Project Update - Grantee Interim Report
BessPay will develop and deliver a comprehensive subscription solution for digital content creators in the Caribbean starting with Jamaica and expanding to the other islands over eighteen (18) months.
Our work started on October 3rd, 2022 with the assembling and mobilization of a 10-person highly experienced multi-disciplinary Consulting & Advisory Team established to guide and provide critical support to the 4-person Core Research & Development Team.
Over the past 4 months (Oct 2022 to Jan 2023) significant progress has been achieved in our research & planning including the completion of BessPay's Technology Architecture Design, MVP Roadmap for the Prototype Stage and identifying the real needs and wants of Caribbean Creators through a Pilot Creator Survey (where over 83% of respondents indicated their need for a creator ecosystem).
Based on the research findings, we have established an ecosystem for Caribbean Creators called BessCaribbean, where this community is nurtured and paid promptly when their content is consumed.
BessCaribbean will be a content directory portal for Caribbean content across all ILP networks* and deliver quality Edu-entertainment content designed to make Caribbean people (our members) happier, healthier, wealthier, and wiser.
The project has faced some challenges including the availability, scalability, and reliability of Video Hosting Platforms in the ILP Network, the volatility & uncertainty of cryptocurrencies and the absence of specific regulatory requirements in Jamaica. These challenges are to be expected in a project of this size and early-stage development; however, we remain undaunted and have identified workable solutions for the successful implementation of the BessPay Project.
Progress on objectives
Our objectives are centered on conducting the research necessary to establish the viability, efficacy, and soundness of the BessPay solution. This research & planning will end on April 3 2023 with the completion of 3 critical operational plans: a Business Plan, a Technology Plan and a Legal & Regulatory Compliance & Risk Mitigation Strategic Plan. These plans will also guide the compilation of the final project report to the Interledger Foundation (ILF).
Work has been progressing satisfactorily on 8 internal supporting documents that will guide the validity and creation of our 3 critical operational plans, these documents are - 1) Problem Investigation & Market Research, 2) Compelling Use Case for the ILP Web Service*, 3) Strategic Marketing & Public Relations, 4) Overall Budget & Pricing Strategy, 5)Technology Work Schedule, 6) Technology Budget, 7) Regulatory Policy, Rules & Strategy, 8) Security & Data Privacy Protection.
Our progress to date on the completion of our 3 critical plans are:
- Business Plan: 60% completed
- Technology Plan : 35% completed
- Legal & Regulatory Compliance & Risk Mitigation Strategic Plan : 25% completed
Our Research has highlighted the need to include the global Jamaican Diaspora (2nd to 4th. generations living in the USA, Canada, U.K & other countries) into BessPay's previously locally based target market of persons aged 15 – 65 years.
The Diaspora will contribute its market size, shared cultural heritage, creative talent & capacity, greater disposable income and enormous potential contribution to the Caribbean Creator ecosystem.
Key activities
The following are the key activities that were carried out during the reporting period, under each objective
Business Plan
- Commenced development of a database of creators in Jamaica.
- Designed & conducted pilot surveys to understand the needs and wants of Jamaican creators.
- Designed & conducted pilot member surveys to understand the needs & wants of BessCaribbean members/subscribers.
- Drafted a compelling use-case for ILP based financial web services called, BessCaribbean
- Developed 1st draft of the Strategic Marketing & PR Plan
- Initiated communication with business stakeholders/potential partners
- Established outline parameters for Prototype Phase Budget.
Technology Plan
- Identified features of the BessPay and BessCaribbean platforms
- Developed an MVP(Minimum Viable Product) Roadmap for Prototype Phase
- Developed high-level Technology Architecture Diagram for BessPay and BessCaribbean
- Researched video hosting ILP alternatives and requirements for a scalable solution for the launch of BessCaribbean.
- Researched alternative base transactional currency.
Legal & Regulatory Compliance & Risk Mitigation Strategic Plan
- Reviewed requirements of Regulatory Framework in Jamaica
- Research requirements for Fintech Regulatory Sandbox in Jamaica
- Researched Data Security & Privacy Laws in Jamaica
- Consultations with our Legal, IP, Compliance and Regulatory Advisory Team as to our best options for startup.
- Established outline parameters of a ROSS(risk-oriented strategic sourcing) Framework for BessPay and BessCaribbean
Communications and marketing
Our Strategic Marketing & Public Relations internal document is designed to guide communication and foster very good relationships with Creators, Members, Business Partners, Other Stakeholders and Public Sector entities in order to ensure a smooth and successful start-up and operation of BessPay.
During the reporting period, the following Communications and Marketing actions were carried out:
- Established web presence via landing page https://www.besspay.net
- Established social media pages on Twitter, Facebook, Linkedin and Instagram.
- Booth Presentation at the Interledger Summit Nov 2022
- 1st Draft of Strategic Marketing & PR Plan
Focus was placed on completing the required research, establishing a solid corporate image and building direct relationships with key creators, potential members, Telecom, Financial and Media/ILP Platform entities.
What’s next?
Complete live/fieldwork surveys of Members & Creators in Jamaica, the Diaspora & continue building and cementing relationships with the creator community.
Develop a clear understanding & working relationship with key public and commercial stakeholders including Financial, Telecom and Media/ILP Platform Partners*.
Complete the 8 internal supporting documents, the 3 Critical Plans; Business, Technology and Legal & Regulatory Compliance & Risk Mitigation Strategic Plan.
Compile & submit a Final Report to ILF and transition to the prototype stage.
What community support would benefit your project?
We welcome assistance and support from the ILP Community through the following:
Sharing of regulatory requirements documentation:
If Fintech regulations are advanced in their countries, please share regulatory requirements documentation & any experiences with regulators. This information will assist us in best practice benchmarking and dialogue with key public stakeholders.
Networking and Partnerships:
To date we have identified 15 potential platforms in the ILP Network with whom we will seek to establish business partnerships, and remain open to other viable opportunities.
Partnership with BessPay will be mutually beneficial. Partners will benefit from increased business volume & revenues from expansion into the Caribbean, along with the enhancement of their diversity offering.
*At the time of submitting this report we have been notified that Coil will be discontinuing their service as of March 15, 2023.
Coil's cessation of operations may have a significant impact on the ILP-enabled platforms identified for partnering with BessPay. These platforms use Coil's monetization plugins as a key feature of their platforms.
Our Partnership search efforts may be delayed pending their identification of a new Web Monetization Provider.
Capacity Building:
Speakers and Mentors from the community who can assist BessPay in their creator training and development programs.
Additional comments
BessPay will play a significant role in developing a viable and scalable infrastructure connecting Caribbean Creators to the global digital economy and enhancing the lives and economic well-being of Caribbean people.
We thank Interledger Foundation(ILF) for the Grant funding of this Project, and are deeply grateful to the Program Team for their support and guidance throughout this reporting period.
Following Coil's notice we await further information and instructions from the Interledger Foundation of the impact of this closure on the ILP Network and the Prototype & Launch Phases of the ILP Based Financial Web Services Grant Program.
Report Dated: February 2, 2023
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