The purpose of the ICON Foundation Grant Program is to complement, not compete, with the upcoming CPS and continue funding projects that benefit the ICON Community. We believe that the ICON Foundation Grant Program alongside the CPS will help accelerate the growth of the ICON ecosystem.
Under the new grant program, the following proposals are considered eligible:
- Request-For-Proposal (RFP). From time to time, the ICON Foundation will provide RFPs for anyone to compete for. Or, we may provide RFPs or contracts to specific third parties who we believe are best suited for the projects that we would like to pursue.
- Rejected CPS Proposals for Infrastructure & Core Development. We strongly believe that more good infrastructure and core development projects will help better position the ICON network for long-term growth. To avoid duplicate grant approval, we would only consider projects that were rejected by the CPS process.
- Rejected CPS Proposals with a Business Model . We want to see more existing and new businesses utilize the ICON network. The ICON Foundation would like to help boost some of these initiatives. Again, to avoid duplicate grant approval, we would only consider projects that were rejected by the CPS process.
We may change the eligibility criteria based on what type of projects the ICON Foundation believes should be prioritized, which we will announce to the community. At this time, we will no longer support projects related to education, marketing, public relations, and community activities rejected by the CPS process. This does not mean that the Foundation does not value those projects as we plan to continue providing RFPs and contracts on a case-by-case basis. We entrust our community and P-Reps to be the better evaluators for these categories.
Submission and Approval Process
All ICONists can continue to submit their proposals at the ICON Community Forum (https://forum.icon.community) under Grants category. The ICON Foundation will review the proposal and reply directly to the applicants. The ICON Foundation will provide the Initial Review Result Comments on the proposal.
Results can be: “Approval”, “Reject”, “Partial approval”, “Approval pending on revised conditions”
- “Partial approval”: Partially approved. Get the rest of funding from other interested P-Reps
- “Approval pending on revised conditions”: If the party agrees to the revised condition, grants will be funded
The review process is conducted via subjective assessments from the ICON Foundation, but the proposer may request one reassessment after the review process is over.
Know-Your-Customer (KYC) requirement: In accordance with local and international anti-money laundering legislation and regulations, the ICON Foundation is required to conduct due diligence on grant recipients including national persons and legal entities. No grants will be approved without passing KYC requirements.
Payment Method and Reporting Requirements
For approved projects, the ICON Foundation will provide:
- Grant amount in ICX on a predetermined date at a market price of ICX
- Delegation of 1 million ICX per project for a predetermined period
Grant recipients will receive their ICX grants periodically based on predetermined milestones for the specific grant. Grant recipients will be required to produce Periodic Reports in order to continue to receive grant funding. If the Periodic Report is showing that the initiative is not meeting expectations, the ICON Foundation has the option to halt continued funding. The submission cycle of the Periodic Report will vary according to each project’s duration.
- Applicant Name (business and/or individuals will be KYC-ed)
- Contact Information (e.g. email, telegram id, social media)
- Project Category
- Request-For-Proposal (RFP)
- Infrastructure & Core Development (provide link to CPS application)
- Business Model (provide link to CPS application)
- Project Description
- Project Duration (maximum 6 months)
- Project Milestones
- Funding Amount Requested in USD (Payment will be in ICX)
- Public Address (To receive the grant)
- Other (Please include any relevant information)
Periodic Progress Report
The details of the Periodic Progress Report should be concise and include:
- Reporting period
- Submission date of the Report
- Details regarding milestones/accomplishments during the period
- Materials proving progress on the initiative
- Expected results for the next period
Proposal Evaluation Framework
- Proposal Overview
- Does this benefit the ICON Network and its community?
- Does the proposal provide enough information?
- Are there any risks for the ICON community from this proposal?
- Is there overlap between this proposal and other initiatives?
- Is the roadmap reasonable?
- Do the team members have a relevant background?
- Public Good and Transparency
- Does the project fairly justify its budget?
- Are the deliverables and milestones verifiable and tangible?