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Review Process

The following is a brief outline of the stages a successful application will move through in order to be funded.

Initial Review

Upon receiving an application, an initial review will assess whether the project is eligible for funding under the Interchain Foundation mandate. This review includes various stakeholders, primarily within the ICF. At this stage, the decision is made to not fund some applications.

In-Depth Evaluation

Next, the evaluation criteria template is completed for all applications that have been moved to the next round. The effort is led by the Grant Manager, who pulls in relevant stakeholders as required.

The exercise of this in-depth review leads to two potential outcomes:

  • interest in funding the project, or;
  • decision to not fund

Intro Call

The next step for projects that have made the cut is an intro call to align efforts and ensure everyone is on the same page.

If the ICF is still considering funding the application, the actionables from this call are usually along the lines of:

  • connecting with external stakeholders to verify utility of the project
  • scoping out deliverables and timelines in greater details

with the goal to assembling a Grant or Service Agreement between the ICF and the application.

NOTE: At this point, no funding has yet been approved. Some back and forth may occur between the first call and next step.

Approval by the Board of Management (BoM)

At some point in the previous step, the BoM will have given unanimous approval to fund certain projects, for which an Executive Summary is created. All the projects approved by the BoM will then be assembled in a package sent to the Foundation Council for review. This Executive Summary can be found at the bottom of the Evaluation Criteria.

Recommendation to the Foundation Council

The Foundation Council reviews each project and either approves or denies the funding. Given the due diligence that has occurred thus far, the FC must give good reasons for denying funding.

Approval by the Foundation Council

Once the Foundation Council approves the funding, agreements are drafted and finally signed.

Timeline

This process typically takes 3-8 weeks.

Common Not Funded Reasons

  • asking for too much money
  • bad timing (something we don't fund ... yet)
  • already funded similar projects
  • not relevant to ICF mandate