July Progress Update on Building and Launching TFV 2.0

With the research and design phases completed we have been working on implementation over the last five months.

While there is a lot to be excited about and we continue to get great feedback on the design of TFV 2.0, it is taking a lot longer and a lot more resources to get to our launch than we anticipated (we had been targeting a launch in July!). 

Our building work has highlighted that in order to create the truly impactful model articulated in the design, there are complexities that require additional exploration, attention and advice. For example, the TFV 2.0 design we’ve developed aims to deliver a more comprehensive, effective, and larger scale solution than originally envisioned. This expanded ambition brings with it more legal and financial complexity, with multiple countries, currencies and tax considerations. 

We are in the midst of collecting quotes from experts to provide us with the advice we need to get things set up as effectively and efficiently as possible (and to do some of this set up work). This is introducing not only additional costs to the TFV 2.0 project but also requiring more time from us at Red Hat Impact that we had not planned for.

Throughout July to October, we will be progressing the setup of the member organisation and Fund at the core of the TFV 2.0 alongside fundraising for this structuring and setup work (US$200k) and the larger fundraising required to implement TFV 2.0 once it is established (US$1.1 million).

We will also be updating the broader stakeholder community built through the events in February and March/April with likely timelines so we can manage expectations and keep everyone involved.