NEM Foundation shifting to new structure now that funding has officially begun

NEM Foundation has announced on twitter that it is in the process of smoothly shifting to the new structure now that funding has officially begun. It is definitely exciting to see for what the future holds.

nem foundation

On their website, the NEM Foundation has published a plan for financial and organizational restructuring, following a funding injection of $8.7 million in its native XEM tokens. Also, the NEM Foundation is mapping out its survival plans in real time after obtaining a funding injection of roughly $8 million last month and laying off most of its staff.

The first installment of funding is for 25M XEM and that started on March 7th 2019. These funds were used for buying the structures and setting up processes for a better product focused and revenue driven approach for NEM Foundation.

Here are short term objectives of the NEM Foundation.

Strategy: Market positioning

Who are we to the industry players
What is our core focus
Why do we do what we do
How do we execute the transition into the new structure
How do we best support the PMC and NEM ecosystem
Systems: Leadership Performance

Establish KPIs for product-driven roles
Establish cross-functional meetings where both leaders work together
Develop weekly and monthly reporting structures for all employees
Scorecard system on how to grade employees for their performance
Clear allocation of responsibility and job descriptions for all team members

Structure: Finalize the NEM Contractor structure and model (previously called the “service provider” model)

Onboarding process
Service agreements
Non-performance and resolutions
Request for Proposal process
Staff and NEM Contractors: Training for team members and NEM Contractors (used to be known as NEM Service Providers)

Onboarding pack
Training to understanding NEM Foundation operations
Supporting documentation: Formulate policies and documentation which will support the decision-making process

Social Media and Communications Policies
Travel and Expenses Policies
Insurance and employee benefits
Employee Disciplinary action policy
Due diligence standards for all partners and future partners
Job descriptions for all team members
Confidentiality policy
Equal opportunity
Code of Ethics and Conflict of Interest
Standards of Information Sharing
Whistleblower policy
Shared values: Working with the community

Re-engage with the bounty programme
Develop engagement points in forums
Ensure our values are aligned with the community