Polygon co-founder Sandeep Nailwal, along with venture capital firm Symbolic Capital, has unveiled an exciting new initiative - the Nailwal Fellowship. This program is designed to give budding entrepreneurs the financial boost they need to transition from Web2 to Web3. Nailwal is personally investing a substantial $500,000 every year to back a selected cohort of 10 promising builders.
The current bear market has made it increasingly challenging for crypto start-ups to secure much-needed funding, and this new fellowship aims to alleviate this issue. Instead of focusing on teams, the fellowship specifically targets individual builders, providing them with the means and the confidence to explore Web3.
“This is not about funding a start-up. It's a fellowship, designed to back individuals who are at the very early stage of their journeys. Some of them might not even have a solid idea yet - they just need the freedom to explore,” Nailwal explained.
Each of the chosen Nailwal Fellows will receive a generous grant of $50,000, along with mentorship through Symbolic Capital. This includes access to the firm’s extensive network of founders and investors. If any of these builders go on to establish a company within a year of completing the fellowship, Nailwal and Symbolic Capital will request a $50,000 Simple Agreement for Future Equity (SAFE) and token warrant.
The fellowship is open to all Web3 builders, irrespective of age or geographical location. There will also be optional coworking and networking opportunities in New York, San Francisco, Dubai, and India for those interested. Applications for the Nailwal Fellowship will be accepted from May through early June each year, with interviews conducted in late June to select the 10 participants for that year's cohort, which will run from August through January.
Last year, Symbolic Capital launched a $50 million fund dedicated to backing early-stage Web3 projects.
