Author: Robert Steele Date: 9th October 2025

Abstract#

See: https://www.thepipegdao.io

Imagine scientists at big universities have super-smart ideas, like a new type of battery tech or graphene based modular buildings. But most of these ideas—about 83 out of every 100—get stuck "in the lab" (like in a messy closet) and never get built, because...hey, that's hard work! This is a big problem globally.

The PIPE Platform is a special pathway, called "Lab to IPO" (which means "Lab to becoming a huge successful company").

• The Checklist: When an idea comes to PIPE, it goes through a strict checklist called QED. This checklist makes sure every idea is looked at fairly, even if they are very different (like comparing a sensor device to DNA in baby teeth!).
• The Goal: Because of this careful checking, PIPE thinks that the new companies it helps build will be 95% successful.
• The Money Box: PIPE helps the ideas find money using a big DAO Fund. The money they provide is called "patient capital," which means the investors are happy to wait a long time for the idea to grow big.

So, what is an xx-DAO? (The Special Interest Mini Club)#

A DAO (Decentralized Autonomous Organisation) is just the fancy name for the Big Money Box. It's a democratic way for everyone—even regular citizens—to put money in and become investors.

Inside this Big Money Box, there are two main types of funding groups:

• The General DAO (GENERAL DAO): This is the main club. It promises to invest a fair share in ALL the new ideas that pass the PIPE checklist. It acts like the "index" or the basic fund for everything.
• The xx-DAO, or Splinter DAO (Mini Clubs): This is a special club created by members (like moondao) who only want to invest their money in specific types of ideas like SpaceTech, for example.
  • The General DAO invests in all projects (like electronics, medicines, and robots), a Mini Club (xx-DAO) might say, "We only want our money to go to the new projects that focus on space or building permanent living on the moon!".
  • This Mini Club framework lets people "express preference for or prohibit investment" in specific research projects.
  • To start one of these special xx-DAO Mini Clubs, you have to invest 10,000 PIPE $gDAO Tokens to the main DAO which is used to onboard relevant projects.
  • Your xx-DAO can then hold funds within the General DAO, vote on specific space projects and get involved with high-value, focused research.
  • So, PIPE makes sure the ideas are good, and the DAOs (including the specialized xx-DAO Mini Clubs) are the groups that decide where the growing money should go.

Here is the big problem:

1. Hidden Ideas: Most of these brilliant ideas—83 out of every 100—get totally stuck and stay hidden away in the messy lab. They never get built into real companies that can help people. This happens because the Technology Transfer Offices, or TTOs who are supposed to help don't have enough money, staff, or business experience to know which ideas are the best to build. This is called a "pinch point".
2. Too Scary: When an idea does try to become a company, it's really, really risky, in fact, normally 9 out of 10 new companies fail. Because it's so risky, usually only the richest people (like "High Net Worth Individuals") are allowed to invest and try to make money, leaving out regular people (Citizens) who also want to help the world and share in the success.

The PIPE platform solves these two main problems! It is a special pathway, called "Lab to IPO":

• It helps find the 83% of amazing, hidden ideas and makes them visible to everyone.
• It uses a strong checklist (QED) and brings in helpful expert grown-ups (Associates) to check the ideas really carefully. Because they check so well, PIPE thinks that 95% of the new companies will be successful.

The Problem a moondao xx-DAO Solves (Giving Everyone a Voice)#

PIPE fixes the problem of who gets to invest by creating a General DAO Fund (a big money box operated democratically) where any person can put in money, as long as they follow the rules (KYC/AML). This fixes the problem that only rich people could get access to these valuable investments.

But even within that big money box, a new problem can pop up:

The Problem Solved by the xx-DAO (Splinter DAO): If you put your pennies into the main, big money box (General DAO), your money helps all the new inventions that PIPE approves. But sometimes, a small group of people only cares about one thing (Like Space). Maybe they only want their money to go to projects that terraform, or maybe only projects about finding special space medicine. The xx-DAO framework fixes this problem by creating a special, smaller club. This club is allowed to say, "We only want our funds to invest in specific projects or types of projects!".

This means the xx-DAO solves the problem of choice and lets investors actively show their preference for research that matters most to them—whether that's focused on great financial outcomes or helping society and the planet.

Solution#

The core proposal centers on establishing The PIPE Platform—a comprehensive digital ecosystem designed to resolve the pervasive inefficiency in commercializing European University Research & Development (R&D) and Intellectual Property (IP), known as the European Paradox. The proposal's "meat & potatoes" include a standardized pathway, technological innovation, a decentralized funding mechanism, and a plan for market disruption and global scale.

I. The Core Proposal: Lab to IPO Pathway#

PIPE (Pre-IPO Exchange) is a systematic, stage-gated, DLT/Blockchain, and AI-driven platform intended to move R&D/IP from the lab to a commercial listing ("Lab to IPO").

A. Work That Needs to Be Done#

The platform is currently at Beta stage with many university projects currently sourced and an £18m pipeline, but we are now focused on growing the community and project base, which in turn generates organic fees which will be re-invested in development, such as:

1. System Development:
   • DLT Integration: Complete integrate the core workflow (QED) with the chosen DLT partner, Hedera, to ensure immutable recording of milestones, governance, and project data. This DLT infrastructure is critical for the PIPE Exchange functions, Smart Contracts, and financial backing.
   • DAO and Exchange Build: Further develop the full functionality of the General DAO and the Splinter DAO framework (xx-DAO). Implement internal trading contracts and distribution contracts for the PIPE Exchange.
   • IP Security: Finalise the mechanism for securing and managing IP as Non-Fungible Tokens (NFTs) on the DLT, including protocols for transfer, trading restrictions, and revoking ownership/licenses based on key performance indicators (KPIs).
   • UI/UX and Automation: Enhance the user interface and experience (UI/UX) to minimize friction and enable mass user adoption. Develop AI and Data Analytics features to automate processes, forecast outcomes, support document creation, and identify relevant data points for continuous improvement.
2. Market & Team Development:
   • Recruit key roles, specifically the Chief Marketing Officer (CMO) and Chief Financial Officer (CFO), and critically, a Fund Manager to launch the PIPE Fund.
   • Execute sales and marketing plans targeting EU universities (Tiers 1-3) to increase project disclosures (aiming for a 20x increase in TTO throughput).

B. Alternative Solutions Considered#

The proposal contrasts itself sharply with existing models, claiming that current solutions are inadequate for addressing the European Paradox and early-stage risk.

C. Open Questions and Future Directions#

1. Regulatory Risk (High Impact): The primary risk is the evolving regulatory environment around digital assets (MiCA and MiFID) which could impact the tokenized DAO fund structure.
   • Mitigation (Plan B): If regulation prevents the DAO model, PIPE will revert to a standard GP/LP fund structure. However, this eliminates the democratized investment benefits intended for EU citizens.
   • Jurisdiction: To mitigate risk, the PIPE Fund and Exchange will be based in Switzerland (Zug) operating under FINMA regulations, while maintaining registration in the EU and the UK, with the General DAO foundation focused on relocating to Dubai, UAE.
2. DAO Evolution (xx-DAO / Splinter DAO): The system is designed for fragmentation beyond the initial General DAO (GENERAL DAO), allowing investors to create Splinter DAOs (xx-DAOs). These specialized groups can express preference for or prohibit investment in specific types of projects (e.g., focusing only on Quantum Tech or AI or SpaceTech).
   • The creation of a new DAO requires a fee of 10,000 PIPE $gDAO Tokens. This evolution is expected to create specialisation on the PIPE Exchange and drive the internal market through trading allocations to reflect customized portfolios, eventually leading to the development of Exchange Traded Funds (ETFs) by next year.
3. Scaling and Exit Strategy: PIPE is designed for scalability utilising AWS. The long-term goal is to expand operations beyond the EU (UK & CH) to global markets (MENA, ASIA/PAC, USA) after establishing EU critical mass. This is already underway with research clients in the US and Asia/Australia. The expected financial exit strategy involves achieving €2.5 billion Net Asset Value (NAV) of Assets Under Management (AUM) within five years, buying out initial investors at the earliest opportunity, and subsequently launching an IPO in the EU within 3–5 years to finance global expansion.

Benefits#

The approach adopted by the PIPE Platform and the xx-DAO (Splinter DAO) structure offers significant benefits concerning commercialisation efficiency, risk mitigation, and democratic investment access.

Benefits of the PIPE Platform (Commercialisation)#

• De-risked Investment: PIPE's standardised and rigorous due diligence process (QED) is designed to radically improve investment safety, forecasting a 95% investment survival rate for projects, significantly higher than typical early-stage investing. This represents a 600% positive outcome based on risk reduction.
• Increased Efficiency for Universities: The free Disclosure & Validation tools provided by PIPE enable Technology Transfer Offices (TTOs) to review projects systematically, leading to an estimated 20x improvement (2000% increase) in project throughput within existing budgets.
• Access to Expertise: The platform connects projects with a skilled Associate Network of experienced professionals, ensuring early commercial input, mitigating skill shortages, and helping to form future management teams.

Benefits of the DAO/xx-DAO Structure (Financial Model)#

• Democratisation of Investment: The PIPE DAO Fund makes early-stage investment in high-performing university R&D/IP—a sector that performs 400% better than non-university start-ups—open to all citizens regardless of status, moving away from systems historically reserved for High Net Worth Individuals (HNWI).
• Liquidity and Exit Options: Unlike traditional illiquid early-stage funds, the DAO Fund and the PIPE Exchange (DEX) provide liquidity and exit options for all stakeholders. Investors can trade the associated DAO Token on external DeFi Exchanges or sell their positions at any time to release capital.
• Investor Control and Specialisation (xx-DAO): The DAO structure grants investors a degree of control and decision-making power. The specialised Splinter DAO (xx-DAO) framework allows subgroups of investors to be formed to express preference for or prohibit investment in specific types of projects (e.g., focusing solely on SpaceTech or Quantum Tech etc), thereby driving internal specialisation and bespoke portfolio creation within the PIPE Exchange.

Risks#

The implementation of the PIPE proposal faces several critical challenges, largely stemming from regulatory uncertainty and entrenched resistance within the existing financial industry.

Major Risks and How They Could Go Wrong#

Mitigation Strategies#

• Regulatory Resilience: PIPE is basing its Fund and Exchange in Switzerland (Zug) to operate under FINMA regulations, whilst also complying with EU standards (MiCA/MiFID) to reduce risk exposure. If the DAO model becomes legally untenable, the proposal has a 'Plan B' to revert to a standard GP/LP fund structure, although this forfeits the intended democratic investment benefits for EU citizens.
• Mitigating Market Hostility: The platform is designed to be self-sufficient; the internal PIPE Fund can organically fund all successful projects regardless of external VC participation. PIPE mitigates this risk by focusing on delivering high performance and superior outcomes that ultimately leave competitors behind.
• Managing University Pace: The platform is built to monitor and manage inertia. Algorithms track activity, and projects that move too slowly or lack commitment are automatically 'red flagged' or stopped, ensuring that funding is not wasted on 'lazy' projects.
• Addressing Local Laws: PIPE has secured legal advice from firms like CMS to navigate jurisdictional anomalies. The choice of Switzerland as the financial hub is a strategic move to operate within a trusted financial jurisdiction whilst serving the EU market, whilst the foundation being based in the UAE resolves overall jurisdictional issues as currently understood.

Objectives#

Primary objective: Secure Blended Finance and accelerate platform development (TRL 9) to achieve full operational capability and financial self-sufficiency within 18 months.

Team (Table A)#

Project Lead Robert Steele @PIPE_CEO The Project Lead (Founder & CEO) is responsible for driving the overall PIPE Platform vision and securing the financial objectives. This includes leading the strategy to achieve financial break-even in Year 1 and ensuring successful engagement.

Initial Team

Multi-sig Signers Currently, our multisig (SAFE) has 4 of 4

Timeline (Table B)#

This is subject to moondao wishing to form an xx-DAO within the PIPE gDAO structure whereby they deposit whatever sum they like into the system and which is managed by moondao. We would like to see this within 7-10 days of being approved by the community and suggest holding a balance within the moondao xx-DAO that can be deployed by moondao against relevant PIPE gDAO projects.

Deadline for the project: End of Q2 2026.

Transactions (Table C)#