Reasons why the suggested idea funding categories offer a better solution for idea based funding categorisations
The suggested idea funding categories are an effective approach for idea based funding categorisation that offer a number of advantages:
- Efficient - Funding categories can be far more efficient than challenge setting as they remove the amount of effort needed to propose, assess and vote on categorisation changes.
- Simple - Funding categorisation does not need to be complex. Making funding categorisation complex, as it is with challenge settings, yields little benefit when compared to funding categories which use recurring, inclusive and broad categorisation. Effort is removed for justifying categorisations and drastically reduced for dealing with budget weighting decisions.
- Flexible - Funding categories are a far more flexible form of funding categorisation as they are both broad and inclusive. A number of undesirable situations around proposal submission and quality can occur that funding categories can effectively handle due to the approaches flexibility to a changing environment.
- Scalable - There is a need for categorisation to scale to a global audience. Funding categories removes a number of processes and governance decisions by using recurring categories. The repeatable categories lead to better insights and data that in the future can lead to automated suggestions and decisions on dealing with budget weighting.
- Effectively directs funding - Using funding categories with an independent objective setting process removes the unpredictability of directing funding with challenge settings and give the community an effective process for directing funding from the treasury.
- Egalitarian - Treasury distribution aimed at a global audience benefits from being egalitarian and fair to those who get involved. Funding categories offer inclusive categorisation that helps to ensure all forms of idea and innovation from anyone in the world can be submitted.
- Promotes healthy competition - Funding categories use broad categorisation which helps promote healthy competition by letting multiple proposal types compete for a fixed amount of funding in each categorisation.