Governance
Last updated
Last updated
BioDAO aims to incentivize the Web 3.0 community to participate in the biotech and drug development ecosystem by holding and voting in $BIO.
At the early stage of BioDAO development, the goal is to create a platform design which can be effectively scaled and replicated. The features of BioDAO platform design include mechanisms of effective identification of biotech funding opportunities, conducting in-depth due diligence, and making rapid decisions. To enable these features, initially most of the decisions will be taken by the project originators.
In the near future, BioDAO will be fully DAO governed for all operational and strategic decisions. At that point, $BIO holders will be put in control of the project governance through voting in DAO.
BioDAO will consist of 2 governance layers - strategic and operations.
Once BioDAO transitions to a fully DAO-governed model, most important decisions will be made at the strategic governance layer by voting of $BIO holders. These decisions will include funding recommendations (e.g., go/no-go on particular opportunities, funding amount), treasury diversification, governance model changes, roadmap prioritization, among other decisions. Proposals will be made by the operations governance layer as well as any BioDAO members holding a $BIO token.
Decisions at the operations (ops) layer will be run by working groups focused on Governance, Tech, Media & Communications, Biotech OPS, and Tokenomics. DAO members can decide to modify and/or additional working groups as needed.
Members of the operations layer may be rewarded $BIO for their services. In some cases, given the highly specialized nature of the biotech industry and lower proficiency of its participants in Web3, BioDAO may also remunerate experts in fiat-currencies as required.
Once BioDAO transitions to a fully DAO-governed model, the operations layer will bring relevant proposals, including funding opportunities, to BioDAO members for voting.
Each group will have a Working Group Leader who is in charge of the contributors' onboarding process and the operational processes of the working group.
Each working group has a minimum of three DAO members (including a WG leader). No member can be part of more than one working group at the same time. A member of a working group can help different subgroups within the same working group, but cannot serve in subgroups of other working groups to ensure the separation of power.
For now, the election of the WG leader will be in charge of the project originators. With the growth of the DAO, any member can make a proposal that will be voted on by the DAO and apply as a WG leader.
There is still no current time limit for the term of this position, but this time can be proposed by any member of the DAO.
Any Working group can form subgroups to distribute work and tasks. The WG leader can delegate responsibilities to other group members for these subgroups, if it's necessary. Working groups can be allocated a token budget from the DAO treasury so that they can meet their goals. But this allocation requires the approval of a Proposal.
All proposals will be open for two weeks to be voted on. The proposals will be approved by majority as long as the quorum is met. The governance working group is in charge of helping people in the community properly structure their proposals.
The Biotech ops working group will provide due diligence on all opportunities, and the final decision will be voted on by the DAO.
BioDAO is not a venture capital fund and will not fund projects from its treasury at this stage. The DAO will serve as the gateway to receive funding. The funding process will involve the following steps:
Startups apply to BioDAO for funding.
BioDAO diligences the startups and makes an investment recommendation to DeBio Fund, an independently managed venture capital fund.
An independently managed fund, DeBio Fund, makes an investment decision and disburses funding to the startup, if approved.
BioDAO may provide expertise to the startups by matching them with experts from the DAO community.
BioDAO receives a performance fee from DeBio Fund (in exchange for tokens) as success milestones are achieved by portfolio companies (e.g., exit events). Performance fees will be used to replenish the DAO treasury to support its operations.
The DAO may elect to work with other independently managed funds using this model. These funds must be independently managed by the fund’s managers who may receive advice and input from DAO members, committees, or processes. The DAO and General Partners (GP’s) of these funds may exchange some or all of the GP carry for the DAO’s tokens.
