DAO members source prospective investments, referring leads to the DAO's Due Diligence Committee ("DDC")
The DDC assigns a Deal Lead to conduct initial due diligence and gather enough information to present to the DDC alongside a Deal Memo that includes helpful resources (overview/links/etc)
A member of the DDC that is excited about the project can motion for a vote on Snapshot of at least 36 hours
If the poll receives a majority of "Yes" votes, the DDC will proceed to negotiate terms and investment details
If negotiations go well, the project's details will be shared in the Fund 1 Discord channel and a Snapshot poll launched (to allow for vetoing of the deal) with a minimum vote period of 36 hours
If a quorum of 20% of SVC001 tokens motions in favor of vetoing an investment, the deal will not be pushed forward (by default investments will pass - a quorum is not needed to approve investments)
If the quorum is not achieved, the DDC will move forward with completing the investment with the DAO Council's approval
Fund 1 is now open to applications and will begin reviewing projects after April 1, 2021. To receive funding, projects must have an ERC-20 token or plan to soon launch a token/issue tokenized equity.