ICON Foundation Grant Program 2020

The new ICON Foundation Grant Program will complement Contribution Proposal System(CPS) to continue funding projects that benefit the ICON Community

Dear ICONists,

We are pleased to announce the launch of the ICON Foundation Grant Program 2020.

The current ICON Community Grant Program will transition to the Contribution Proposal System (CPS), a decentralized on-chain grant program collectively managed by the Public Representatives (“P-Reps”) of the ICON network. Therefore, we will no longer accept new proposals for the ICON Community Grant Program beginning December 1, 2020.

On December 20, 2019, the ICON Foundation announced the ICON Community Grant Program. And since then, we have proudly funded more than 45 projects that directly benefited the ICON community. We stated, “this program will operate until the CPS is fully developed and implemented on the ICON Network.” That time has finally come.

Purpose

The purpose of the ICON Foundation Grant Program is to complement, not compete, with the upcoming CPS and continue funding projects that benefit the ICON Community. We believe that the ICON Foundation Grant Program alongside the CPS will help accelerate the growth of the ICON ecosystem.

Eligibility

Under the new grant program, the following proposals are considered eligible:

  1. Request-For-Proposal (RFP). From time to time, the ICON Foundation will provide RFPs for anyone to compete for. Or, we may provide RFPs to specific third parties who we believe are best suited for the projects that we would like to pursue.
  2. Rejected CPS Proposals for Infrastructure & Core Development. We strongly believe that more good infrastructure and core development projects will help better position the ICON network for long-term growth. To avoid duplicate grant approval, we would only consider projects that were rejected by the CPS process.
  3. Rejected CPS Proposals with a Business Model. We want to see more existing and new businesses utilize the ICON network. The ICON Foundation would like to help boost some of these initiatives. Again, to avoid duplicate grant approval, we would only consider projects that were rejected by the CPS process.

We may change the eligibility criteria based on what type of projects the ICON Foundation believes should be prioritized, which we will announce to the community. At this time, we will no longer support projects related to education, marketing, public relations, and community activities. This does not mean that the Foundation does not value those projects. We entrust our community and P-Reps to be the better evaluators for these categories.

Submission and Approval Process

All ICONists can continue to submit their proposals at the ICON Community Forum under Grants category. The ICON Foundation will review the proposal and reply directly to the applicants. The ICON Foundation will provide the Initial Review Result Comments on the proposal.

Results can be: “Approval”, “Reject”, “Partial approval”, “Approval pending on revised conditions”

  1. “Partial approval”: Partially approved. Get the rest of the funding from other interested P-Reps
  2. “Approval pending on revised conditions”: If the party agrees to the revised condition, grants will be funded

The review process is conducted via subjective assessments from the ICON Foundation, but the proposer may request one reassessment after the review process is over.

Know-Your-Customer (KYC) requirement: In accordance with local and international anti-money laundering legislation and regulations, the ICON Foundation is required to conduct due diligence on grant recipients including national persons and legal entities.

Payment Method and Reporting Requirements

For approved projects, the ICON Foundation will provide:

  1. Grant amount in ICX on a predetermined date at a market price of ICX
  2. Delegation of 1 million ICX per project for a predetermined period

Grant recipients will receive their ICX grants periodically based on predetermined milestones for the specific grant. Grant recipients will be required to produce Periodic Reports in order to continue to receive grant funding. If the Periodic Report is showing that the initiative is not meeting expectations, the ICON Foundation has the option to halt continued funding. The submission cycle of the Periodic Report will vary according to each project’s duration.

Proposal Format

  1. Title
  2. Applicant Name (business and/or individuals will be KYC-ed)
  3. Contact Information (e.g. email, telegram id, social media)
  4. Project Category
    * Request-For-Proposal (RFP)
    * Infrastructure & Core Development (provide link to CPS application)
    * Business Model (provide link to CPS application)
  5. Project Description
  6. Project Duration (maximum 6 months)
  7. Project Milestones
  8. Funding Amount Requested in USD (Payment will be in ICX)
  9. Public Address (To receive the grant)
  10. Other (Please include any relevant information)

Periodic Progress Report

The details of the Periodic Progress Report should be concise and include:

  1. Reporting period
  2. Submission date of the Report
  3. Details regarding milestones/accomplishments during the period
  4. Materials proving progress on the initiative
  5. Expected results for the next period

Proposal Evaluation Framework

  1. Proposal Overview
    * Does this benefit the ICON Network and its community?
    * Does the proposal provide enough information?
    * Are there any risks for the ICON community from this proposal?
    * Is there overlap between this proposal and other initiatives?
  2. Feasibility
    * Is the roadmap reasonable?
    * Do the team members have a relevant background?
  3. Public Good and Transparency
    * Does the project fairly justify its budget?
    * Are the deliverables and milestones verifiable and tangible?

Thank you and Good Luck!

The ICON team

stay up to date with ICON