June 2021 Profit Sharing Update
LifeSciHub is thrilled to share approximately $700, which represents 10% of June 2021’s “gross profit” by current accounting, with members who spent time with LifeSciHub participating in LifeSciHub’s experimental “committee” work – namely the DAO (Decentralized Autonomous Organization) exploratory discussions, as well as the Survey preparation discussions. These meetings took place in Q2 2021. There were some market research calls as well.
5 Additional Anonymous Members (we were not able to reach and get explicit permission from member to share their names)
Originally, LifeSciHub intended to develop a “points” system that would reward all participants of the platform. “Participation” could be defined as any work to help LifeSciHub build and grow, or perhaps simply accepting a project on LifeSciHub.
After hours of brainstorming, deliberation and market research, we were unable to come up with a definitive, long term points distribution system for moving forward. The main reason is at the stage LifeSciHub is at- start up- all revenue coming in to LifeSciHub must also contribute directly to future growth.
For the foreseeable future, LifeSciHub’s growth depends on triggering demand, defined as hiring entities, preferably sponsors, posting projects. The goal is lots and lots of projects! Our goal remains to share the value this community creates as an innovation beyond traditional third parties, which do not prioritize value creators to this extent.
One take away from the brainstorming is that any money LifeSciHub spends/shares needs to go towards work, tasks, projects, etc. that directly impact demand. One idea, for example, is that we may take 10% of operating gross profit* and put it towards a “project of the month” in which we can invite members to help LifeSciHub with various demand oriented tasks.
“Points” Moving Forward
When we are ready to resume brainstorming a Points system, we are leaning towards the following ideation: three crowdsourcing projects over the course of three months, using the “gross profit” from each month as respective funding. Three different “crowds” of members work together during the month to devise a points system. The intention is to utilize the “power of the crowd” to generate three different ideas/approaches. As these ideas will come directly from the membership, it will likely be acceptable to the wider membership on a sustainable basis.
When LifeSciHub’s demand is such that current operating costs are fully covered, we will revisit this again. As of the time of this writing LifeSciHub operates 6-10 projects a month. Our volume needs to be upwards of 40 projects a month, preferably 60 or more, to not only be fully sustainable, but have “extra”. Over 100 projects is a lot of “extra” profit to share!! That is where the real community “win” is – when LifeSciHub is a primary choice for drug sponsors to find and engage independent experts.
We continue to work towards this exciting goal. This is the promise of the Open Talent economy!
As always, comments, input and feedback are welcome! Please email us and let’s schedule some time to talk!
Sheila and Paul