Each year, Sandeep Nailwal and Symbolic Capital, his venture capital subsidiary, will invest $50,000 in a new cohort.
On Monday, Sandeep Nailwal, co-founder of Polygon, and Symbolic Capital, the venture capital firm he co-founded, unveiled the Nailwal Fellowship. The fellowship aims to offer financial assistance to early-stage builders who are transitioning from Web2 to Web3.
Nailwal is contributing his own funds to the $500,000 cohort of 10 annually-selected constructors.
Polygon co-founder launches Fellowship to support Web3 builders
Almost all investments in crypto startups have stopped because of the bear market. This has made it risky for developers to move into Web3. The Nailwal fellowship, which focuses on people rather than teams, wants to help those makers.
“It’s not about funding a startup,” Nailwal said. “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.”
Each Nailwal Fellow will receive a $50,000 grant and mentorship from Symbolic Capital, as well as access to their investor and founder networks. According to the website, if a builder founds a company within one year of the end of their cohort, Nailwal and Symbolic Capital will request a $50,000 Simple Agreement for Future Equity (SAFE) and token warrant, which ensures the investors can obtain equity on the most favorable terms.
The initiative is accessible to Web3 developers of any age or location. Coworking and networking opportunities will be available in New York, San Francisco, Dubai, and India for those who wish to participate.
The Nailwal Fellowship accepts applications annually from May until early June. According to the website where builders can apply, interviews will be conducted in late June to select the 10 participants for that year’s cohort, which will run from August to January.
In August of last year, Symbolic Capital announced a $50 million fund for early-stage Web3 initiatives.
Content Source: coindesk.com