VELA Education Fund is deeply committed to empowering everyday entrepreneurs who are boldly reimagining education. VELA supports the largest community of everyday entrepreneurs in unconventional education in the United States, with more than 2,000 investments made and $24 million disbursed since 2019. Through its initiatives, VELA Education Fund has fostered a dynamic community of grantees who are at the forefront of education innovation.

VELA community members are individuals and organizations who have received grants from VELA Education Fund. They are educators, parents, students, and entrepreneurs who possess a unique understanding of the state, needs, and future of the education innovation ecosystem.

Web3 is the catch all term we use for the next iteration of the internet. It represents the use of blockchains, cryptocurrencies, NFTs, and other cryptographic technology used to create decentralized systems. It also refers to the culture of the internet –memes, distributed ownership, collective governance – that has become prevalent in recent years.

A DAO (Decentralized Autonomous Organization) is a new type of organization that operates with a horizontal leadership structure, aided by blockchain technology. A DAO is led by its members, not a CEO or leadership team. DAOs enable individuals to collaborate, make decisions, and manage funds in a transparent, democratic, and secure manner. You can think of a DAO as a group chat that shares a bank account and a mission.

VELA’s approach to catalyzing innovation begins with our distributed community of entrepreneurs grounded in shared values. We see the VELA DAO as a platform that distributes ownership of VELA’s resources, gives grantees decision making and operational power, and incentivizes grantees to support each other – expanding VELA’s impact and, ultimately, better serving the education ecosystem.

We are striving towards a world where funders and community members work collaboratively to identify new projects, more effectively allocate capital, and more transparently assess the growth and impact of projects in the ecosystem. We believe a DAO is one way to distribute ownership and employ web3 tools to challenge the status quo of how philanthropy operates.

A small group of active members in the VELA community were invited to join a pilot based on a diverse range of criteria (community-building experience, interest in new technology, and representing a broad range of the VELA community). These founding DAO members participated in a design process led by Gotham Labs, a web3 consulting company run by a fellow VELA community member.

The goal of the VELA DAO is to create a platform that adds value to the existing VELA community and ultimately expands the VELA community and its impact, using web3 tools. It will start with a grantmaking opportunity, and there will also be a token community to reward community members who support each other. In a world with fast-paced technology change, including AI and web3, the VELA DAO will also teach members how to use these technologies inside and out of the DAO.

In the first round, VELA will be awarding $100,000 in grants. Grant size will be based on demand, application quality, and available funds.

USDC stands for US dollar coin, a cryptocurrency pegged to the US dollar. If awarded a grant, it will be distributed in USDC, and you will need to set up a crypto wallet in order to accept it. You are then able to either use the USDC or convert it back to US dollars. Part of the web3 information sessions as part of the DAO will help you set up a wallet if you do not have one already.

For our pilot round, only VELA community members are eligible to apply for funding. However, if you are excited about the intersection of Web3 and innovative education, are interested in making a donation in cryptocurrency, or want to stay tuned to this work, stay tuned to our VELA DAO website for updates.

The first round of applications will be open for 2 months or until we receive 50 applications, whichever comes first. After that date, we expect to review applications within one month. However, as this is an experimental pilot, please note these dates may change.

In this round, please only submit one application for VELA DAO funds. However, this is separate from other VELA grant programs. Eligibility is unrelated to whether you have applied for or received Next Step or Bridge grant funds from VELA.

As cryptocurrencies have become more popular, more nonprofits and organizations are accepting funds in cryptocurrencies. We specifically chose USDC as it is pegged to the US dollar, which means it can be exchanged for a US Dollar 1 to 1, and does not fluctuate in value as it is traded on the open market.

All grantees will receive individualized education and support to accept their grant in USDC and convert it to USD if they so please. However, please note that this is for informational purposes only. We recommend you consult a professional for how best to navigate any implications for your organization.

An application can be submitted on behalf of an individual, an organization, or a group. All must be previous VELA grant recipients for this first round. For group applications, no more than 4 organizations should work together to submit an application. However, if it’s a project that might benefit a specific community *(like all grantees in a certain region), we definitely are in support of the project having a larger impact; there is just a limit to how many group leaders can apply and join the DAO.

All applicants who are awarded funding will be invited to join the VELA DAO. This is a key part of the DAO experience. You will be invited to have decision-making power, vote on future funding decisions, and participate in the token economy. We hope to encourage people to apply for funding who are also excited about this groundbreaking opportunity to make key decisions that will influence the future of this group.