Annually, Sandeep Nailwal and Symbolic Capital, his enterprise capital subsidiary, will make investments $50,000 in a brand new cohort.
On Monday, Sandeep Nailwal, co-founder of Polygon, and Symbolic Capital, the enterprise capital agency he co-founded, unveiled the Nailwal Fellowship. The fellowship goals to supply monetary help to early-stage builders who’re transitioning from Web2 to Web3.
Nailwal is contributing his personal funds to the $500,000 cohort of 10 annually-selected constructors.
Polygon co-founder launches Fellowship to assist Web3 builders
Nearly all investments in crypto startups have stopped due to the bear market. This has made it dangerous for builders to maneuver into Web3. The Nailwal fellowship, which focuses on folks reasonably than groups, needs to assist these makers.
“It’s not about funding a startup,” Nailwal mentioned. “It’s not a fund or anything. It’s a fellowship, which will back individuals who are at a very, very early stage. Some of them might not even have an idea, and they just want to explore.”
Every Nailwal Fellow will obtain a $50,000 grant and mentorship from Symbolic Capital, in addition to entry to their investor and founder networks. In response to the web site, if a builder founds an organization inside one 12 months of the top of their cohort, Nailwal and Symbolic Capital will request a $50,000 Easy Settlement for Future Fairness (SAFE) and token warrant, which ensures the buyers can get hold of fairness on essentially the most favorable phrases.
The initiative is accessible to Web3 builders of any age or location. Coworking and networking alternatives will probably be out there in New York, San Francisco, Dubai, and India for individuals who want to take part.
The Nailwal Fellowship accepts purposes yearly from Might till early June. In response to the web site the place builders can apply, interviews will probably be carried out in late June to pick the ten members for that 12 months’s cohort, which can run from August to January.
In August of final 12 months, Symbolic Capital introduced a $50 million fund for early-stage Web3 initiatives.
Content Supply: coindesk.com
