- Cardano developer, Input Output Global (IOG), is transitioning to a venture studio model, resulting in the elimination of certain positions.
- The restructuring will generate several spin-offs, including a wallet division, identity framework, and additional Cardano infrastructures.
Renowned blockchain engineering company Input Output Global (IOG), known for developing Cardano, has embarked on a significant organizational transformation. The company, co-founded by Charles Hoskinson, is transitioning towards a leaner “venture studio” model, a move that has prompted some job reductions.
Reading this https://t.co/4Vxi9HcIP7 seriously? We've been moving towards a venture studio model for 18 months in a pretty public way.
Cardano is a platform and the point is to build stuff on top of it. Thus IOG has been spinning out companies like Midnight, Lace, and Prism.…
— Charles Hoskinson (@IOHK_Charles) June 12, 2023
IOG’s shift to a venture studio model represents a strategic pivot aimed at fostering a more dynamic and agile business structure. “IOG has been restructuring into a venture studio where its core is smaller and it has many spin-offs,” Hoskinson revealed to CoinDesk. According to him, the transformation was necessary to align the company’s operations with its new business trajectory, leading to consolidation and the removal of groups that no longer fit the model.
This transformation will give rise to several spin-off entities, each focused on unique aspects of the blockchain universe. These include ‘Lace’, a dedicated wallet division; ‘Prism’, an identity framework initiative; and multiple infrastructures related to Cardano, one of the world’s most recognized blockchain platforms.
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Hoskinson explained that the lay-offs have primarily affected the executive level staff at IOG. However, on a positive note, the company has appointed new CEOs for ‘Midnight’ and ‘RealFi’, two of their ventures, who have proceeded to hire additional personnel.
The venture studio model envisions an expansion of IOG’s footprint via these spin-off entities.
“Longer term I expect 3-5 companies per year to be spun out,”
Hoskinson mentioned. He further explained that under the new model, aspects like strategy and commercial operations are not centralized. Instead, they are devolved to the spin-off entities, under the leadership of their respective CEOs.
At the time of this report, representatives from IOG had not commented on the specific roles impacted by the restructuring. As this organizational transformation unfolds, IOG’s progression towards a venture studio model signifies a new chapter in its journey, marked by agility, innovation, and the promising potential of its spin-off initiatives.
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