Minutes of the Regular Meeting of the Board of Directors of The Bitcoin Foundation

Held: March 15, 2016

The following  Board of Directors were present:

Vinny Lingham

Michael Perklin

Francis Pouliot

Elizabeth McCauley (formerly Ploshay)

Absent:

Micky Malka

Bobby Lee

Brock Pierce

Staff Present:

Bruce Fenton-Executive Director

Amy Loughran-Dolan-Director of Operations

Call to Order and Introductions:

Bruce calls the meeting to order at 11:10 in Brock and Bobby’s absence.    

Documents Distributed for the Meeting:

Board financials were sent by Bruce.

Finances:

We only have a few weeks runway still.  We just received a sponsor for 5K and with Bobby and Bruce’s contributions, we have a bit of a runway but not much.  Bruce wanted to wait until the roundtable was done and ask some of the Satoshi Roundtable CEO’s for a renewal of their sponsorships.  It could be difficult because many are not happy with how the money was spent last year.  Bruce can make the request and Peter Bergstrom can follow up.  Our basic operating budget consists of two PT employees, Google apps, and web hosting costs.  If someone could reach out to someone at Google, perhaps we could appeal to them to give us the non profit status.  Elizabeth suggests we look into getting 501c3 status.  Amy will ask Jody to look into it.  Bruce suggests we go to corporate donors with specific mission based projects.  Perhaps something along the lines of hiring a full time professional whose job is to communicate what is going on in development.  They could serve as a liason between development and business.  Francis suggests David Harding.  He has recently been hired for 21 ink as a writer and is one of the main contributors to bitcoin.org.  Bruce also says the mission could be about adoption and Education.  

 

Michael thinks the DevCore conferences should be one of the main focuses of the foundation.Bruce agrees but thinks organizations like to see us do something new.  Michael wants to know if our focus is to get marketing buzz or to to good for bitcoin.  Michael thinks if we regularly consistently throw DevCore events, then he can’t think of a company that wouldn’t want to support that.  A consistent plan is better than a weeks worth of marketing buzz.  Elizabeth sites coincenter as an example.  They recently raised 1 mil.  We need to look at what they are offering that makes people want to donate.  We are spinning our wheels by having conversations saying that we are out of money.  Michael agrees and thinks there are a number of things we can do in the next few months in order to get people to donate.  For example, a DevCore in Toronto at a free venue in September.  Vinny thinks if we have a role to play, it’s development.  Vinny asks what happens if we run out of money, do we put the foundation on ice?  Keep it existing but not do anything?  Bruce feels we shouldn’t have problems raising a couple hundred grand.  The foundation did it last year.  Elizabeth suggests that we make a list of companies who may be willing to donate, and we target those companies.  Francis suggests that him and Bruce have a conversation with Blockstream.  Bruce agrees.  Bruce says we need to have a unified pitch.  Vinny feels that we should focus on conferences.  We need to rebuild the brand.  Bruce doesn’t feel that the conferences raise enough money.  We raised 2K at the last conference and only 5K since.  He doesn’t see how we get from 2K to 200K.  Elizabeth agrees, she cites the fact that we have lost a lot of money on conferences in the past.  Bruce asks Michael if he thinks he could get silver/gold sponsorships for these conferences.  Michael does think so.  He believes what makes our event different is that it’s a training event, not a typical conference.  It hasn’t been done before.  By getting new people in the industry we are helping all of the existing people in the space to get new talent.  Bruce asks in what timeframe?  Elizabeth suggests we circulate a list of targets, compile our message and re-evaluate next week.

 

Bruce adjourns the call at 12:15 PM

 

03.15.16 Minutes of Regular Meeting of the Board of Directors of The Bitcoin Foundation