The world of blockchain and cryptocurrency is always in the need for new builders and innovators. In light of this, Polygon co-founder Sandeep Nailwal and venture capital firm Symbolic Capital have taken a unique approach to spur the move from Web2 to Web3. With the bear market making investments in crypto startups increasingly difficult, the newly announced Nailwal Fellowship aims to provide early-stage builders with financial support.
A total of $500,000 will be pledged by Nailwal himself to fund a cohort of 10 builders selected each year. This fellowship differs from the norm, focusing on individuals rather than teams. According to Nailwal, the core aim of the program is to “back individuals who are at a very, very early stage”, some of whom might not even have a concrete idea yet.
In terms of what Nailwal Fellows receive, there’s $50,000 in grant money, mentorship through Symbolic Capital, and access to founder and investor networks. There is also an interesting clause – if a builder founds a company within a year after their cohort ends, Nailwal and Symbolic Capital will request a $50,000 Simple Agreement for Future Equity (SAFE) and token warrant. This ensures that investors can get equity on the most favorable terms.
One might question whether a fellowship like this is necessary or worth it; however, this initiative comes with its own set of inherent benefits. For one, it encourages a diverse range of Web3 builders, as it is open to all, regardless of age or geography. Additionally, optional in-person coworking and networking opportunities will be available in various global cities.
On the other hand, skeptics might argue that simply throwing money at potential builders is not a guaranteed recipe for success. Some might feel that focusing on individuals rather than established teams could be a riskier investment. Moreover, there’s uncertainty surrounding the path a builder might take once they receive the funding and mentorship. These concerns may leave some questioning the efficacy of such a fellowship.
Nevertheless, it cannot be denied that the Nailwal Fellowship is breaking the mold of traditional crypto investment. By focusing on early-stage builders and individuals, it offers an alternative path to nurturing talents that could shape the future of Web3 technology. In a world that heavily relies on innovative minds, such an initiative deserves the attention it is garnering.
Applications for the Nailwal Fellowship are set to be accepted from May to early June each year, with interviews in late June to find the 10 participants for that year’s cohort which will run from August through January. Only time will tell whether this fellowship will be a success in cultivating the much-needed talent in the ever-evolving world of blockchain and cryptocurrency.
Source: Coindesk
