Cardano Developer IOG Implements Venture Studio Model, Enacts Staff Reductions

Cardano developer Input Output Global (IOG) has implemented a restructuring process that includes staff reductions as the company shifts towards a "venture studio" model with a more focused core business. IOG and Cardano co-founder Charles Hoskinson revealed this information to CoinDesk, without specifying the exact number of employees affected by the layoffs.

“IOG has been restructuring into a venture studio where its core is smaller and it has many spin-offs,” Hoskinson said.

He added, “As we move into this new business model, we’ve consolidated and eliminated groups that are redundant or not relevant to the new model.”

The new venture studio model will spawn several exciting offshoots, such as Lace, a dedicated wallet division; Prism, an innovative identity framework; and various Cardano-related infrastructures.

According to Hoskinson, there were primarily reductions in executive staff at the IOG level. However, he mentioned that IOG has appointed CEOs for Midnight and RealFi, who have subsequently recruited more employees.

“Longer term I expect 3-5 companies per year to be spun out,” Hoskinson said. “Under this model, things like strategy and commercial aren't monolithic, they are pushed to the spinouts under the CEOs.”

CoinDesk's request for comment on the specific roles that were eliminated by the company did not receive an immediate response from an IOG representative.

Source Coindesk

Cardano Developer IOG Implements Venture Studio Model, Enacts Staff Reductions

The blockchain research and engineering company has downsized its workforce while transitioning towards a more streamlined venture studio business model.