Local Business Funding

[GENERAL] Name and surname of main applicant

Wondemagegn

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

Individual

[GENERAL] Co-proposers and additional applicants

No

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

10

[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)

The project creates a secure ADA-based platform where businesses receive funding, and investors earn a stake or profit, solving trust and accessibility issues in traditional funding methods.

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

Yes

[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.”

The local business spending project has several key dependencies that are vital for its success. First, it relies on community support, as local investors and donors are essential for providing the necessary capital for business growth. Engaging the community and fostering trust will encourage individuals to invest in or donate to these businesses, helping to create a sustainable economic ecosystem.

Additionally, the project depends on the Cardano blockchain for its smart contract functionality, which will automate transactions and ensure transparency in the investment process. This technological support is crucial for building confidence among investors and facilitating secure donations.

Lastly, the success of the project is closely tied to the business owners themselves. Their ability to effectively manage funds, execute business plans, and engage with the community will determine how well the project meets its goals. Empowering business owners through training and resources will further enhance their capacity to attract investment and make meaningful contributions to the local economy.

[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

Making your lending platform open source can provide several key benefits. It allows users to verify the platform’s security and functionality, building trust among them. Additionally, open source encourages contributions from developers and users, fostering innovation and rapid improvements. This model can also reduce development costs, as a community of developers can help identify bugs and add features without requiring a dedicated team. Furthermore, an open source approach can attract more users and investors, as people are often more comfortable using platforms they can inspect. Lastly, transparency can help demonstrate adherence to regulations, making it easier to navigate legal requirements. Overall, open sourcing your platform can enhance credibility, foster innovation, and create a vibrant ecosystem around your project.

[METADATA] Horizons

Business Services

[SOLUTION] Please describe your proposed solution

My proposed solution is to develop a secure, ADA-based lending platform that connects local businesses with investors. Businesses can request funding in ADA to support their projects, and in return, investors receive a stake or profit share once the business succeeds. The platform leverages the Cardano blockchain for transparent, traceable transactions, ensuring both parties have trust in the process. By integrating strong identity verification for both businesses and investors, the platform addresses security concerns while providing an alternative to traditional funding sources. This creates opportunities for businesses to grow while giving investors a safe, transparent way to support local ventures.

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

The positive impact of this project on the wider Cardano community is significant. First, by facilitating ADA-based funding, it will drive adoption of Cardano as a trusted digital currency for real-world applications, increasing its utility beyond staking or speculative trading. The platform also promotes economic growth by empowering local businesses to secure necessary funds, fostering entrepreneurship and innovation.

For investors, it provides a secure and transparent environment to support businesses, enhancing trust and engagement within the community. The project’s focus on trust, transparency, and secure transactions strengthens the reputation of the Cardano ecosystem as a reliable platform for decentralized finance (DeFi). As more businesses and investors engage with ADA, it will create a network effect, further expanding Cardano’s user base and ecosystem development. This can lead to greater market value, increased staking, and more community-driven projects, reinforcing Cardano’s mission of creating a decentralized financial system.

[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 project is designed to harness the capabilities of the Cardano blockchain to create a robust, secure, and user-friendly platform for ADA-based lending and investment. It ensures secure transactions by utilizing Cardano's blockchain technology, which makes all transactions transparent and immutable, fostering trust among users. With automated smart contracts, the platform facilitates seamless funding and profit-sharing arrangements, reducing administrative overhead and ensuring compliance with agreed terms.

A strong identity verification process enhances security by mitigating risks associated with fraud and ensuring legitimacy for both businesses and investors. Additionally, the platform provides an accessible entry point for local businesses seeking funding and for investors looking to support ventures without relying on traditional financial institutions. By connecting local businesses with investors, the project fosters a sense of community and collaboration, encouraging users to engage actively in the Cardano ecosystem.

To enhance visibility, the project will implement awareness campaigns through targeted marketing efforts and community outreach, attracting both investors and local businesses. Collaborating with local organizations, financial institutions, and the Cardano community will also enhance credibility and encourage participation. Providing educational resources about ADA, blockchain technology, and the platform's benefits will further drive user engagement.

An active presence on social media platforms and community forums will facilitate discussions, promote success stories, and keep users informed about platform developments. Engaging in Cardano-related conferences and meetups will increase visibility within the broader blockchain community, helping to establish the project's presence and credibility. Overall, the combination of the project’s capabilities and strategic visibility efforts will create a sustainable ecosystem that benefits both local businesses and investors while reinforcing the strength of the Cardano community.

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

Research and Planning

Platform Design

Development of Core Features

Testing and Quality Assurance

Marketing and Community Engagement

Launch and Post-Launch Support

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

The project is primarily being developed by myself, allowing for a focused vision and streamlined decision-making process. However, I recognize the importance of collaboration and the value of diverse perspectives in shaping a successful platform. To enhance the project's development, I plan to seek counsel and guidance from individuals with expertise in various fields, such as finance, blockchain technology, marketing, and user experience design.

Occasionally, I may reach out to professionals and industry experts beyond my immediate network to gain insights and advice that can inform my approach and improve the platform’s effectiveness. Engaging with these individuals will provide valuable feedback, alternative viewpoints, and constructive criticism, helping to refine the project and ensure that it meets the needs of local businesses and investors. This collaborative approach will not only enhance the platform's development but also contribute to a stronger and more inclusive Cardano community.

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

Budget Breakdown for the Project (Total: 70,000 ADA)

Development Costs (30,000 ADA)

Platform Development: 20,000 ADA

Smart Contract Implementation: 5,000 ADA

Testing and Quality Assurance: 5,000 ADA

Marketing and Community Engagement (15,000 ADA)

Awareness Campaigns: 7,000 ADA

Partnership Development: 3,000 ADA

Social Media and Online Presence: 5,000 ADA

Design and User Experience (10,000 ADA)

UI/UX Design: 7,000 ADA

Prototyping and User Testing: 3,000 ADA

Legal and Compliance (5,000 ADA)

Consultation with Legal Advisors: 3,000 ADA

Regulatory Compliance: 2,000 ADA

Operational Costs (5,000 ADA)

Infrastructure and Hosting: 3,000 ADA

Miscellaneous Expenses: 2,000 ADA

Consultation and Advisory (5,000 ADA)

Engaging Experts for Guidance: 3,000 ADA

Feedback Sessions and Workshops: 2,000 ADA

Summary:

Development Costs: 30,000 ADA

Marketing and Community Engagement: 15,000 ADA

Design and User Experience: 10,000 ADA

Legal and Compliance: 5,000 ADA

Operational Costs: 5,000 ADA

Consultation and Advisory: 5,000 ADA

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

Empowerment through ADA Funding: My project enables local businesses to access funding directly in ADA, fostering their growth and innovation within the community.

Blockchain Trust: By utilizing Cardano's blockchain, I ensure that all transactions are transparent and secure, instilling confidence among users.

Community-Driven Investment: I encourage local investors to actively participate in their community’s growth through profit-sharing opportunities.

Enhanced Local Ecosystem: The platform strengthens community ties by promoting collaboration between businesses and investors, creating a supportive economic environment.

ADA Adoption Catalyst: By facilitating increased utilization of ADA, my project enhances its value and acceptance within the local market.

Expert Guidance: I provide access to advisors and industry experts, offering tailored insights that elevate the operational effectiveness of local businesses.

Sustainable Growth Model: My project establishes a recurring cycle of investment and reinvestment that supports long-term economic stability in the community.