diff --git a/SIGs/SIG-component-model/proposal.md b/SIGs/SIG-component-model/proposal.md
new file mode 100644
index 0000000..7d9e7f4
--- /dev/null
+++ b/SIGs/SIG-component-model/proposal.md
@@ -0,0 +1,17 @@
+# Proposal to Create SIG-Component-Model
+This document is a proposal to create SIG-Component-Model as a formal Special Interest Group (SIG) under the auspices of the TSC of the Bytecode Alliance, as specified in the TSC's charter.
+
+SIG-Component-Model's goal is to carry forward ongoing WebAssembly Component Model design and implementation activities as an important aspect of formal standardization of WebAssembly by the W3C. It recognizes past work among collaborating contributors and Bytecode Alliance members by transitioning their ad hoc efforts into a formalized SIG, allowing benefits in operations and visibility through the Alliance.
+
+The group will communicate asynchronously (on Zulip) and synchronously through regular Zoom meetings to discuss topics of interest. Agenda and minutes will be provided to capture important topics and share progress.
+
+## Deliverables
+As deliverables of the SIG, the group will evaluate new and existing Component Model features based on implementation experience with various Bytecode Alliance projects like [wit-bindgen](https://github.com/bytecodealliance/wit-bindgen), [wasm-tools](https://github.com/bytecodealliance/wasm-tools), [Wasmtime](https://github.com/bytecodealliance/wasmtime), and [Endive](https://github.com/bytecodealliance/endive) as well as external language toolchains such as [wasi-libc](https://github.com/WebAssembly/wasi-libc/), [wasi-sdk](https://github.com/WebAssembly/wasi-sdk), and the Rust compiler and provide feedback in the form of filing PRs, Issues and comments on the Component Model specification repository.
+
+## Supporting Members
+The following individuals support the creation of SIG-Component Model:
+
+- Wagner, Luke [@lukewagner](https://github.com/lukewagner) (Fastly)
+- Hayes, Bailey [@ricochet](https://github.com/ricochet) (Cosmonic)
+- Adossi, Victor [@vados-cosmonic](https://github.com/vados-cosmonic) (Cosmonic)
+- Schneidereit, Till [@tschneidereit](https://github.com/tschneidereit) (Akamai)