How did SeedClub hatch the DAO?

SC04 has ended. Normally, we are ready to process applications for a new round of accelerator programs, but for now, we need to breathe a sigh of relief.

Four-wheel accelerator, 55 projects, all in just 16 months. Oh my God.

This time, instead of scrambling to tinker with the SC04 again, we're going to try something very different: we'll take responsibility for all the friction and disagreement that arose during the SC04 selection process , and try to use the lessons learned to improve SC05. With the aim of bringing forth new ideas, we will open applications for SC05 in the third quarter.

At the same time, we are taking time to reflect: What have we learned from running four awesome accelerator programs? Mainly acknowledging many things we don't know yet, and observing some of the patterns that have emerged over the past year and a half.

We will divide this review into three parts:

What we have learned from excellent accelerator programs;

Guide us to overhaul The pressing issues of the selection process, and

some of the issues we thought about when we started to prepare SC05 for Q3.

First, the project

We do not know of any single factor that directly determines the success of a project. But what qualifications do we consider essential to a good accelerator program? We do have an emerging theory about this. Across all 55 accelerator programs, these five elements continue to emerge as part of the strongest membership-based community. They are:

The Jianghu Summoning Order!

The best way for a project to stand out and mobilize the community quickly is to have a clear and convincing adventure mobilization book. It also allows us to quickly grasp the depth and breadth of the team vision and measure whether they truly understand their motivations and goals.

You need a network

People who know you, get in touch with key supporters and influential players in the industry. Without connections, it will be difficult. Some projects come on board before the community and market fit, though, but the ideal time to join an accelerator is after you've built a network and a season or two of build-up. The main feedback from some of the early project teams was that they wished someone at the time would advise them to join the accelerator later. Let's say with 25 to 50 members, a minimal Discord or Telegram community, or some other community-market fit experiment.

Vibes

We know this may seem redundant, but it goes without saying that every successful project has good vibes. We love to play, to be imaginative, to be happy, to embrace uncertainty, to be interested in other projects and to return, and to understand and be curious about Web3. We are willing to find gold, we are willing to do things well, and we have a common belief that we will succeed.

Business Model

Business Model is vibe's best partner, but usually it is equally difficult to define in the Web3 field. The business model represents a key part of a project, how to create value on-chain. While revenue mechanisms may continue to emerge as the community grows, the project's initial roadmap remains critical.

Next, the selection process

We are exploring the possibility of overhauling the recruitment, presentation and selection process. This requires us to find answers to some key questions:

How can we have deeper one-on-one interactions with more projects?

The Seed Club selection team judges the compatibility with the project team through direct communication with the project team.

How to reduce information asymmetry and let more people have more information?

Our core reviewers have one-on-one interactions with applicants and are exposed to every aspect of each application. They naturally have more information than most $CLUB holders.

How to increase cooperation without increasing time?

In the past, our mechanism for adopting community opinions was very cumbersome, but the importance of community opinions still ranks first.

How can the evaluation criteria be more aligned with the Seed Club values?

Our team found it effective to use the same evaluation criteria and tools to evaluate different projects, however the team was not sure that the evaluation criteria used accurately reflected the Seed Club values. The evaluation criteria is not perfect, but it does give us an opportunity to test the evaluation framework that is still developing.

How can greater diversity be achieved?

We need to connect and bring in more diverse projects and teams, while ensuring we have the capacity to support their needs.

Finally, the accelerator

We hope that the accelerator is just the beginning of our partnership with the project. This makes it imperative for us to undertake projects that match our team's capabilities and existing knowledge. While our understanding of what an accelerator can do evolves with each batch of projects, we are increasingly aware of which projects are best for us to nurture.

Here are some of the things we pondered as we considered the structure and future members of SC05:

Mastering Web3 is an impossible task

The brains of the Web3 galaxy expand logarithmically. Likewise, the project team became more familiar with each accelerator member. Even though we no longer wrestle with basic mechanics like minting tokens, DAO tools are still a problem. Demand for tactical workshops will remain high as we start to work on issues such as how to choose the best Layer 2.

How DAOs

The nuances of DAO operations are intricate and difficult to articulate. We recommend that project teams expand their DAO knowledge by contributing to other Web3 communities, including Seed Club or accelerator alumni. Before launching a community vision, the project team will need to spend at least some meaningful time in another DAO to gain a more complete understanding of how to operate a DAO.

Balancing theory and practice

The accelerator team has high-quality content that far exceeds the capacity of our weekly meetings. To this end, we strive to balance theory, practice, and pauses for reflection so that project teams are ready to apply what they have learned once they complete the accelerator. We are also working to turn fireside chats into stand-alone resources that alumni can refer to when they encounter related challenges and questions.

Building relationships takes time

Seed Club's strong network of collaborators is one of the accelerator's greatest added values. We learned that during the accelerator process, project teams may not have sufficient time to engage meaningfully with collaborators—they (rightfully) focus on connecting with other project teams, absorbing information, and integrating what they have learned. As project teams go further and further down the accelerator's journey, they seem to have more resources at their disposal and will need a deeper understanding. We're reconsidering when to involve collaborators -- later in the accelerator, or to help early-stage alumni, after the accelerator has ended.

Offline meetings start

We cannot overstate the impact of offline meetings. The SC03 team's meetup at NFT.NYC and the SC04 team at After ETHDenver's meetup, we saw connections grow exponentially. That's why we prioritize meeting closely with industry events and coordinating at least one hybrid meetup with Seed CLub for each class.

After the big show, the carnival is still there

After just six weeks and the climax of Demo Day, the accelerator is over... At this time, the arduous construction work has just begun. Typically at this point, most project teams will issue their tokens, deploy governance proposals, recruit contributors, explore treasury diversification or liquidity strategies. These high-level issues require high-level support -- we're forming a bridging working group to focus on that.

Concluding Remarks

These questions only scratch the surface of our learning, but hopefully they will reveal our desire to root SC05 in the most fertile soil .

In summary: We will eagerly welcome the next wave of Web3 builders with a more thoughtful, transparent, and efficient process, and guide these projects with better accelerator planning.

We will actively recruit $CLUB members interested in contributing to the various stages of SC05 display and selection. Stay tuned for more information on how to get involved. We'll be posting updates on Discord, Twitter, and an upcoming newletter.

We also invite you, our precious community, to support the accelerator and bring to the surface projects and communities that have yet to make it into the limelight. Join the Seed Club Discord to introduce yourself and participate in the conversation. In this way, we have met many powerful projects. Before entering the accelerator, one of the first ways for them to emerge is by studying in the SeedCLUB community. Hope your founders and teams will join us, or other communities in our network. This is an opportunity to see our values in action, and to consider whether we are aligned with each other.

Web3 needs more good projects, and good projects start with good people. We eagerly look forward to meeting thousands of people on our future team.