Introduction

The objective of the pilot use case is to create a trust framework in order to enable cross-border investment. The Pilot UC will consist, at implementation level, of connecting investable startups (data holders) with investors (verifiers) by relying on Verifiable Credentials issued by accelerators or similar entities (issuers).

One of the main things that creates a well-functioning market for investing in early stage startups is the free flow of trustworthy and verifiable information. The OnePass project aims to create transparency for investing in early stage startups. One of the current obstacles is information mis-match. Startups have no clear picture of what type information they need to provide and investors have difficulty getting the information they need to make a good decision. This problem increases when going cross-border because of lack of proximity. The use of verifiable credentials is one way of solving this information mis-match which creates a better functioning market by creating a trusted index for evaluating startups.

The Pilot UC will have 2 implementation and piloting phases. In the first phase (starting in M6 and ending M10), startups will be issued with a credential verifying their legal existence, a Know your Business (KYB) credential and the identity of the company legal representatives will be verified using a Know your customer (KYC) process.

In the second phase of the project (M10 - M24), the credential will be extended to verify the startup momentum (investability indicator). This information will allow the startup to focus on the information that is required by investors to make an investment decision. These credentials can be securely shared by the startup with a potential investor. On the other hand, investors will trust the information that is shared by the startup.

The attributes defined in each of these credentials including the governance