Zerodha announces $1M fund to back open-source projects globally
Zerodha's Chief Technology Officer, Kailash Nadh, has announced the establishment of a $1 million annual fund. The initiative is aimed at supporting Free/Libre and Open Source Software (FOSS/FLOSS) projects across the globe. The new fund is a testament to the major role FOSS has played in Zerodha's journey, as per Nadh. "A significant portion of our success and growth is owed to FOSS," he said.
What is FOSS?
FOSS refers to software that can be modified, used and shared by anyone for free. The source code is open to everyone, and permit the developers to see how the software works, adapt it for their requirements, and also contribute changes/improvements back to the community. Some well-known examples of FOSS include Firefox and Linux.
Fund to allocate up to $100,000 per recipient
The newly launched fund by Zerodha plans to give between $10,000 and $100,000 per recipient. A dedicated team will handle these allocations, working like an open-source funding office (OSFO). This organized approach will ensure long-term financial stability for FOSS projects and their contributors. Nadh believes this project will address the growing concerns over the financial sustainability of FOSS projects, and reinforce the spirit of reciprocity central to the FOSS movement.
Zerodha's fund aims to tackle sustainability issues
Nadh highlighted the open-source community has been struggling with sustainability issues, especially as cloud companies are reaping profits by repackaging FOSS. Zerodha's new fund aims to tackle these challenges and offer a more systematic approach to supporting FOSS projects. The firm plans to source applicants globally and involve the FOSS community in decision-making over time.
