The overarching goal of this proposed incubator initiative is to promote local economic growth, deepen the levels of crypto adoption in the community and provide a mechanism through which participating cryptocurrency projects can exit the case study area in a responsible way.
If no new money enters the local economy, then it’s impossible for it to grow. The driver of growth is aiding the local community to participate in the wider regional, national and global economy.
The internet is a wonderful thing. It enables anyone with access to a computer and internet connection to create a global business and reach customers anywhere in the world. The problem is that:
- People may not have access to the tools to enable them to participate.
- The vast majority of people on the planet do not have the ‘know how’ to start a business or how to execute.
The proposed incubator would help solve both these problems. Point one would be solved by providing access to computer equipment and internet access in the proposed incubator. The second point can be addressed through mentor support by participating cryptocurrency projects, the crypto community and time donations from entrepreneurs.
TotalCrypto envisions that participating cryptocurrency projects would eventually exit the case study area, having incubated a handful of successful online businesses. It is recommended that incubees retain a 25% share of their perspective companies, whilst participating crypto projects transfer their 75% interest to the local community as a whole. The result should be that the entire local community benefits from incubator success and that these incubated companies would eventually be run by the community, for the community.
It is proposed that the incubator fulfils these functions:
- To further sow the seeds of enterprise in the community and help local entrepreneurs start successful online businesses.
- To empower the most able and talented local entrepreneurs to participate in the global digital economy and bring new money into the local economy.
- To remove the barriers of entrepreneurship for select locals and give incubees the support they need.
- To upskill the most able locals with highly valued skills. The vision is that these individuals would eventually hire and train others in the community and this knowledge would trickle down.
- The incubator provides a mechanism for the normalization of salary payments in crypto and this should help deepen local adoption efforts. After all, for cryptocurrency to be true digital cash, it needs to be used as a medium of exchange for not only goods, but services as well. This also applies to people's time. In an economy, a salary embodies this exchange of time for value.
- Incubator success provides participating crypto projects with a way to reclaim coins dedicated to the case study effort through partial ownership of incubee companies. Because most cryptocurrencies have a capped supply, this component is crucial if this blueprint is to be scaled across many other case study locations in the future.
- Widening crypto adoption through the conversion of all incubator company revenues to the coin of participating crypto projects.
- Aspiring entrepreneurs in test-case nations could be denied the opportunity of participating in the digital economy through a lack of access to traditional banking services. The proposed incubator aims to remove such barriers.
- Case study and incubator success would prove that this new blueprint for human development actually works. This could potentially have far reaching consequences in regards to how charities and philanthropists try to help disadvantaged communities.