Cronos is introducing an accelerator program for early-stage startups that are aiming for finance, coaching, and growth opportunities, along with other things, to help them get started with the Cronos chain.
The introduction of the Accelerator is fantastic news for blockchain startups in the seed-pre-seed stage that are searching for finance, mentorship, development, or a mix of the aforementioned. Advanced DeFi, Web3 Gaming and Metaverse, and Infrastructure and Tooling will be the emphasis of the Cronos Accelerator Program.
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What Will the Accelerator Program Cover?
The Cronos Accelerator Program is an intense program running over a period of ten weeks that tries to turn promising ideas into minimal viable products.
The Cronos Accelerator Program, which is leading the initiative, is supported by $100 million and is designed to assist crypto companies in the seed and pre-seed phases that are looking for guidance, finance, and expansion. Projects selected for the accelerator program will be paired with mentors who are compatible, as per the official statement.
As per Ken Timsit, the Managing Director of Cronos, “Through Cronos Accelerator, we want to enhance the potential of projects that sincerely want to help grow the ecosystem by providing support in almost every area of their operations. In the current climate, it is more important than ever to put our heads down and start building aggressively. We are a top 10 blockchain via Total Value Locked at the moment and are on track to reach the top 5 by the end of 2022.”
How to Get a Project Selected for Cronos Accelerator Program
The following parameters are used to evaluate and select projects on a regular basis:
The project should be related to one of the three focus verticals.
- The work is currently in the pre-seed or seed stage of fundraising, and no institutional funding has been secured.
- The project is being worked on full-time by the crew.
- [Optional, but strongly suggested] A minimum viable product (MVP) has been developed for the project.
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Benefits for the Startups
Cronos Labs and coaches will assist founders in refining their business and product plans over the course of the ten weeks. They’ll also help with Cronos technology integration, market analysis, community engagement, tokenomics design, smart contract security best practices, and financing strategies.
The effort, which is backed by Crypto.com’s robust community, will emphasize individuals that work in DeFi, Web3 gaming and metaverse, and infrastructure and tooling.
In total, 3–4 cohorts will be formed each year, each with an average of 10 start-ups. Cronos is a smart contract-enabled blockchain that enables decentralized scaling and interoperability between numerous blockchains. Its sister chain Crypto.org is largely concerned with the popular exchange’s transactions and staking activity.
Spartan Labs, AP Capital, IOSG Ventures, Mechanism Capital, OK Blockchain Capital, Altcoin Buzz, and Dorahacks are among the significant investment partners supporting the Cronos Accelerator Program. Cronos intends to bring on additional partners in the coming times.
Startups can ask for up to $300,000 in startup funding from Cronos Labs, either in the form of equity or investment. Selected candidates will receive extra grant funds for security audits, node operations, and gas expenses once accepted into the program. They will also get exposure to experienced VC partners for partnership and investment options.
Aside from the above-mentioned perks, the program will also provide potential applicants with required guidance in the areas of market tactics, token economics, financing, and other financial techniques. The program will conclude with a Demo Day where projects can pitch their ideas to the program’s financial partners.
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More Insights into the Cronos Accelerator Programme
Cronos will take it a step ahead by developing a broad, individualized training program based on dozens of sessions provided by Cronos Labs and industry specialists. Cronos also offers one-on-one meetings with teams, along with weekly events and informal talks with industry luminaries.
Cronos works as Crypto.com’s native solution to give DApp to its 10 million users and beyond, thereby significantly boosting the ecosystem. Cronos aspires to be a leading network for DeFi and GameFi.
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Key dates for cohort #1 are as follows:
- June 7th: Announcement of Cronos Accelerator was made.
- June 7th — July 4th: Cronos Accelerator Applications will get opened
- July 4th: Application for cohort #1 will close
- July 8th: Participants will be announced
- July 11th — September 16th: 10-weeks Cronos Accelerator Program will be conducted
- September 16th: Demo Day will be organized
Overall, it is a commendable initiative made by Cronos in the direction of funding next-generation blockchain efforts.
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