Please describe your proposed solution.
We will reach out to diverse groups such as primary school age students, teenage school age students, high school students, university age students, Young adults, Singles, Couples, Young working professionals, Retail Industry workers, Young marrieds , Couples with infant and toddler kids, Couples with teenage kids, Senior Citizens who are singles, Senior citizen couples, Empty Nesters,
Each of these groups will have a different way of looking at the world, different visions, dreams, goals and objectives for life, Values and priorities, Fears, Worries and Concerns, and how to increase their financial security , how to increase their quality of life.
We will identify how to reach each of these specific groups and in which social media channels to reach them. We will create target messages to each of these groups.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
We will reach out to distinct market segments and audiences using highly targeted marketing campaigns.
Once early adopters are identified, they will be recruited as promoters and influencers to the target segments. They will be incentivised through native tokens that they would obtain for their work.
The influencers will identify prospects and go through an onboarding process for them. Every prospect means more incentives for the influencers. Then the prospect once onboarded also becomes a chance to be an influencer and earn native tokens for bringing more people on board. They also become referrers for all the projects and proposals submitted by their referees. As such they can earn a good return if their referee's project gets funding.
Through native tokens each influencer is incentivized to onboard new prospects, and they in turn will bring in more new prospects.
Each of the above segments of the market will thus be covered progressively. and all will be highly motivated to bring in new people.
We will work with Catalyst school to identify on what basis to incentivize newly onboarded Catalyst members. Some methods could be
When they write their first proposal and for each proposal thereafter
When they do presentations at TH or ATH breakout rooms
hen they teach others about Catalyst and can show recordings of this teaching via any platform such as Zoom or Google meet and that person comes onboard Catalyst as a result.
When the new onboarded person whom they taught does their first proposal.
When that person teaches a new prospect about Catalyst. And the cycle goes on
<u>How this proposal meets Fund 9 Objectives</u>
Prepare a group of people willing and able to make contributions to the ecosystem.
This proposal will enable many people who have become onboarded, to be motivated to learn by incentivizing them by native tokens
Turn Cardano into an open source project & attract more developers..
Making this open source would help new onboarded individuals to become new developers, new teachers, new content creators, new tokenomics experts, new NFT creators etc.
Build real-world solutions based on the Cardano blockchain.
This project to use native tokens from start to finish of the onboarding cycle. This becomes a real world solution that can be used for onboard people to Catalyst, to governance, to any particular group.
Improve tooling to support human processes in Catalyst. Accelerate the growth and evolution of developer & app ecosystem.
By using native tokens people are motivated and incentivized to learn effectively. From kids, to teens to adults, this system can be used in any educational, or corporate setting, or even NGOs or government institutionst to get people to work more effectively. They get rewarded for their work which is broken down into many small aspects, and each aspect gets rewarded
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Answer
We may spend not enough time and resources or too much time or resources on particular audiences
We may not choose the proper channels which are being used by the target audiences
We may not properly present the message of Catalyst via these channels and graphics, videos, articles etc.
The number of prospects will be less than our estimates.
Challenges and risks relevant to a successful implementation would include another Covid variant causing lockdowns and where Influencers and teachers cannot work for some reason due to illness.
<u>How does the proposer plan to deal with these difficulties?</u>
How we would deal with this challenge is that we would have many alternative influencers who can pick up the load of work if someone is unable to do so due to illness.
Our translatos are capable of finding or if need be creating suitable terminology for use in the language for these new terms and concepts.
Volatility of ADA may result in our being unable to meet our budgetary expenses due to rapid fall in value of ADA. The value of ADA may go down.
It takes a long time to convert ADA into local currency as its completely dependent on Binance's P2P marketplace. This can cause slowdowns or delays in getting LKR and thereby in the project implementation.
When currency is finally converted, prices of goods and services may be different from what we budgeted because prices have increased.
<u>How does the proposer plan to deal with these difficulties?</u>
One way to overcome this contingency of currency volatility is to add a contingency fund of about 10% on top of the total cost. Another option is to find a trusted network of ADA holders who want to increased their investment in ADA without going through Binance P2P marketplace.