Why Foundance?
The short and most precise answer: We build global teams.

Foundance helps with entrepreneurs' challenges and gives the ability to find an ideal co-founder & bootstrap the project!

The short and most precise answer: We build global teams.

More than a year ago, when I embarked on my journey with soonami.io, I quickly grasped the challenges of launching a fully remote company. In contrast to my prior ventures where I had the support of at least one co-founder to distribute responsibilities, the COVID-19 pandemic added extra layers of complexity. One of the most pressing issues was finding a suitable co-founder in a virtual environment. While I explored various online platforms, I found them to be either outdated or lacking a substantial pool of potential collaborators.

As our world becomes increasingly remote and interconnected, numerous aspiring founders seek to collaborate with like-minded individuals while working from home (also I could add here that for the employees, the remote first culture in the companies became a standard and it’s not looking like this will ever change!). The most significant challenge then lies in establishing trust with potential co-founders who may reside in different continents and have never met in person. I asked myself if it was even feasible to form such a partnership. While I couldn’t find a solution for those troubles, the idea of Foundance popped up!

Foundance addresses these hurdles by providing a platform to discover co-founders and nurture your ideas. Even if you already have a team in place, the platform remains valuable as there is much more than only co-founders matching in the place. We have created a platform that is an ideal place for bootstrapping early ideas and accelerating fast from just a vision to a product, with the least money needed possible, before you will meet with the investors. Allow me to explain everything.

Aside from settling on a concept, determining the equity distribution among co-founders is one of the most significant challenges faced during a project’s development. We believe an optimal solution exists: Foundance utilizes tokens to represent your project’s equity. While a formal business structure, such as a limited company or corporation, may not yet be in place due to the early stage of the venture, this phase and how the cap-table looks during it, is often critical for a project’s success. Decisions regarding participation, share allocation, and strategies for securing external funding must be made during this crucial stage and we cover you to proceed with all of it smoothly.

Preparing for a funding round generally takes a similar pattern, going from choosing a name, devising a design, creating a lite/whitepaper, developing a pitch deck, building a product, and, if required, establishing a token economy (for a utility token, not a security one). Foundance offers the ability to compensate for these services using your project’s equity, acknowledging the challenges of attracting investors in the current market. By facilitating payment through freshly minted tokens, advisors and freelancers can serve as both investors and contributors, backing projects that resonate with their beliefs and principles. This opens an amazing opportunity to engage with your community and experienced operators already at the pre-seed stage! Even more – we help you to get the talent you need as we constantly onboard new founders, advisors, and freelancers to the platform. Additionally – as experienced entrepreneurs we provide you with guidelines on how to build your startup step by step, and provide you a forum to discuss the problems during your journey with other founders, maximizing the learning experience all along the way.

On the platform, you provide a description of your project and identify any additional co-founder roles required, such as a CTO or salesperson. You also indicate the potential token earnings for a month of work. Importantly, co-founders begin accruing equity immediately, with no cliff period. Tokens are minted on a weekly basis for the team, and Foundance ensures that members can retain their tokens even if they cease contributing. While not all projects will obtain funding, participating in the early stages of a prosperous venture can be immensely gratifying.

The procedure is simple: On the platform, you provide a description of your project and identify any additional co-founder roles required, such as a CTO or salesperson. You also indicate the potential token earnings (dynamic equity model we cover in another blog post) for a month of work. Importantly, co-founders begin accruing equity immediately, with no cliff period. Tokens are minted on a weekly basis for the team, and Foundance ensures that members can retain their tokens even if they cease contributing. While not all projects will obtain funding, participating in the early stages of a prosperous venture can be immensely gratifying – now a freelancer or part-time contributor can become a VC and get a stake in the startup!

Should a founding team member require replacement, Foundance utilizes a trustless “slicing the pie” approach, in which project shares are progressively vested over time based on predetermined guidelines. As team members dedicate more time to the project, their share allocation increases. This optimistic mechanism unfolds weekly, with tokens minted for each co-founder and contributor, provided no disputes emerge within 24 hours of claiming the tokens. Thanks to that, early contributors who don’t want to be involved in the project anymore still can be fairly compensated, however, the more work will be done by the remaining team – the bigger the pie will become. This is very crucial because it allows early contributors or freelancers to still participate in the success of the venture, in % terms their stake will be small enough compared to the whole equity available, that it won’t make new coming investors or stakeholders pass due to mess in your cap table. It can be hard to understand at the beginning, but trust us – this is a game-changer in the startup world! Read our blog post on dynamic equity to get to know more about this topic.

As your team begins the bootstrapping phase, the founding members should be capable of creating essential documents and working on the product themselves. Outputs from the initial three to six months may include an MVP (minimum viable product), pitch deck, business plan, and whitepaper. Once prepared, your project could attract investor interest.

With Foundance, after the initial team-building phase, you have the freedom to determine your project’s next steps:

Transform into a fully decentralized DAO, without incorporating within a specific jurisdiction.
Relocate your project to one of the crypto-friendly regulated countries, ranging from Switzerland to Singapore.
Utilize your resources to establish a corporation in your preferred jurisdiction.

You might also wonder how Foundance compares to traditional accelerators or incubators. Typically, such programs involve cohorts that require participants to commit to a specific location and timeline, often three months, to develop a business. This approach can create immense pressure to find a business partner quickly, which may compromise team quality. Remote work offers two significant advantages: the ability to carefully select the right co-founder and access to a more extensive pool of potential co-founders. Additionally, remote collaboration can foster clusters of expertise more readily than in a randomly assembled group of 50-100 young graduates.

Not much to add, better to start working on your idea! Join the remote revolution today and launch the Foundance app!