Sandeep Nailwal, the co-founder of Polygon network, has launched Beacon, a web3 startup accelerator. The entrepreneur announced in a tweet that the launch was done alongside the team behind Symbolic Capital.
Symbolic Capital is a crypto venture firm Sandeep launched in August with $50 million. It’s being managed alongside Kenzi Wang, co-founder of Symbolic Capital, Prateek Sharma, former vice president at Sequoia Capital, and Uri Stav, former chief security officer at Digital Currency Group, and others.
Explaining the need for a Web3 accelerator, Sandeep said that while Polygon is focused on creating Web3 infrastructures, the industry needs more to be done to accelerate mass adoption. “The mission of mass adoption needs more entrepreneurs building more and more amazing Dapp-based businesses which will then onboard users to Web3.”
He added that the Beacon project would help make it possible to support the best Web3 entrepreneurs in building useful projects around the world. The accelerator, based in New York, will support startups through mentorship and financing as fifteen startups have received funding from the firm, he told The Block.
Building and connecting founders together
According to The Block, startup founders who are accepted in Beacon will go through a 12-week program where they will be mentored and their projects financed. The first cohort for the Beacon program started in October and featured 30 founders from 15 startups focused on infrastructure, DeFi and gaming.
Further details reveal that application for cohort 2 is open until January 31, 2023, when startups will be chosen based on several demands in the form and its connection with the Beacon vision.
Some of the mentors in the accelerator program include Lily Liu, President of Solana Foundation; Neil Cunha-Gomes, Director at SoftBank; Miles Anthony, CEO and co-founder of Decentral Games; Dan Kim, VP of Business Development, Coinbase; and Jack Lu, CEO and co-founder of Magic Eden; and Antoni Martin, Enterprise Lead, Polygon.
Beacon also said they would host a live demo day in January where founders and builders can pitch their projects to more than 300 investors.
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