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Week 33+34 - 26/08/2022
Here are the cobogo's latest updates, from August 17th, 2022, to August 26th, 2022
You might have noticed we have not posted our previous week update and that all of our social media banners and descriptions have changed. This is because we have decided to pivot our original idea of being a monetization mechanism for Content Creators.
We have been building the project for many months already and we have talked to hundreds of creators and investors. We felt that: 1. Creators aren't prepared to use a split yield monetization mechanism yet. We simply are too early for the vast majority of Creators to use complex on-chain mechanisms to monetize themselves, they go for what's easier and what is more tangible. Our original expectation was that they would play a large role in educating their communities on how to use that mechanism but we overestimated how easily they would understand it. The fact is, the mechanism was super complex for the average user. 2. Investors loved the idea at first, but also felt it was too complex, talking to them we saw that once we explained the mechanism deeply their willingness to invest started to go away, most of them didn't even understand it. The ones that did criticized some points that were still hard to overcome.
These rejections and the long time required to educate creators on the mechanism accumulated over time and we felt the need to pivot.
We started to think of ways to move forward and something clicked. All of the criticism that we have received and all the feedback pointed us into a direction we have never thought before, and still it was always there, obvious, making so much sense. Rafael came across Continuous Organizations on Github, and presented it to me, we thought it was fantastic, especially how some of it was being used by the developers on Fairmint to raise funds for startups, tokenizing equity in a SEC-compliant way. The new path was clear to us. Create an infrastructure to make possible for Creators to become businesses, raise funds and show case themselves. We worked hard to write everything down to see if it made sense, we wrote a litepaper in a weekend, a pitch deck in the following days and applied our new idea to EthSP launchpad.
With that same idea we were selected to be part of EthereumSP Launchpad where we will have many networking opportunities to connect with investors and ecosystems. We have already got in touch with projects that we'll be there as well and we can see that there will be a lot of synergies between many of them and Cobogo.
We are obviously still updating the docs, a lot has changed from our original idea, but you can already see what we're doing.
So that's what we're doing. We have really clear path to follow which is very exciting. We are making it easy for Creators to incorporate a Delaware C-Corp, allow them to raise funds by tokenizing their equity, sharing their upside with investors and showcasing their business. On top of that we are also raising a fund with Cobogo Ventures, to invest in creators (we'll prioritize those that are in our own ecosystem).