Nucast: Advancing Invoice Factoring on the Cardano Blockchain, Transforming a $2.74 Trillion Industry - Open Source

[GENERAL] Name and surname of main applicant

Sricharan Ganta (nucast)

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

[GENERAL] Co proposers and Additional applicants

Nucast Labs

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

3

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

We're building a robust, secure global invoicing platform that delivers lower costs, faster approvals and enhanced security in a multi-trillion dollar industry that is shifting towards blockchain.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

MIT licence

[METADATA] SDG rating

SDG rating:

SDG Goals

9 - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

17 - Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development

SDG Subgoals

17.19 - By 2030, build on existing initiatives to develop measurements of progress on sustainable development that complement gross domestic product, and support statistical capacity-building in developing countries

17.3 - Mobilize additional financial resources for developing countries from multiple sources

9.1 - Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all

9.3 - Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets

9.b - Support domestic technology development, research and innovation in developing countries, including by ensuring a conducive policy environment for, inter alia, industrial diversification and value addition to commodities

Key Performance Indicator (KPI)

9.1.1 - Proportion of the rural population who live within 2 km of an all-season road

9.1.2 - Passenger and freight volumes, by mode of transport

9.3.1 - Proportion of small-scale industries in total industry value added

9.3.2 - Proportion of small-scale industries with a loan or line of credit

9.b.1 - Proportion of medium and high-tech industry value added in total value added

17.3.1 - Foreign direct investment, official development assistance and South-South cooperation as a proportion of gross national income

17.3.2 - Volume of remittances (in United States dollars) as a proportion of total GDP

17.19.1 - Dollar value of all resources made available to strengthen statistical capacity in developing countries

17.19.2 - Proportion of countries that (a) have conducted at least one population and housing census in the last 10 years; and (b) have achieved 100 per cent birth registration and 80 per cent death registration

[SOLUTION] Please describe your proposed solution.

Invoice factoring is a heavily practiced, popular method for companies to access capital for invoices that have not yet been paid. The industry is growing rapidly and it needs blockchain-based solutions that provide companies with a secure, transparent and fast way to access needed-capital.

Invoice Factoring is a multi-trillion dollar industry that provides companies with access to much-needed capital faster than they receive payment from their customers. Businesses sell outstanding goods & services invoices to a third-party firm (often referred to as a micro-financing institution). The MFI pays the business a portion of the invoice, collects the full payment from the client, and then pays the business the outstanding portion (minus their fee). This industry helps ensure more consistent and reliable cash-flow for smaller to mid-size companies that need payment for invoices faster than they can get it from their customers. 

Blockchain technology solves several fundamental issues within the Invoice Factoring industry and our solution leverages the strength of the Cardano blockchain to deliver a streamlined, transparent and secure Invoice Factoring platform. It's a solution that allows companies to access needed capital faster and more efficiently without compromising on security, reliability or dependability.

The global invoice factoring market was valued at USD 2,740.47 billion in 2022, which is anticipated to grow at a CAGR of 8.16% from 2023 to 2032. The demand for alternate forms of finance for micro, small and medium-sized businesses contributes to the market expansion.

Application Scenario-

In bustling Nairobi, Aisha runs her successful small business with passion and dedication. However, she constantly faces cash-flow issues while waiting for invoice payments. This hinders her ability to pay suppliers, cover operational costs, and to meet payroll on time. This ongoing financial burden stifles her growth aspirations, leaving her feeling frustrated in the face of bureaucratic financial systems offering little relief to small businesses like hers.

Aisha discovers NuCapital just as she's on the brink of having to make some tough decisions. This innovative, secure blockchain-built Invoice Factoring platform offers Aisha the ability to sell her invoices and access the capital she needs to operate her business smoothly and efficiently. This newfound financial freedom allows her to clear debts, invest in her business, and plan for a future that once seemed distant.

But the impact of NuCapital extends beyond Aisha's enterprise. It also opens doors for Cardano users globally, offering them an opportunity to invest in real-life, viable financial tools. They're not just investing in businesses, they're fueling dreams and empowering entrepreneurs like Aisha.

Aisha's journey with NuCapital isn't just a story of financial liberation, it's a testament to how innovative Cardano solutions can transform the real-world challenges of small businesses, offering hope, stability, and growth.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community.

NuCapital is a pioneering concept for Cardano. It serves to introduce a RealFi concept to a growing, multi-trillion dollar industry that needs blockchain-based solutions that solve issues for the industry. At the same time, the product introduces a new industry to the Cardano Community, unlocks new investment opportunities and illustrates a very crucial RealFi application which will only serve to expand and enhance the Cardano ecosystem. 

NuCapital showcases the strengths of the Cardano blockchain - security, scalability, decentralization, and reliability, while opening new doors between a massive industry and the Cardano ecosystem. The product will act as a bridge that will help to complete the growing digital economy that is the Cardano Ecosystem. 

Nucast will continuously monitor demand, adoption and partnerships for NuCapital in order to ensure continued impact and value for Cardano. It is our practice to provide ongoing and frequent project updates to the community using our social media channels, including Discord.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

The Nucast team is comprised of experts in blockchain technology and financial services with a proven track record for delivering high-quality Cardano-built solutions with transparency and accountability. Our existing products have served to enhance the Cardano ecosystem in a tangible way, we have strong strategic partnerships and we intend to deliver NuCapital with the same level of quality that the Cardano Community has come to expect from us.

With a collective experience of over 20 years in the blockchain domain, our team is well-equipped with the necessary expertise to develop and deliver this project.

Financial Management:

Proven Track Record: Our team's experience with successfully completing projects showcases our competence with resource management and achieving collective goals.

Commitment to Transparency: We maintain open communication through consistent updates, reports, and engaging with the community, which builds trust and ensures accountability.

Rigorous Financial Practices: We follow stringent financial procedures, encompassing meticulous budget planning, routine financial disclosures, and undergoing independent audits for enhanced transparency and reliability.

We will validate the feasibility of our approach through pilot programs with SMEs, using their feedback to refine and enhance our solution. This process not only tests viability but also strengthens accountability and alignment with community and industry needs. 

[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?

Idea Validation and Market Research

• Objective: Validate the feasibility and market need of your proposed solution.
• Activities:
• Conduct a thorough market analysis.
• Identify potential users and their needs.
• Assess the competitive landscape.
• Deliverables: Market research report, user persona development, competitive analysis document.

Concept Development and Design

• Objective: Develop a clear and detailed concept of your product or service.
• Activities:
• Ideation workshops.
• Sketching initial design concepts.
• Developing user journey maps.
• Deliverables: Concept design document, initial design sketches, user journey maps.

Technical Feasibility and Prototyping

• Objective: Assess the technical feasibility and develop a basic prototype.
• Activities:
• Evaluate technical requirements and challenges.
• Develop a low-fidelity prototype.
• Initial testing of the prototype on the Cardano blockchain.
• Deliverables: Technical feasibility report, low-fidelity prototype, initial test results.

User Feedback and Iteration

• Objective: Gather user feedback and iterate the prototype.
• Activities:
• Conduct user testing sessions.
• Collect and analyze feedback.
• Make necessary modifications to the prototype.
• Deliverables: User testing report, updated prototype, iteration log.

Final Concept Proposal and Pathway to Development

• Objective: Finalize the concept and outline the pathway for technical development.
• Activities:
• Refine the prototype based on feedback.
• Develop technical specifications for full-scale development.
• Create a roadmap for further development and testing.
• Deliverables: Final concept report, technical specifications document, development roadmap.

[RESOURCES] Who is in the project team and what are their roles?

Sricharan Ganta, CEO @ Nucast

Sricharan is a successful entrepreneur and business development strategist with over seven years of experience in business-driven roles and over four years of experience in the web3 domain. He has a successful track record of delivering innovative products on the Cardano Blockchain. As the CEO of Nucast, Charan is extremely passionate about community building and pioneering solutions. He currently leads a dynamic team of 15+ professionals at Nucast Labs. Additionally, he holds a Masters in Computer Science from the University of Central Missouri, USA.

Adnan Khan, COO @ Nucast

Adnan is an experienced professional in the web3 domain with a strong track record of assisting early-stage startups in building MVPs, managing communities, securing grants, and achieving scalability. His expertise lies in data analytics and web3 development, with a particular focus on on-chain analytics. 

Currently, Adnan serves as a research analyst at GravityX Capital, a prominent web3 institutional fund. He has actively collaborated with leading web3 ecosystems and startups such as dYdX, Polygon, Frontier, Bullieverse, among others. Additionally, Adnan is also a three-time Catalyst winner, having completed and closed all three proposals successfully.

Sam Jeffrey M, CTO @ Nucast

Building tech on Cardano for 3+ years. Worked as Plutus Consultant at Gimbalabs. Awarded the Presidential Award for Innovation 2021 by the Government of India.

Nucast Labs : Successfully built various scalable Cardano dapps. Nucast is proud to host a highly skilled and experienced development team of 15+ members with over 30 years of combined industry experience.

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.

Idea Validation and Market Research (12,000 ADA)

• Market Analyst & Research Consultants: 9,000 ADA
• 150 hours @ 60 ADA/hour
• User Research & Survey : 3,000 ADA

Concept Development and Design (15,000 ADA)

• UI/UX Designers: 5,000 ADA
• 50 hours @ 100 ADA/hour
• Cardano Solution Architect 10,000 ADA
• 100 hours @ 100 ADA/hour

Technical Feasibility and Prototyping (20,000 ADA)

• Senior Full stack Dev: 10,000 ADA
• 100 hours @ 100 ADA/hour
• Senior Cardano Dev: 10,000 ADA
• 100 hours @ 100 ADA/hour

Testing, User Feedback and Iteration (13,000 ADA)

• User Testing incentives & User Feedback Coordinators: 5,000 ADA
• Testing and Improvisation Devs: 8,000 ADA
• 80 hours @ 100 ADA/hour

Final Concept Proposal and Development Pathway (15,000 ADA)

• Development Roadmap planning and Technical Documentation

Senior Full stack Dev: 5,000 ADA

• 500 hours @ 100 ADA/hour

Senior Cardano Dev: 5,000 ADA

• 50 hours @ 100 ADA/hour

Project Management Team: 5,000 ADA

• 50 hours @ 100 ADA/hour

Total: 75,000 ADA

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

The cost of the project, set at 75,000 ADA, represents significant value for money for the Cardano ecosystem, taking into account the following factors:

Expertise in Cardano: The project necessitates skilled professionals with specialized knowledge of the Cardano blockchain & ecosystem.

These skills are in high demand and command premium rates. The budgeted costs are aligned with industry standards for such expertise.

Innovative and Disruptive Potential: NuCapital is a groundbreaking solution in the area of RealFi. The innovation has the potential to significantly enhance the utility and adoption of Cardano, offering long-term benefits and value that far outweighs the initial investment.

Market Compatibility: The budgeted rates for various roles are based on a careful analysis of the current market rates in the industry.

Comprehensive Development Approach: The project covers a wide range of stages from idea validation to final concept proposal. This thorough approach ensures that every ADA spent contributes directly to developing a viable, well-researched, and user-tested product, maximizing the return on investment for the Cardano community.

Community and Ecosystem Growth: Beyond the direct outcome of delivering a bridge between a rapidly growing industry and the Cardano ecosystem, the project is poised to foster community engagement, introduce a new use case for Cardano, and contribute to the overall growth and robustness of the ecosystem.

[IMPORTANT NOTE] The Applicant agrees to Fund Rules and also that data in the submission form and other data provided by the project team during the course of the project will be publicly available.

I Accept