Statement of Milestones (SoM)

What is the Statement of Milestones?

All funded projects from Fund10 onwards must follow the process set out in this document before funding is received. Under this process, Funded Projects will be required to identify and document the critical milestones of their project in a Statement of Milestones on the Milestone Module. This new tool automates all processes for submitting, reviewing, approving, and managing the key milestones of a project throughout the project lifecycle.

Milestone-based funding enables funded projects to lay out their critical path to delivering their promises, highlighting each key milestone, output, acceptance criteria, costs, and evidence of achievements. In this context, a milestone is an important event or action in a project or business journey that marks a crucial stage of progress. It is an essential reporting tool to inform the Catalyst team and the community about the project's progress.

When to submit a Statement of Milestones

Projects approved for funding must submit a Statement of Milestones in the Milestone Module once voting has concluded and as part of the onboarding process - from the 16th February* to the 23rd of February. In case of a delay in SoM submission within a given time frame, there is a high risk that FP will not receive the initial batch of funds on time.

More information on the rules and requirements applicable to the Statement of Milestone in F11 is available here.

*The FP user account in the Milestone Module allowing FPs to submit their SoM is created once the FP has completed and submitted their onboarding form.

Approval of milestones in the Statement of Milestones

Once completed, milestones in the Statement of Milestones will be reviewed and approved by Milestone Reviewers as part of the project onboarding and before the project is considered LIVE. Review and approval will be from February 23rd to March 3rd (from February 20th if FP finishes submission of milestones into the Milestone Module before the deadline).

More information on the process for obtaining approval for your Statement of Milestones in F11 is desribed in the section below.

The Statement of Milestones will continue to be monitored by Milestone Reviewers throughout project delivery.

Under this framework, funding is conditional upon a Funded Project (FP) demonstrating that it has achieved the milestones set out in the Statement of Milestones.

Process of checking milestones

• FP submits milestone through the Milestone Module

• Milestone Reviewers check email notification to see if there is milestone to review

• First Milestone Reviewer compares if evidence of milestone provided meets the following: expected outputs, acceptance criteria or evidence of completion

  • If verified: milestone is approved by first Milestone Reviewer

  • If not verified: milestone is not approved by first Milestone Reviewer and feedback for FP is provided in the milestone module

• Once first Milestone Reviewer reviews milestone, second Milestone Reviewer makes review

• Second Milestone Reviewer compares if evidence of milestone provided meets acceptance criteria approved in milestone

  • If verified: milestone is approved by the second Milestone Reviewer

  • If not verified: milestone is not approved by second Milestone Reviewer, feedback for FP is provided

• If one reviewer approves and the other does not, the Funded Projects has to resubmit the milestone, considering the comments provided, and go through the review process again.

• Catalyst sign-off user will sign off milestone if possible

Amendments to the milestones

Information on the process for updating or amending the milestones in F11 can be found here.