TLDR: This proposal seeks to authorize VitaDAO to hire a full-time experienced executive who can source and advance pre-company projects. This person could be thought of as the Chief Scientific Officer (CSO).
Background: This person will be in charge of the 80% of projects that VitaDAO aims to fund as IP-NFTs and IPTs. For projects already at the company stage, which is 20% of VitaDAO’s funding, VitaDAO already has sourcing and evaluation coverage through the existing members of the Dealflow working group.
A pre-company project means one that could be made into an IP-NFT and IPT. An example project could be where an academic group has a tool compound or an idea on how to generate a tool compound and they want to fundraise with VitaDAO’s help to create that initial IP. The CSO’s goal would be a key cog in creating the initial value that could be later turned into a company or could be licensed to someone. Both of those would likely result in ROI for VitaDAO and the other IPT holders.
Pre-requisites: The CSO would ideally have a strong existing network who could bring talent and future funding to the IP-NFTs/IPTs (to generate the aforementioned ROI for VitaDAO). They wouldn’t necessarily have to have previously brought a drug to market or clinical trials. VitaDAO optimizes for motivation and people taking initiative. Being motivated can more than make up for lack of experience. That being said, this person would need to have at least 5 years of experience advancing molecular therapeutic projects and have successfully fundraised for a molecular therapeutic project before where it could be agreed they were the main driver of the fundraising.
VitaDAO is especially looking for someone with experience in newer therapeutic modalities such as CRISPR, RNA, and ADCs.
How will the CSO fit in with VitaDAO’s existing personnel? The CSO would work with many people at VitaDAO. They wouldn’t be anyone’s boss though they would be the primary person in charge of ensuring at least five (5) new projects per year are advanced to a successful IPT launch. One can imagine a situation where VitaDAO is not the majority owner of some of these five IPTs. It would still count to the CSO’s quota if there was agreement amongst the stakeholders of that IPT that the CSO was key in driving it. Post-IPT depending on the circumstances, there can be a leadership hand-off from the CSO to the Builder’s Squad. VitaDAO’s Dealflow Steward and other Core Contributors would be “glue” between these groups to ensure their long-term alignment.
Proposal: VitaDAO seeks to hire by mid 2024 one person who can lead the sourcing and advancing of IPTable projects. The tentative offer is $250,000/year, 25K VITA/year, and a TBD stake in each IPT they launch. The priority for the CSO will be in launching IPTs, therefore their stakes in IPTs will be prioritized over VITA tokens. The intent is to continue to decentralize beyond the many VitaDAO contributors who are primarily incentivized through getting VITA tokens. These numbers should be considered estimates and subject to change. In general as with anyone in VitaDAO the less USD one takes, the more tokens one would get. The CSO will be accountable to VitaCore and the VitaDAO SAB. Meaning, if they aren’t doing their job or VitaDAO can’t afford them anymore, VitaCore and the SAB will determine a resolution.
Disclaimer: The timeline of hiring is subject to change.
Please vote below on whether VitaDAO should hire a CSO.
- Revisions Requested (Detail in Comments)