20190131-NEM Foundation-Message to the Community


NEM Foundation –message to the community

-The previous foundation structure that are based on decentralized regions with promotion-focused goal had failed

For the past two years, the structure of the NEM Foundation was a first-of-its-kind attempt to running a decentralized promotional organization in different regions around the world. The Foundation was trusted with making decisions for the NEM public chain and spreading its global adoption. In 2018, the Foundation tested the concept of decentralized regional leadership, allowing each region a great deal of freedom in how they operated as long as they were promoting NEM.


-Misuse of funds due to lack of accountability for funds, lack of performance metrics and duplicated efforts

When the new council arrived on January 1, 2019, we opened the books and saw the results of 2018. We saw a lot of talented people who were working hard, but not aligned with the same goals. We saw efforts being duplicated, and inconsistent metrics of success. We saw very little accountability for funds and questionable ROI, leading to a burn rate of 9 million XEM per month. In terms of running an effective organization, the existing structure failed. 


-Maybe that didn’t seem like a big problem when the XEM price was high, but it’s a very big problem as we seek to sustain a viable organization in the ‘Crypto Winter.’


-Switched from promotion-focus team to product-focus team

The NEM Foundation has restructured to eliminate regional teams and replace them with newly created product-focused teams. All Foundation employees and contractors will now report to one of the seven product teams. The heads of these teams are Chief Technology Officer, Chief of Product Management, Chief Financial Officer, Chief Business Development Officer, Chief Operations Officer, Chief Marketing Officer, and Chief Revenue Officer.


-Reduced budget by 60%

We are proposing a budget with a burn rate reduced by about 60% from its previous level. This will allow the Foundation to deliver ambitious results with responsible use of reserves.


-Foundation but not NEM platform is in trouble

We want you to understand the serious situation the NEM Foundation – not the NEM platform – faces and the drastic changes we are making and why we’re making them.


-One month funding left, so laying off people and projects on hold

The reality of having one month left in funding means we won’t be able to support our current headcount, partnerships, and projects. We need to put everything on hold.


-Rolling out of “Catapult”

Expect to see us rise from the dust of this Crypto Winter and have a laser focus on our mission-critical goal which is the launch and commercialization of Catapult, our latest technology update that will revolutionize blockchain’s future.

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