Dear ATX DAO Community,
I wanted to reach out and share an update on the pitch competition. As some of you may know, I initially stated that we would not need any funding for the event and that the cash prize + operating expenses would be fully funded through sponsorships and partnerships. However, due to the current crypto armageddon of 2022 in addition to a sponsor pulling out, the pitch competition team (Megan, Mason, Phoebe, Harrison and myself) have found it much more challenging than anticipated to secure the necessary funding.
Despite our best efforts, we currently only have $5.5K towards the $10K cash prize that we promised to the winners of the pitch competition. It would be deeply appreciated if the community could consider funding the remaining portion of the cash prize from the treasury ($4.5K) in order to make the pitch competition a memorable and valuable experience for all involved. We understand the value of the treasury and do not make this request lightly, but we believe it is necessary in order to fulfill our commitment to the winners and to the success of the event.
I understand if some members of the community have concerns about using the treasury in this way. In an effort to alleviate any concerns, I am willing to redirect all of the compensation I would receive from the DAO through giving circles or other means for my contributions relating to this pitch competition towards helping with the organization and execution of the 2023 membership round in an effort to refill the treasury. Additionally, we had planned to split all excess profits from ticket sales between ATX DAO and the Graduate Blockchain Society (GSB) but given the circumstances, if this proposal passes, all funds raised through ticket sales for the pitch competition will be returned to the DAO's treasury.
One aspect worth highlighting is that all of our event, food, and beverage sponsors are still in and expenses are covered. Everything is in place and ready to go, except for the $10K cash prize that was originally advertised. We have received an overwhelming response, with over 70. From this pool, we carefully selected the highest quality 24 companies, and 20 of them have accepted and will pitch at the event companies applying to participate. Our list of mentors and judges is top-notch and we are receiving positive feedback from the investor community. We are excited about the opportunity to host a pitch competition that brings together high caliber mentors, judges, and participating companies, and we hope to have a positive impact on the Austin Web3 scene as a result of this event.
Our goal with the event is to promote Web3 innovation in Austin and to grow the ATX DAO brand as a leader in this space. We believe that this event has the potential to bring significant value to our community and to the wider Web3 ecosystem. It also aligns perfectly with ATX DAO's goal of making Austin the crypto capital of the world.
If the community supports this proposal, $4.5K of treasury funds will be used to cover the $10K cash prize. The plan is to send $10K to the winner as a wallet-to-wallet transfer directly to the winners of the competition while keeping the money raised from sponsors ($5.5K) in the Horizon bank account. The reason is that as we start preparing for our SXSW event, it would be useful to have excess liquidity in USD to pay any ongoing event expenses as a way to alleviate some of the frictions associated with crypto payments to event vendors.
I hope that you will consider supporting this proposal and helping us make the pitch competition a success. Thank you for your understanding and for your continued support of ATX DAO.
