Captains log #3
Block 858,074
2018: From OuroX, Daedalus was born
I embarked on my entrepreneurial journey in Bitcoin with my third company OuroX, a venture conceived at the prestigious Oxford Fintech Lab. My primary goal was to create an exchange and capital market, specifically for Suriname. OuroX would enable global investment opportunities through the innovative use of Bitcoin. At that time, I had already envisioned the concept of a Real Estate Investment Trust (REIT) as an integral part of OuroX's business plan, recognizing the potential for real estate to attract investment and drive economic growth. Despite our ambitious plans, the development in Suriname faced significant challenges.
Political instability in the region ultimately hindered our ability to launch, forcing us to reassess our strategy and direction.
A new chapter: relocation and reflection
In 2022, I made the pivotal decision to relocate to Switzerland, first visiting Plan B in Lugano and then moving to the renowned town of Davos. This transition marked a significant turning point in my journey. I realized that it was time to shift my focus away from Suriname and OuroX. Instead, I began to concentrate on building my network and resources, honing my skills, and exploring how I could add value in new ways.
Taking a step back was not an easy choice, but it was a necessary one, especially after receiving this advice from our pre-seed investor.
January 2023: a strategic pivot
In January 2023, I made a strategic pivot by attending the unDavos Summit with professor David Shrier of the Imperial College Business School in London. Our focus shifted towards developing a Bitcoin REIT alongside the ambitious Suriname Project El Dorado, with the Shorebase as our central point of interest. Within David's Visionary Future venture studio, I started Daedalus Labs to build RESIN, an initiative to push the boundaries of innovation in the blockchain space. During this time, Daedalus Labs was offered a substantial $10 million grant by Hedera. However, my vision was clear: I wanted to build a Bitcoin-only platform, rooted in the principles of Freedom Tech. Unfortunately, this vision did not align with the direction of the venture studio, leading us to part ways.
Embracing bootstrap philosophy
Determined to keep the focus Bitcoin-only, I decided to bootstrap the venture and seek out the right investors who shared my non-traditional venture capital mindset.
I started assembling a dedicated team with a pre-seed budget of $100,000. I recognized that scaling to a larger team would cost upwards of 5 million, which would in turn create numerous obligations and dilute our priorities and incentives.
Instead, I opted for a bootstrap approach, aiming to raise just $250,000 in seed capital through open-source initiatives. In the startup world, liquidity can often be scarce, and traditional models emphasize rapid growth and user acquisition.
Our goal is different! We want to build a sustainable REIT with a low time preference, and a clear focus on generating returns and proving the model's viability.
Creating value: the Liquid partnership
A significant milestone in our journey occurred on June 18th, when Daedalus Labs signed a Memorandum of Understanding with Blockstream and officially joined the Liquid Federation, a globally distributed group of more than 65 Bitcoin-centric companies that manages and secures the Liquid Network. This strategic move aligns Daedalus Labs with a consortium of Bitcoin wallets, exchanges and other leaders dedicated to enhancing Bitcoin's scalability and layer-2 interoperability.
This partnership represents a crucial step forward, although we are currently experiencing some growing pains.
Our pre-seed funding has been allocated to building the team, laying the groundwork, prototyping, and initiating front-end development.
As we look to the future, it is imperative that we raise this round of seed capital to continue our development efforts. We are currently pitching to a select group of Bitcoin-only investors who align with our core principles. Their insights and advice are invaluable to us as we navigate this exciting yet challenging landscape.
In conclusion, our journey has been one of resilience, adaptation, and a steadfast commitment to our vision. We are excited about the road ahead and remain focused on creating value in the Bitcoin ecosystem.
