Web3 startup accelerator Cronos Labs has launched the third cohort of its accelerator program which aims to support early-stage projects by providing funding opportunities and mentorship. The scheme is backed by $100 million in investment that will be used to support crypto startups.
In an announcement sent to Cointelegraph, Cronos Labs highlighted that the accelerator’s goal is to nurture startups that have the potential to “shape the future of Web3.” Furthermore, Cronos is looking for projects that focus on creating practical use cases that can push the adoption of decentralized applications (DApps) that can attract genuine users rather than bots.
Exciting news for blockchain devs! Cronos Labs is launching a $100M accelerator program to support cutting-edge blockchain solutions. Join the program to gain mentorship, funding, and resources for your project. Apply now on the official Cronos Labs website! #Blockchain pic.twitter.com/ZgS39IRg9C
— CryptoEmery (@CryptoEmery1) September 5, 2023
The program’s recruitment phase began on Sept. 4, coinciding with the start of the Korea Blockchain Week, which will run until Sept. 10. Cronos Labs will choose eight startups that will participate in a 12-week remote program that will have mentorship, master classes, marketing and financial support and introduction to strategic partners. At the end of the program, there will be a demo day that will start discussions on fundraising.
In a statement, Charlotte Kapoor, the head of innovation programs at Cronos, said that the number and quality of applicants to previous iterations of the accelerator was “overwhelming” and said that it’s going to be tough to create a final shortlist. “We’re looking for novel proposals that solve real problems while demonstrating ingenious uses for AI, blockchain, and decentralized technology,” Kapoor added.
Cronos tapped various companies to become mentors and partners in the program. These include Google Cloud, Amazon Web Services (AWS) and blockchain security firms CertiK and PeckShield.
Meanwhile, funding support for Web3 technology has been slowly gaining momentum. On Aug. 7, the Monetary Authority of Singapore (MAS), the country’s central bank, committed $112 million to support various financial technology solutions like Web3. The scheme will foster innovation by supporting projects that use cutting-edge tech.