund. We as a community can fund this and the people in charge of approving the projects will have control of the purse. I can offer up 50 FTC and if 999 or 1999 more people do, we’ll have the funds to finance a plan that WILL benefit this token IF we get the RIGHT people to run it. And yes those who put forth a plan MUST have an investment in the project as well. The fund will only serve to jump start the idea.
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Pin this topic.
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This is not my idea…
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Happy to be one of the business type mentors, I do a lot of this in my day job.
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[quote name=“chrisj” post=“28230” timestamp=“1379327848”]
Board 1: Ideas
Board 2: Projects
[/quote]I think the board ideas are good. Its easy to implment and flexible to see what might happen. It’s not a great drain on resources and will generate positive developments.
For instance, I’d like to do some graphic extensions for the forum, which wouldn’t need finance, just mentioning and ideas and advice on the best way to do it (i.e. like how to use using API, send the code example too. etc) …
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[quote name=“T4rQu1N” post=“28328” timestamp=“1379430132”]
Happy to be one of the business type mentors, I do a lot of this in my day job.
[/quote]Genius thanks.
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[quote name=“chrisj” post=“28344” timestamp=“1379443551”]
[quote author=T4rQu1N link=topic=3687.msg28328#msg28328 date=1379430132]
Happy to be one of the business type mentors, I do a lot of this in my day job.
[/quote]Genius thanks.
[/quote]By night he is Batman :D
Thanks T4 for you your support :)
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[quote name=“wrapper0feather” post=“28338” timestamp=“1379440119”]
[quote author=chrisj link=topic=3687.msg28230#msg28230 date=1379327848]
Board 1: Ideas
Board 2: Projects
[/quote]I think the board ideas are good. Its easy to implment and flexible to see what might happen. It’s not a great drain on resources and will generate positive developments.
For instance, I’d like to do some graphic extensions for the forum, which wouldn’t need finance, just mentioning and ideas and advice on the best way to do it (i.e. like how to use using API, send the code example too. etc) …
[/quote]It would be great to bring together the collective experience of people like you and @T4Qu1N.
Is there anyone else who feels they might have something to offer? Preparations are being made.
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I offer encouragement and a level head. Too often have I fallen for bad ideas and gone down with a sinking ship. I got a little scare there with how this whole UNOCS thing went. I’m glad Bushstar pulled out when it looked like there wasn’t enough agreement on how things needed to be handled thus grid locking the process.
I don’t like criticism either unless it’s constructive. The internet has been uploaded with the dregs of society and it tends to tear down rather rapidly even good ideas in favor of collective ignorance.
I’m not a mover, but I seem to have an ability to motivate others so maybe I can be of use.
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[quote name=“corather” post=“28462” timestamp=“1379556549”]
I’m not a mover, but I seem to have an ability to motivate others so maybe I can be of use.
[/quote]The world needs more people like you.
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I am on board with the Idea of doing a Feathercoin Kickstarter I believe Crowd Funding is the way of the Future in Building New Businesses!
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So, where do we point our miners to fund the cause? ;D
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Right let’s make this happen.
There are decisions to be made, should we thrash them out in here or set up a new thread?
They are:
[b]Ideas Board[/b] This is the first round where people pitch their idea, if they are selected they get to progress on to the round 2
[list type=decimal]
[*]How long should people have to get feedback on their idea eg 3 days? 7 Days?
[*]Should they have to raise a deposit?
[*]If so how much?
[*]Should there be a format to the pitch, ie Brief Summary, Description of Problem, Solution?
[*]How should people qualify for the Projects Board? Should there be a panel of judges?
[/list][b]Projects Board[/b] This is round 2 where people are held accountable
[list type=decimal]
[*]Should there be mods like [url=http://forum.feathercoin.com/index.php?topic=3687.msg28328#msg28328]@T4rQu1N[/url] who watch each project and keep people held to deadlines?
[*]On what condition should people lose their deposits? E.g. If they make the deadline but fail to deliver on what they proposed? OR If they fail to reach deadline
[*]Could we do a 3 strikes and you’re out rule to take the edge off?
[*]If the deposit is lost how should the FTC be distributed? Given out randomly to community members with a Reddit style Tipbot? Given to someone else in Projects Forum as investment?
[/list]These are just to get things started, please suggest your own ideas. I’d like to make this fun as well as productive. I am off out now to Silicon Drinkabout, you can expect some live tweets as usual. There will be more announcements over the weekend but hopefully we can get the kickstarter nailed in the next 7 days.
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[quote name=“chrisj” post=“28633” timestamp=“1379694530”]
[list][*]How long should people have to get feedback on their idea eg 3 days? 7 Days?[/list]
[/quote]7 days is fair. It’s long enough to weed out the undedicated and let people have a chance to respond, but short enough to keep things moving.
[quote]
[list][*]Should they have to raise a deposit?[/list]
[/quote]You mean like put their own money down? That’s not a bad idea at all!!!
[quote]
[list][*]If so how much?[/list]
[/quote]1% of the total funds raised. If they want 10,000 Feathercoins, they have to put in 100. If they want 100,000, that’s 1,000.
[quote]
[list][*]Should there be a format to the pitch, ie Brief Summary, Description of Problem, Solution?[/list]
[/quote]Yes. Elevator pitches are important, but so are the detailed solution. Videos should be encouraged too. Above all, TRANSPARENCY needs to be encouraged. Investors deserve to know WHO they are investing in, and people should not hide behind forum handles. This is real money we’re talking about here.
[quote]
[list][*]How should people qualify for the Projects Board? Should there be a panel of judges?[/list]
[/quote]Let their be a round of voting each week, as well as a “no confidence” option. You must beat every other project in votes, AND beat the no confidence vote as well. The one who does each week progresses, or if no confidence wins, no one progresses.
[quote]
[b]Projects Board[/b] This is round 2 where people are held accountable
[list][*]Should there be mods like [url=http://forum.feathercoin.com/index.php?topic=3687.msg28328#msg28328]@T4rQu1N[/url] who watch each project and keep people held to deadlines?[/list]
[/quote]Yes, and a treasurer too.
[quote]
[list][*]On what condition should people lose their deposits? E.g. If they make the deadline but fail to deliver on what they proposed? OR If they fail to reach deadline[/list]
[/quote]Under no circumstances. People should receive their funds at the beginning of the project, not at the end. Otherwise we’re running a bounty board, not a kick starter. They made it to the funding round, they put their deposit down, so the funding campaign began. Either they reached their total before the deadline, in which they get everything, or they didn’t, in which deposits are returned, including the original %1.
[quote]
[list][*]Could we do a 3 strikes and you’re out rule to take the edge off?[/list]
[/quote]No. Zero tolerance for deadbeats. If you take the money, and you don’t deliver, you can’t ask for more, and you can’t do something else. If you deliver late, but you deliver, then you’re ok to go again, but the public will know last time you delivered late.
[quote]
[list][*]If the deposit is lost how should the FTC be distributed? Given out randomly to community members with a Reddit style Tipbot? Given to someone else in Projects Forum as investment? [/list]
[/quote]There should be no penalty for not getting funding, and no reward for not helping someone get funding. If the campaign is a success, the organizers can take a percent for themselves before the person gets their funds, but if the campaign doesn’t reach it’s funding goal, then all the money goes back to it’s owners, and NO rewards for failure should be given out.
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^^
And you want to ban this guy??
We need more people like Kevlar!! -
[quote name=“mirrax” post=“28637” timestamp=“1379697425”]
^^And you want to ban this guy??
We need more people like Kevlar!!
[/quote]I don’t want to ban him, I’m a lover not a fighter.
So Mirrax your thoughts on the decisions?
