Awfully grumpy-why?
They're asking for nearly 10% of all NEM community funds. That's more than a little excessive for a finite resource that will never return intended to benefit the project as a whole. Even if they'd stated it would be paid back, which they haven't, that's asking that fund to take an outrageous risk on something that sounds like every other bit of tech dreaming out there.
They've also glued the magic word ICO and airdrop in there too.
They may all be wonderful people but it's not even a no strings loan, it's flat out zero risk free money gifted to them, albeit conditionally and staged.
0.5-1% of the fund makes it an acceptable bet. Not this type of proportion.
That sounds like very fair criticism. The details are very scant, so it might just be a buzzword-filled project as opposed to something that adds real value to the ecosystem. Who has the power/ability to approve the use of community funds? Perhaps it makes sense to open a dialogue.