Conflict of interest between me the person / the business owner / the investors?

[marsrobertson]

I am aware of the potential conflicts of interest.

Example 1

DAO Summoners Monthly

• https://twitter.com/marsxrobertson/status/1262311159031619585
• https://t.me/c/1216872110/300

Incentives of me VS incentives of others - me taking too much credit will disincentivize others.

Example 2

Estonia DAO rewards distribution

2020-05-18_EstoniaDAO-_rewards_distribution.pdf

Mars the entrepreneur: ​I want moar DAI Mars the Estonia DAO community member:​ I want everyone to participate

BaseX island

Of course I want 100% ownership of the project.

Realistically, it is not possible.

1. I don't have enough capital unless #8
2. Investors surely want their ownership stake

Hypothetical numbers for phase 1 (island purchase):

• $1m sale price
• 20% downpayment for the mortgage ($200k)
• I put $20k
• do I own 10% of the island?

Bunch of additional questions:

• How should I account for all the work that I'm doing?
• Shall I pay myself a "virtual salary" in shares?
• What should be correct valuation of the company / companies?
• What should be the correct ownership stake?

https://twitter.com/basexisland/status/1247163130569830400

“If someone buys the island after meeting with me, there will be a 10% commission.”

I'm totally comfortable with 10% "sweat equity" of the island for putting the entire deal together. I can have 100% in one of the businesses... See #12 detailed legal structure?

Opportunity cost

I have an opportunity cost - me working on the island - research, outreach, hustle, pitching - is the opposite of me working as a programmer - deep focus, attention, debugging, tweaking CSS so it looks pixel perfect...

Rejected job #1

I’m focusing on the island. It requires my full attention. Your best bet is to UpWork and surely someone will happily accept it for much lower rate than me... Someone who has more spare capacity, time, energy to do that.

Rejected job #2

Your position is clear. Your offer is fair. I will never compete with Ukraine or India. You will never match the London contracting rates. There are two reasons why I'm hesitant: The Island: https://basexisland.com Personal AI avatar: http://mailhustle.com/

To be fair, none of these jobs were particularly exciting, things I've done in the past and if I was desperate for money, I'd simply done it... Because I'm playing a bigger game now, it was easy for me to say "NO".

That's why the Latitude59 is the "tipping point" - until then I'm full-on island. Will see what happens, less than 100 days to go... I can always return to work as developer, there is plenty of work in that industry, at the same time:

Plan B1:

Just find another island and do the work:

• local government, planning permission
• the environmental agency, Natura 2000 restrictions
• contact architects to come with the visualisatino
• contact banks

Result: sell the complete package. Everyone wins, always doing business so that everyone wins

Plan B2:

• Work in partnership with an existing resort.
• No need to develop own real estate, at the same time developing it has a lot of charm

[marsrobertson]

I have a high cost of living: 2 kids living in London 🇬🇧 I have a high opportunity cost, last job before COVID: £76k + bonus + 10% pension match + shares

No bragging rights, simply stating the facts and the state of the market: https://hired.com/page/state-of-salaries/average-tech-salary-by-city

There are moments where I enjoy my limitations - they help me focus - limit unnecessary options and also focus on making money, constantly thinking about the bottom line...

How much I should pay myself to avoid conflict of interest? One step further, not only "avoid" but actually ensure aligned incentives...

---

Data point

https://open.buffer.com/plan-remote-retreat/

This budget assumes 1 week. I think 2 weeks might be better:

• the nearest airport is in Tallinn (capital of Estonia), it’s not super easy to get on the island
• medical authorities suggest 2 weeks quarantine. So if we all get infected on day 1, by the end all cleared
• 2 weeks is better because you can charge more
• less sales to make to fill the calendar

[marsrobertson]

UPDATES

https://basexisland.com/plan

Startup accelerator is better because it can guarantee 100% occupancy rate, it's even better than retreats for existing teams.

Salary

https://twitter.com/basexisland/status/1271027484876824577

Yet another job rejected

I'm focusing 100% on the island, it's a fascinating project.

Design, architecture, security considerations, handling edge cases - was occupying a lot of my attention.

It is true, I want to say the truth, it is true: the postponing meetings and delay with notes was uncool. Yesterday you were more than 10 minutes late. It made feel as if I was unimportant, low priority.

I'm still keen to work but not $250 per day but closer to $250 per hour.

"Design, architecture" - in terms of software. In terms of island, we are not in the design and architecture phase yet... :)

[marsrobertson]

I think it is totally fair. I think it is the right use of incentives. I would like to ask for help: https://basexisland.com/bank Probably the best link: https://basexisland.com/onepager

Actually... Shall I be participating in the referral program?

[marsrobertson]

I did let go of $250 per day pretty cool decent job:

200 working days in a year.

I'm comfortable on $50k salary per year.

It's 1/2 of my previous salary at a corporate job, that was 1/2 of my highest salary while contracting (different taxation model) in a bank...

I'm investing into survival. By working on BaseX I'm maximizing my chances of surviving...

[marsrobertson]

Latitude59 is the checkpoint: https://twitter.com/basexisland/status/1286916122000920577

Until then 100% focus

[marsrobertson]

I got what I wanted!

A decent job in London!

Also this:

Most likely I will pay myself a salary / grant / compensation for the time I did at a massively discounted rate.