Why is it important?

Innovation funds provide an excellent way to understand how funds can be used to transform our knowledge into intention.

What does success look like?

Creation of tools, services, and guides that help large communities to distribute focus and resources.

Key Metrics to measure

For Challenge Team:

For the success of the challenge, we can track:

• Number of tooling and service related proposals
• Numbers services and tools used by other communities
• Number of events / workshops / sessions arranged to explore new collaboration tools

For proposers:

IMPACT: How well does the proposal contribute to increasing collaboration, coordination, and communication between communities and teams?

• The proposal identifies a problem within the challenge which needs to be solved.
• The proposal clearly articulates how it will add value to the Catalyst ecosystem.
• The key metrics and goals of the proposal align with the outlined challenge settings.
• The proposal is able to scale to address future challenges.

FEASIBILITY: How likely is it that the team is able to successfully implement the proposal?

• Evidence of relevant skills and experience.
• The type and number of team members required.
• Clear budget breakdown.
• Realistic timetable with milestone deliverables to finalize the proposal.
• A solid plan of action describing needed resources.
• Challenges and risks considered.

AUDITABILITY: Is the information enough to audit the progress and success of the proposal?

• A roadmap with milestones and a time horizon for achievement.

• Metrics/KPIs that define the success of the proposal.

  Challenge brief

Decentralized innovation funds are great ecosystems to test new collaboration tools.

Boost knowledge and quality of community members.

Innovate effective and transparent resource or time allocation tools.

Example problems to alleviate:

Duplicated effort in proposal writing stages

Achieving effective coordination and collaboration between proposal teams

Missing alignment in challenge settings

Supporting Proposal assessment work