DAO Studio, the first Italian initiative based on DAO (Decentralized Autonomous Organization) that aims to stimulate and foster the birth of new innovative realities, is created in Milan. “DAOs” are organizations whose activities and executive power (governance) are exercised and managed through Smart Contracts.
The founding partners of DAO Studio are Gianluigi Davassi, former CEO of Faire.ai, and Andrea Gronchi Blockchain developer and analyst with 8 years of experience. The legal aspects of the transaction were overseen by Attorney Alessandro Negri della Torre, founder of LX20 Law Firm.
DAO Studio was created as a “Venture Studio,” seizing the advantages of blockchain to foster more robust and interactive forms of management and cooperation than ordinary forms. It is precisely the transparency and cooperation possibilities offered by DAOs that represent one of DAO Studio’s assets.
In fact, DAO Studio adopts a flexible model based on co-investment logic to enable the rapid growth of startups created by DAO Studio experts and generated by a stream of new entrepreneurial realities by leveraging its community of founders, investors, experts, and mentors.
“Community is a critically important aspect and we invite those with entrepreneurial ideas to get in touch with DAO Studio for possible collaborations,” say the founders.
DAO Studio aims to validate at least four business ideas per year and expand its community of founders, investors, experts, and mentors around the world, looking heavily at the MENA region.
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What makes DAO Studio innovative
DAO Studio S.r.l. is itself innovative in that it is incorporated and administered by a corporate DAO under Italian law. In fact, the founding members of the DAO leading the DAO Studio initiative hold stakes represented by governance tokens and will cooperate through a dedicated DAO application by voting on proposals, projects and expansion of the initiative.
DAO Studio aims to reap all the benefits of DAOs as a governance and collaboration tool to assist founders, consultants, and experts in the creation and development of innovative entrepreneurial projects both in Italy and abroad. DAOs are, moreover, a tool that can facilitate the provision of financial resources and allow greater transparency in the management of internal resources, especially in the case of on-chain treasuries and, that is, based on digital assets.
For these reasons, the corporate DAO that participates in and administers DAO Studio S.r.l. was established through the contribution of USDT stablecoins. Transactions such as the total amount of contributions can be verified directly by all DAO members and third parties.
The legal basis
The operation is the first in Europe to provide for the creation, participation and administration of a corporation by a corporate DAO. It is allowed by the Italian legal system, which is among the most flexible in Europe.
The founding partners first created a corporate DAO, which then established DAO Studio S.r.l. The complex transaction was made possible by LX20 Law Firm’s experience in setting up X20 DAO, a consulting firm also based on the DAO model, in which participation and interaction among members are mediated by the possession of a governance token (see other Crowdfunding Buzz article).
LX20 Law Firm is a next-generation legal boutique specializing in the integration of law and technology with a focus on banking, financial and insurance services. The Firm’s goal is to provide its clients with specialized legal assistance by adopting a multidisciplinary and highly integrated approach. The firm has a presence in Milan and New York.
As early as 2023, DAO Studio will promote the development of a community of founders, entrepreneurs, academics, experts as well as individuals with experience in startup and venture investing. It will also forge strategic partnerships with research centers and universities to assist future entrepreneurs to generate business ideas and embark on the journey of birth and subsequent growth.
Gianluigi Davassi clarifies, “In traditional companies, the process of raising financial resources is generally extremely protocol and slow, governance is limited to a narrow circle of people, and decision-making by vote is extremely inefficient. The DAO is for all intents and purposes a revolution in the generation and execution of corporate governance: it allows these limitations to be overcome by managing investment decisions, fundraising, management, and liquidation through the DAO and distributing decision-making power among all shareholders as needed.”
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First published in Crowdfunding buzz, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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