New accelerator program offers up to $1M in funding to foster blockchain innovation and support early-stage companies.
The Avalanche Foundation has recently unveiled its innovative Codebase accelerator program, marking a significant step forward in the support and development of early-stage web3 startups. This initiative is designed to bolster the growth of new companies within the blockchain space, providing them with the necessary resources and guidance to thrive.
The inaugural cohort of the Codebase accelerator program comprises 15 promising startups chosen from nearly 250 applications spanning over 30 countries. This diverse group of early-stage web3 companies will benefit from a comprehensive package of support, including funding ranging from $500,000 to $1 million. Additionally, a $400,000 investment prize pool is up for grabs, further incentivizing innovation and excellence within the cohort.
In a strategic partnership with Colony Lab, an established Avalanche accelerator, the program is positioned to potentially offer over $1 million in funding per project. This collaboration underscores the commitment of the Avalanche Foundation to nurture the growth of the blockchain ecosystem by supporting its most innovative and promising new entrants.
The Codebase program is meticulously designed to guide founders through the critical early stages of their company's development. It offers an extensive onboarding process that includes planning sessions, masterclasses, and mentorship from seasoned experts in both the web2 and web3 domains. This structured approach ensures that participants are well-equipped to tackle the challenges of building a successful blockchain-based business.
Founders participating in the program are required to commit full-time to their projects, emphasizing the importance of dedication and focus in the fast-paced world of blockchain technology. The program culminates in a Demo Day at Consensus on May 29th, where participants will have the opportunity to pitch their projects to a panel of investors, competing for a share of the $400,000 investment prize pool.
The Codebase accelerator is open to companies that have not raised more than $500,000 in investment capital, ensuring that the program remains accessible to truly early-stage startups. Interested founders must deploy their technology on the Avalanche blockchain and maintain exclusivity for two years, highlighting the program's focus on fostering innovation within the Avalanche ecosystem.
With pre-registration already open, official registration for the next cohort will start on November 27th, with applications closing on February 12th, 2024. The winners, set to be announced on March 18th, will receive a $50,000 grant to develop their projects, alongside the opportunity to compete for additional funding on Demo Day.
