It’s easy to start a DAO by creating a mission statement, setting up a software platform, and inviting people to join.

Then offer tokens to incentivize users to further the mission. 

Now comes the hard part — growing the community.

Here are some key challenges: Growing the DAO with new members who believe in the cause.

Building out the community with processes and policies.

Setting up accountability to ensure the members adhere to those policies.

Identifying strategies to incentivize the members to continue working on it.

Similar to any community interest wanes over time.

As the DAO grows it’s important to set up bots and other software tools to manage the community. 

Despite the use of software to execute the policies, member engagement remains the key challenge. 

In setting up your DAO consider how to maintain interest and engagement with the members.   

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.