At OpenSats, we are committed to supporting projects that align with our mission of supporting and maintaining a sustainable ecosystem of funding for free and open-source projects and contributors, especially Bitcoin-related projects and projects which help Bitcoin flourish. Our approach to grant-making is collaborative and interactive. We work with grantees to develop well-crafted proposals with a clear path toward achieving intended results.
Grant Size, Complexity, and Risk
Our level of engagement with grantees varies depending on the grant size, complexity, and risk involved. We will engage in more extensive partnerships and communication with grantees for larger, more complex grants. Our main goal is to ensure alignment on priorities, expectations, and progress. We will maintain good and open communications for smaller grants or those with lower risk too, but with a lighter touch.
Partnership and Communication
Appropriate partnership with our grantees is critical to achieving results. We encourage grantees to communicate openly with us about grant progress, challenges, and concerns. We commit to doing the same by regularly checking in with our grantees to ensure we remain aligned on priorities and expectations. We understand that successful grant-making requires a two-way flow of information, and we strive to foster a culture of collaboration and communication.
Our Grant Making Process
Our grant-making process begins with identifying areas of need that align with our mission. We then develop a clear set of criteria for evaluating proposals, ensuring they align with our strategic priorities and have a clear path toward achieving intended results. We consider the applicants' capabilities and ability to focus, to ensure a good fit with our mission and grant-making priorities.
Once we receive grant proposals, we review them carefully to ensure they meet our criteria and align with our mission. We may also engage in discussions with applicants to refine proposals and ensure they are well-crafted and have a clear path toward achieving intended results. In addition, we work closely with grantees throughout the grant period. Again, the goal is to monitor progress and ensure the grant achieves the intended outcomes.
Our Process for Reviewing Grant Proposals
We are committed to a thorough and rigorous process for reviewing grant applications. We aim to ensure that proposals align with our mission and priorities, are well-crafted, and have a clear path toward achieving intended outcomes.
Our process consists of 5 steps:
Step 1: Initial Screening
We begin our review process with an initial screening of applications to ensure they align with our mission and priorities. We may also consider the applicant's capabilities and focus to ensure a good fit. Applications that pass the initial screening will move on to the next stage of the review process.
Step 2: Comprehensive Review
In the comprehensive review stage, we take a deeper dive into the proposals to evaluate them against a clear set of criteria.
The following are our main criteria:
- Alignment with our mission and priorities
- Clarity of goals and objectives
- Feasibility of the proposed project or research
- Capability and expertise of the applicant
- Potential impact and scalability of the project
We may also engage in discussions with the applicants to better understand their proposal and to ask follow-up questions. This stage aims to identify proposals that have a clear path toward achieving intended outcomes and align with our mission. At this stage, we may include domain experts to help us evaluate relevant open-source work the applicant has done in the past.
Step 3: Due Diligence
Once we have identified proposals that align with our mission and priorities, we conduct due diligence to ensure that the proposed project or research is feasible and that the applicant has the necessary capability and expertise to execute the project successfully. Due diligence may include reviewing financial statements and references, as well as discussions with past collaborators and references of the grantee.
Step 4: Final Decision
Based on our comprehensive review and due diligence process, we make a final decision on grant proposals. We consider the overall impact of the proposal, the potential for scalability, and the capability of the applicant to execute the project successfully. We may also consider how the grant fits into our broader portfolio of grants and our overall mission. All grants require majority approval by our board of directors.
Step 5: Grant Agreement and Monitoring
Once we have made a final decision, we work with grantees to develop a grant agreement outlining the grant's scope, milestones, and reporting requirements. We monitor progress closely to ensure that the grant is achieving the intended outcomes and that the grantee is using the funds responsibly.
At OpenSats, we are committed to a thorough and rigorous review process for grant proposals. Our process ensures that proposals align with our mission and priorities, are well-crafted, and have a clear path toward achieving intended outcomes. We do our best to work with grantees to ensure that proposals are feasible, impactful, and scalable, and we monitor the grant progress closely to ensure that grants achieve the intended outcomes.