Sandeep Nailwal, a co-founder of Polygon, and Symbolic Capital, the venture capital firm he assisted in founding, announced the establishment of the new Nailwal Fellowship on Monday. The fellowship will help early-stage builders transition from Web2 to Web3 by offering financial support. In order to support the $500,000 cohort of the 10 builders chosen each year, Nailwal is committing his own money.
The bear market has almost completely halted investment in cryptocurrency startups and made moving into Web3 more dangerous for potential builders. The Nailwal fellowship, which prioritises individuals over teams, is aimed at those builders.
In a CoinDesk interview, Nailwal stated, “It’s not about funding a startup.” “It’s nothing like a fund. It’s a fellowship that will support people who are still in the very early stages of their careers. Some of them may even be exploring without having any ideas.
“Polygon Co-Founder’s Fellowship Program Offers $50,000 Grant, Mentorship, and Investment Opportunities to Nailwal Fellows”
Each Nailwal Fellow will receive a $50,000 grant, mentorship, and access to Symbolic Capital’s founder and investor networks. According to the website, Nailwal and Symbolic Capital will ask for a $50,000 Simple Agreement for Future Equity (SAFE) and token warrant if a builder decides to launch a business within a year of the cohort’s conclusion. These requests essentially ensure that investors can obtain equity on the most advantageous terms.
No matter their age or location, all Web3 builders are eligible for the programme. For those who are interested, there will be optional in-person coworking and networking events in New York, San Francisco, Dubai, and India. Each year, from May through early June, applications are accepted for the Nailwal Fellowship. According to the website where builders can apply, interviews will be held in late June to select the 10 participants for that year’s cohort, which will run from August through January.
In August of last year, Symbolic Capital announced the creation of a $50 million fund to support early-stage Web3 projects.