31 October 2024 - Intersect Board meeting

Intersect Board Meeting 31 October 2024(2024-08-14 10:00 UTC)

Attendees:

#	Board Seat	Designator	Alternative	Observer
1	IOG	Gerard Moroney	Romain Pellerin
2	EMURGO	Nikhil Joshi	Amar Singh
3	Education	Steve Lupien	N/A
4	Membership	Mercy Tachie-Menson		Juana Attieh
5	Membership			Lloyd Duhon
	Intersect			Jack Briggs, Nick Cook
	Secretary	Lawrence Clark
	Treasurer	Dan Singelman
	Legal	Hallee Moore

Proceedings:

The Secretary called the meeting to order on behalf of Chair Steven Lupien.

Absentees: Dan Singelman, Hallee Moore, Romain Pellerin, Gerard Moroney

All cameras were on, and all participants confirmed their adherence to the Directors' Conflict of Interest policy.

The Secretary noted the agenda and proceeded with the meeting.

Noted Agenda:

#	Agenda discussion points	Duration	Presenter	pre-reading
1	Confirmation that the conflict of interest policy has been read and agreed upon Attendees are to update on any conflicts they are aware of.	5m	Lawrence Clark	Conflict of Interest
2	Board Issues & Actions to review	15m	Lawrence Clark	In-deck
3	Decisions sought	1h	Multiply	In-deck
4	Business Updates	30m	Lawrence Clark	In-deck
5	Any Other Business	10m

Meeting Actions:

Lawrence Clark walked the board through the noted actions from previous meetings.

Lawrence Clark informed the board that due to the AMM schedule, the leadership team have been unable to respond to the board’s email. This will be worked on, and a response will be supplied before the next board meeting.

Lawrence Clark informed the board that Intersect had received a DSAR (Data Subject Access Request) and had responded appropriately.

Decisions sought:

The renaming of the Cardano Development Foundation - update

During our September meeting, the board agreed to rename the Cardano Development Foundation (CDF) to Cardano Development Fund. Lawrence Clark proposed this to the CDF Director, and this was rejected due to the regulatory requirements a Fund has to meet. Using the word Fund in the name would imply that it met specific regulations. The Director proposed to use the work Treasury.

The board rejected this work and asked Lawrence clark to speak with the director to gain their view on renaming to Cardano Development Holdings.

Motion taken by unanimous decision to rename the CDF to Cardano Development Holdings. Lawrence Clark is to work with the appropriate parties to change the name.

The Board was asked to confirm the onboarding of new board members

Lawrence Clark presented the names of the voted members to the board of Intersect. Kavinda Kariyapperuma, Sri Landan-based member who is the CEO of Coin Ceylon, and Adam Rusch, an American-based member who has been in the ecosystem for many years.

Motion taken by unanimous decision to for Lawrence Clark to progress the onboarding of Kavinda Kariyapperuma and Adam Rusch.

Business Update

Annual Members Meeting update

Jack Briggs updated the board on the success of the Intersect AMM process and provided an overview of the feedback received during the Stop, Start, and Continue section.

Membership & Community Hubs

Nick Cook updated the board on the hubs’ performance during September.

• The AMM events provided some great input and ideas for our 2025 Membership plan

• Currently finalizing our 2025 Membership Plan ready for socialization and input from the MCC

• The Cardano Summit allowed us to co-brand with our enterprise members and generate further interest and membership signups (5 new enterprises in discussion)

• Interviewed enterprise members about their businesses

• We presented at the Cardano Summit’s in Hyderabad and London (>100 new associates)

Finance Update

Lawrence Clark updated the board on Intersect’s financial position. Intersect remains focused on extending its runway into 2025, by remaining focused on our strategy to support the Product Committee, Budget Committee and Constitution. Based on our case positions, the Cardano Development Foundation and Intersect funding will see us through to March 2025. Current ETA for treasury withdrawal is March 2025. The risk of March slipping is high and will have a high

2024 budget position

Intersect 2024 Budget Summary

• Intersect remains on track to spend circa $8.4m in 2024. This is a reduction of $0.55m on September financials.

Cardano Development Foundation 2024 Budget Summary

• The CDF remains on track to spend $6.77m and ₳37.36m. This is a decrease of $0.08m and ₳0.46m on September financials.

2024 Cash position

Intersect Cash Financial Summary

• Intersect has a runway of circa 3.2 months (runway calculated from 1st January 2025).

• Our average burn rate is $508k to the end of 2024.

Cardano Development Foundation Cash Financial Summary

• The CDF has a runway of circa 3.4 months (runway calculated from 1st January 2025).

• Average burn rate, at $2.428m. This includes our ADA and is calculated at 0.3976 - taken as of 30 September 2024.

Any other business

Next board meeting is planned for 27 November 2024.

Intersect hiring strategy

Lawrence Clark updated the board on Intersect hiring strategy. As the board was aware, for 2024, Intersect was bootstrapped with consultants. Following the October AMM, our strategy changed to limit our reliance on consultants and focus on hiring from the community.

1. Note: all current staff are members of Intersect.

2. As agreed with the board, all new roles are posted on the Intersect WebSite for members to apply. These will be open circa 2 weeks before advertising on other sites.

Plan to hire a new ED

At our August board meeting, the Intersect leadership team was asked to 1) create an ED job description and 2) a plan to hire that the board can review at our November board meeting.

Thank you, Mercy Tachie-Menson.

The board chair thanked Mercy Tachie-Menson for her time and work on the Board role. Mercy will now move to an observer seat to allow the two new member seats to be filled. Kavinda Kariyapperuma and Adam Rusch.

Motion taken by unanimous decision for Lawrence Clark to progress the offboarding of Mercy Tachie-Menson as a member of the board of Intersect.

The Chair closed the meeting at 13:00 UTC on 31 October 2024.

Noted actions and decisions

Motion taken by unanimous decision to rename the CDF to Cardano Development Holdings. Lawrence Clark is to work with the appropriate parties to change the name.

Motion taken by unanimous decision for Lawrence Clark to progress the onboarding of Kavinda Kariyapperuma and Adam Rusch.

Motion taken by unanimous decision for Lawrence Clark to progress the offboarding of Mercy Tachie-Menson as a member of the board of Intersect.