MimemaOG announces a seed sale for the BEP20 token $MIME to develop a launchpad for funding blockchain startups with actual use cases. Firstly, we are departing from current crypto funding by screening the economic viability of crypto startups. Secondly, we require the founder of a startup to reveal their identity by showing face (doxxing) in a publicly available interview with MimemaOG. Lastly, we release funds after startups have reached pre-defined milestones.
Traditional Startup Funding
We believe our approach combines the advantages of traditional funding by banks and PE and of crypto funding through initial coin offerings (ICO) while avoiding their disadvantages: the advantage of banks and PE firms is that they can efficiently assess the viability of a funding candidate. KPMG finds established Central European companies have an average cost of equity of 8,7% and an average cost of debt of 28,6%. Traditional funding, however, demands higher interest from more risky startups compared to established companies which impairs their efficiency in the long run. For instance, German banks are currently charging startup companies around 9% interest. A high debt burden incentivizes startups to pay lower wages and to raise prices for goods and services.
Food delivery platforms are one example: according to a 2021 report by Los Deliveristas Unidos, New York food couriers received wages 23% below the state minimum. Like most newcomers, startups depend on marketing to establish their brand which further impairs their ability to pay decent wages and to deliver competitive goods and services. In the first half of 2021, Dutch-based Just Eat Takeaway spent 15% of its total expense on marketing alone.
Crypto Launchpad Funding
Crypto startup funding does not have the disadvantages of traditional funding because raised funds are equity instead of debt. Furthermore, investors in ICOs are incentivized to market the startup of which they are shareholders. The main disadvantages of ICOs are the misallocation of resources to unsound projects due to the trustless nature of smart contracts and the anonymity of its creators. We solve these issues by handpicking sound startups, by requiring a doxxing of creators, and by releasing funds in increments.
Purpose of the MimemaOG Seed Sale
We believe that our synthesis of traditional funding and of crypto funding seizes a historic opportunity – to create a true stakeholder economy based on viability, transparency, and responsibility. We want to see a startup industry that drives socio-economic transformation for the benefit of customers, workers, and investors instead of serving fraudulent crypto startups. Get whitelisted now to be part of the MimemaOG revolution.