Once upon a time We Work was the poster child of Wall Street. Founded by Adam Neumann, the company grew into a multi-billion dollar valuation. The bubble eventually burst. We Work went from a $47 billion valuation to talks of bankruptcy within 6 weeks. Billion Dollar Loser describes this boom and bust story. One reason for its demise was the voting power held by its founder.
Decentralised Autonomous Organisations (DAO) intend to overcome this. They are internet-native businesses that are collectively owned and managed by its members. They have built-in treasuries that no one has the authority to access without the approval of the group. Decisions are governed by proposals and voting to ensure everyone in the organisation has a voice.
There's no CEO who can authorise spending based on their own whims and no chance of a dodgy CFO manipulating the books.
Everything is out in the open and the rules around spending are baked into the DAO through software. Here is a great video explanation.
One example of a DAO in action is Deep Work Studio.
Members collaborate to help clients design software user experiences.
The DAO consists of designers, facilitators and researchers. Members self-organise to work together on projects. Members receive a salary and are rewarded with the DAO token.
The digital age calls for new ways to organise. DAO's could be the answer.
What do you think?