Funding for MaidSafe company - update

#1

Just finished watching #SAFEDevCon18 - Congrats to all, it was great. the only thing I didn’t hear but was hoping to was an update on the financials of the MaidSafe company. Most of us on the forum have invested via the ICO tokens into the prosperity of the company and in that was are acting like a crowd VC, though of course don’t have the conferred rights of equity holders.

@nicklambert inferred that $200k represents a burn rate of 2-3 months which is a helpful data point, but I assume that can be quite variable, especially if the team is growing.

@dirvine last commented here I think… Community Initiative Program (CIP)

May I request some detail for the community on the structure of the balance sheet?

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#2

It is published and audited every financial year along with the P&L. You can get copies of every year of our existence in companies house. You will find it interesting indeed to see how we got here and with the little we had.

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#3

Thanks David, indeed I’ve looked at the published accounts from Companies House which do give an element of the picture. Could you give us a more up to date view on how much is currently available in which currencies and how far you project that can take the team etc? I can understand you might be reluctant to give too much detail however keeping the community up to date on the annoying but real matters of funding can do wonders. Following DevCon seems like a great time to do this.

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#4

We certainly try to keep the community up to date with as much detail as we can, but providing a breakdown of our assets would sacrifice some of the competitive advantage afforded by being a private limited company. However, based on current run rates and assets/prices we require no additional funding for at least 24 months by which time I would anticipate we will be revenue earning and sustainable/approach sustainability. I hope this info helps.

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Alpha 3 and Alpha 4 release
Alpha 3 and Alpha 4 release
#5

Thanks Nick, that is good news.

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#6

Hi Nick…you know so many of us will read so much into this statement. 24 months :relaxed::star_struck:

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#7

Hi Harvindar, of course, I wouldn’t expect anything less :).

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#8

What things like

Sorry @nicklambert couldn’t resist :stuck_out_tongue: - bloody engineers

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#9

Hi Nick, could you elaborate a bit further on what kind of revenue earning you expect for the company? Example of which and whom are you going to sell services please?

#10

Largest revenue will be initially dev rewards for core work, I expect that increases even as we get less of the 5% when others also contribute. Then apps (possibly) plus large corporates looking for intra company solutions. We have a few leads, but do not chase them up as we are a bit busy at the moment :wink:

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#11

See David…usually a guy winks at me would not get me excited but that wink somehow…again i get the feeling you saying something and yet not saying anything…:wink:

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#12

Really a good point to notice and accumulate more coins. But in past we have seen several times when network was not finished on mentioned time. Though I am optimistic this time for many reasons still I would believe when we reach to beta. Finger crossed

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#13

That is a succinctly put financial breakdown and forecast one could ask for bearing in mind the logical competitive constraints that this ground breaking new concept has on it. The future is promising and future feels SAFE. Go SAFE team! :wink:

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#14

That is great insight Nick, thanks for this info:

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#15

With Tim Berners openly supporting the Safe Network and now on top of that the great “24 month” news, I am starting to get the idea that you are more excited than you are showing :stuck_out_tongue_winking_eye:

Thanks for all,
André

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#16

Hi NIck,

You have been asked this question before. So i thought i’d ask you again…where do you see Maidsafecoin price at the end of 2018?

:sweat_smile:

#17

Hi Harvindar,

I don’t think I answered then either :grinning:. Too hard to predict this one, other than to say I think it will be higher than it is now.

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#18

Alright…that is about a fair prediction as any i guess :slight_smile:

#19

Does this count as insider trading? If I buy now will I be doing jail time? SEC please have mercy on my incoming sick gainz, for Nick has prophesied it. :smile:

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#20

Would have preferred it if someone had asked him where MAID would be at the end of 2019. I’m wondering whether the answer would have actually been…LOWER! :wink:

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