2023/02/02

Summary

Konstantine, our new software developer, started this week. We submitted a grant to Simons Foundation that has a very high chance of being funded. Fundraising for Open Publishing has begun. We have $110,000 in accounts receivable. Three year strategy has been communicated to the team and will be communicated over various channels over the next several weeks (and repeated ad infinitum).

Progress Updates

Data Analytics

Securing our first partner without some previous proof may be difficult. We need a better engine for lead generation. Additionally, there is good data to suggest a turning point in tech hiring. An advanced job board is an easier, less complicated goal, generates leads for NMDA, and builds up data that can be useful for recruiting.

While we will continue looking for our first partner, focus should be on learning about people’s interest in jobs.

Open Publishing

Focus is on hiring a product manager to translate whitepaper developments and founder vision into software requirements. To do this, we need to fundraise. We are fundraising now.

A team of volunteers is being set to work on indexing/gathering information on other open publishing initiatives.

Conference

In our focus on bringing people into our ecosystem, generating sustainable revenue, and living up to our name, our focus will be on matching events.

In March, the goal is to have a new website up and running that shows off how matching events work, how to inquire about them, and highlighting our case studies/example clients.

Academy

We have interest in new course development:
  • Simons will likely fund our grant to develop a new neuro behavior course
  • Allen Institute is interested in collaborating on a 2024 course

I have gently rerouted attention from Cajal, NTX, and OpenEphys on the electrophysiology course.

Otherwise, to help us launch Climate successfully, and to help us launch new courses in general, we continue to focus on process logging and development, with a focus on automation and work elimination for delivering a course.

Financial Report

This is an overview of Neuromatch accounts, upcoming and anticipated major expenses, and a recap of our runway.

Treasury Review

Bank of America Accounts have been consolidated into a single Neuromatch, Inc. account.

Bank of America Account: $133,856 USD
Lending Club Account: $210,382 USD
TOTAL: $344,238 USD

Fundraising Status

Received Donor Funds and Commitments
There was some concern over receiving the Open Science Prize due to us not being an academic institution, but they are making an exception for us. The check has been mailed and should arrive this week.

NewScience unexpectedly offered a donation of $20,000 to Neuromatch via Konrad (who is an advisor for them).

We have invoiced Gatsby, bringing our AR (including open science prize) to approximately $110,000.
In Discussion Donor Funds
Deepmind is in discussion on a donation for development of a new course.

We have been invited to submit a Letter of Intent/Proposal to Sloan Foundation for NMDA job matching activities/professional development events.
Fundraising Plans
There are at least five federal grants we will submit to over the next year. I have contacted a grant writing consultant to help us in writing these to secure their funds.

The first submission will actually be for conference. We will raise a small amount ($10,000) from NIH Conference Grants to support NMC.

Financial Projections

Earned Income
We do not have any planned earned income in the next month.
Donations
We have a pending ~$110,000 for receipt in our accounts.
Major Costs
Our grant writing consultant will likely represent $10,000 in charges.
Runway
No changes to predicted burn.

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Hiring, Team Changes, and People Updates

Exec Team

Academy has just about finalized the exec team members.

Operations/Admin

We are hiring soon again for operations/admin. I’d like to expand this role to be year round and to slightly increase their scope to help out with reporting, registration things, and handling tasks like 1099 checking, TA payment, etc. This is part of our approved budget.

Marketing and Brand Consultation

We have good product market fit on academy (and conference), and we have improved operations by documenting and refining processes, so it is time to market more directly. Communications benefits from consistency, but it is hard to encourage consistency given the style of work at NMA. I am working on refining this job description and estimating workload so that we can have a year round communications and marketing person.

Market Trends and World Event Impact on Neuromatch

Continued Stock Dips
Continued stock market dips hurt donations as most of our funders (both individuals and foundations) give off market returns.

Other Notifications

Accountant/Bookkeeper
Our primary contact at Jitasa is moving on to different opportunities. Frustrating because she was very good, but we are working closely with Jitasa on improving the TA payment process.
Operations Stuff
1099s were double checked and seemed to go out to all contractors successfully.