🧑🔬How to get funding?
If you are a researcher or project sourcer, Catalyst enables you to get funding and acquire collaborators.
Am I a good fit for getting funding via Catalyst?
Catalyst projects are created by researchers or sourcers, research associates who list a researcher's project for funding on their behalf. Here are a few criteria to consider before applying for funding on Catalyst:
You (or a colleague) have a promising translational research idea and need funding to develop it
You are looking for collaborators to develop your research idea with
You are willing to negotiate a research agreement with the funders / sponsors and your organization
You are comfortable communicating and sharing regular research updates with your research funders
If you meet the above criteria, follow the steps below to list a project for funding on Catalyst.
Funding Process
Step 1: Prepare your Project Files
Before creating a project, you will need to prepare files that give funders an understanding and confidence in your project. Your files should detail the medical problem, innovative solution, project design, expected outcomes, and team credentials, accompanied by a realistic timeline and budget. Enhance its appeal by including a data room with patents, publications, media coverage, and detailed team resumes to showcase the project's innovation and viability.
Step 2 Submit a Project Proposal
To submit your project proposal on Catalyst, begin on the homepage and click the 'Launch Project' button. Follow the on-screen instructions to upload the required files. Upon submission, you must set a fundraising goal in ETH and a funding deadline. A Seed token instance will be automatically created to facilitate your fundraising. You will also receive 100 Seed tokens, which you can use to invite reviewers and incentivize them to provide feedback on your proposal. Once the project has been created, funders can immediately start contributing funding (in ETH) to your project.
Step 3: Invite reviewers to your project
Inviting collaborators to your project on Catalyst aligns their interests with yours, incentivizing them to contribute their expertise, which can include scientific advice, commercial strategy, or regulatory guidance. This not only enhances your project’s resources and reach but also pools diverse talents towards a common goal of success. To invite someone, navigate to the 'Invite' tab, enter their wallet address and the number of Seed tokens you wish to send, then confirm the transaction.
Step 4: Engage with funders and reviewers in the forum and chat
On Catalyst, actively responding to funders' questions and suggestions is crucial, as this engagement encourages deeper involvement from individuals who directly fund projects, potentially leading to increased funding support. Unlike traditional grants, Catalyst enhances funding by promoting ongoing dialogue between researchers and funders. Utilizing the embedded forum with voting features enables you to prioritize the most relevant inquiries, ensuring you focus your efforts on providing detailed responses where they are most needed.
Step 5: If the funding goal is reached, swap ETH to USDC (optional)
If a project achieves its funding goal, the researcher may propose to the funders that the accumulated ETH be converted into USDC. Due to the volatile nature of ETH, converting to a stablecoin like USDC can provide more financial stability and may be preferred by traditional organizations. This conversion can facilitate smoother negotiations by demonstrating to the researcher's institution that the necessary funds have been secured. Molecule will assist in the process of withdrawing and exchanging these funds.
Step 6: Finalize Research Agreement and Funding Terms
After reaching the project's funding goal, the next critical step involves negotiating and drafting a research agreement. This may take the form of a sponsored research agreement, joint development agreement, or other suitable funding or licensing agreement. Molecule provides template agreements to streamline this process. Once drafted, the agreement should be uploaded to the project forum for review and feedback from the funders. If the funders vote to approve the draft, the agreement can then be formally executed by both the research organization and the funders, represented by a designated sponsor. This negotiation process must be completed before the three-month negotiation deadline. Failure to finalize the agreement within this timeframe requires that the fundraised amount be returned to the funders.
Step 7: Mint IP-NFT and distribute IP Tokens and funding
After the research agreement is fully executed, the next step is to mint an IP-NFT, which tokenizes the research agreement, and IP Tokens, which decentralize IP governance rights. The IP-NFT is held by the sponsor, while the IP Tokens are distributed among the funders (Seed token holders), team members, and the research organization. Following the distribution of the IP-NFT and IP Tokens to the respective stakeholders, the raised cryptocurrency is converted into fiat currency and transferred to the research institution.
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