Sandeep Nailwal, a co-founder of Polygon, and Symbolic Capital, the venture capital firm he helped in founding, announced the launch of the new Nailwal Fellowship on Monday. The fellowship will help early-stage builders transition from Web2 to Web3 by offering financial support. To support the $500,000 cohort of the 10 builders chosen each year, Nailwal is pledging his own money.
The bear market has almost completely halted investment in crypto startups, making moving into Web3 riskier for potential builders. The Nailwal fellowship prioritizes individuals above teams and is aimed at those builders.
“It’s not about funding a startup,” Nailwal said during an interview with CoinDesk. “It’s not a fund or anything. It’s a fellowship, which will back individuals who are at a very, very early stage. Some of them might not even have an idea, and they just want to explore.”
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 request 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 end. These requests ensure that investors get their equity on the most favorable terms.
All Web3 builders can participate in the programme, regardless of age or location. In New York, San Francisco, Dubai, and India, there will be possibilities for anyone who wants to join coworking and networking in person. Applications for the Nailwal Fellowship are accepted annually from May through early June. The website where builders can apply states that interviews will be held in late June to choose the 10 cohort members for that year, which will run from August through January.
When Symbolic Capital launched a year ago, it announced a $50 million fund in August to support Web3 projects in their early stages.