Walking around my father-in-laws' harvested rice paddies just off the Echizen Coast of Japan, watching the leaves slowly turn, I contemplated the corporate model while thousands were protesting them on Wallstreet. I thought:
"They don't grasp the problem-at-hand. The 'selfish' corporation is a mere systemic outcome of an endemically flawed economic system built on the insane idea of infinite growth on a finite resource planet!"
Change the corporation change EVERYTHING. But how do I do that? Every corporation started as a startup. It became obvious to me... Transform the startup, we can transform the entire system. But in order for that to happen we need a different framework for launching these new kinds of corporations. One that currently didn't exist. One that I called Open !nnovation Framework that would launch foundups not and startups.
"What would foundups evolve into?" I thought "How could the corporate model be changed in order for it to be fair to all? What would we need?" and "What would a corporation look like if it only had stakeholders (participants and customers) and no shareholders?"
What started out as a simple question in 2009: "Is the startup broken and how would I fix them?" Had evolved into a completely new paradigm and business model. One that needed something to build it on. Something new.
By November 2011, I had an answer. I called it an Open Corporation 3.0 model (DANOs) and the imagined it existing on what I described as the Open Corp Cloud (what we call the blockchain today). A place where this new kind of entity could autonomously exist in a borderless and open to all framework that I called Open Startup !nnovation (OS!)framework (what we call Ethereum). I could describe all the parts however, I didn't know the exact underlying architecture for building it. When I shared it with am an amazing engineer he immediately knew how it could be done and wrote a whitepaper on it: "Ethereum."
From the launch of Ethereum Whitepaper in early 2015 thru late 2016, I built a lot of traction and interest in foundups. All of a sudden my ideas weren't so crazy and by the end of 2016, I had two significant offers which I ended up walking away from.
The first came from whale Olinga Taheed with Chandler Gou (China's biggest Bitcoin holder) and the second, even larger, from South Africa's #1 playboy Brandon Kerzner, heir to the Kerzner International fortune. Both demanded one thing... I give up ownership. No one can own foundups vision and my job is to see it come to flourishion.
Brandon, flew me to Cape Town in October to meet the family to share the exciting foundups vision with them and get their ultimate buy-in. Their significant hands-off offer ended up being... "We will take over foundups and pay for the build-out of the ecosystem, and we will find the right high profile CEO to be the face of foundups.
We'll take care of you, don't worry. You will be pleasantly surprised..." Said Brandon.
I walked. "You will regret that decision!" On top of that, on my return, the team met and we decided to do the ICO ourselves without them. I didn't want too, it just didn't feel right to me, and I didn't have the stomach to tell them. I went through the motions of agreeing with them. But deep down I knew I was out. But how do I tell them? When Daniel De Souza, our Blockchain CTO, asked if he could use the ~9 BTC and ~100 ETH in the Foundups Fund I had given him to invest/trade to buy a higher performance laptop so he could code out the ICO. I very reluctantly said "Ok." When the market shot up literally a few weeks later I felt sick to my stomach!
Not only had I failed to get the funding needed we had paid what amounted to ~$170K for a stupid computer for Foundups!
Well, he did put it to good use and used our Foundups laptop to code out Seratio's successful 2017 $5m ICO. I often wonder if since the ICO was technically done on a Foundups PC does that mean we own it :) Well I know the answer. And it ALL depends on who has the most money to throw at the argument. And that is definitely not me.
I tried not to care and I walked away from my loyal team and the crypto scene and spent the rest of 2017 rice farming in rural Fukui Japan. There is nothing like connecting to Earth -- working on rice paddies that possibly were built a 1000 yrs ago. Contemplating the generations before me and wondering who will be working them 100 years from now?
On November 4th, 2017 I get a call at 4 am. It's my dad.
"Michael Help! I am in the Emergency Room. I need you to come home, I broke my arm."
I landed in Tampa November 6. And went immediately to the hospital. My Dad was going to be Ok but was going to be in rehab for the next 2 months. Having nothing to do I started thinking again about foundups and what went wrong with the launch in 2016. More importantly, how to leveraging the incredible market opportunity to fund foundups without the need of investors like Olinga, Chandler, and Brandon who seek ownership and control? Around the same time, Hans, a longtime supporter of foundups contacts me. "Mike, I want to come to Japan, again." I replied: "I am not in Japan but in Florida. If you want to come." He did. Arriving the following week.
We started delving back into foundups and by the end of January, we had a plan and more importantly DANO.
Idea's for solving localized problems become foundups that level-up into DANOs that then launch more foundups which level-up to become DANOs...
Had we launched in 2016 we would be launched with smart DAOs and not DANOs. The ramifications of that are huge! Which I will explain next.
To be continued...
We just sent you an email. Please click the link in the email to confirm your subscription!
OKSubscriptions powered by Strikingly