The Science DAO Disrupting a Trillion-Dollar Industry

The Science DAO is a decentralized organization consisting of investors, think tanks, innovators, and an expert advisory committee aimed at incubating scientific startups and accelerating their development.

The healthcare industry is a trillion-dollar behemoth, and for years has been controlled by a small handful of companies. This monopoly has resulted in skyrocketing costs and a lack of innovation.

Point in case, the diabetes industry. With the estimated value of the global diabetes therapeutics care industry set at $1.2 trillion, it is no surprise that diabetes drugs are the third most-prescribed class of drugs in the United States. And yet, these drugs only manage the disease — they don’t cure it.

What’s more, there are only 3 multinational corporations that control most of the diabetes drug market while gaining upwards of 50% of the total medical profits from the industry.

So it’s no wonder that the cost of diabetes drugs has increased by more than 1,000% over the past four decades.

Some of the reasons contributing to the status quo include the fact that the industry is highly regulated. This means that few companies are able to operate in the market.

Another reason is that the health industry is capital intensive therefore it requires a lot of money to set up a health institution. Finally, the health industry is also technologically complex as it takes a long time and a lot of money to develop new health technologies, let alone study to become a licensed health practitioner. As a result, the industry has become dominated by a few large companies.

The Science DAO, however, aims to establish a venture fund that will support early projects in the sector from start to finish while also building decentralized communities in support of new ideas in the health industry.

What is Science DAO?

Science DAO focuses on three primary areas which include: Health and Environment, Computing and Technology, and Natural Science, Science DAO is looking to encourage contribution to science by giving institutional as well as retail contributors a chance to own part of life-changing breakthroughs and inventions.

At its core, the Science DAO has a three-pillar approach to achieving its goals:

1. Contribution: The Science DAO will contribute to early-stage science companies and help them grow by providing mentorship, access to resources, and networking opportunities.

2. Community: The Science DAO will build decentralized communities of scientists, engineers, and entrepreneurs to support the development of new ideas in the health industry.

3. Education: The Science DAO will provide educational resources to help people understand the science behind new health technologies.

Ultimately, Science DAO is set to create a new way to contribute to and support different medical ideas that are shaking up the global diabetes care industry.

How the Science DAO Works

The Science DAO is set up as a decentralized autonomous organization (DAO) meaning it is run by a set of smart contracts, which are essentially computer programs that automatically execute tasks according to pre-defined rules. The platform assembles an expert advisory committee with some of the world’s most prolific scientific startup experts.

This advisory team is made up of successful entrepreneurs, scientists, and engineers who are well-versed in the industry and all together form a decentralized think tank responsible for selecting the most promising projects. They use their experience and expertise to evaluate different opportunities and decide which projects should be funded by the Science DAO.

What’s more, the Science DAO platform will offer a wide range of resources to help these startups grow including access to mentorship, networking opportunities, and educational resources thanks to a network of experts who boast a collective experience of over 35 years in startup acceleration.

What Problems Does the Science DAO Seek to Solve?

The health industry is fraught with inefficiencies that have led to high costs and poor outcomes. The current system often fails to incentivize innovation or support early-stage companies that are looking to bring new treatments to market.

The Science DAO seeks to change this by providing a new way for people to contribute to medical breakthroughs and support the development of new ideas in health care.

What’s more, the platform will also help to educate people about the science behind new health technologies and provide mentorship and resources to help early-stage companies grow.

In doing so, the Science DAO is set to create a more efficient health industry that is better able to support innovation and improve patient outcomes.