What is Happening?
An accelerator programme has been launched by Cronos, a blockchain ecosystem established by Crypto.com, a prominent digital exchange with more than 50 million users, to expedite growth in the adoption of DeFi and blockchain applications on Cronos. The Cronos Accelerator Program's investment partners comprise IOSG Ventures, Mechanism Capital, Spartan Labs, OK Blockchain Capital, AP Capital, Dorahacks and Altcoin Buzz.
Powered by $100 million, the Cronos Accelerator Program is designed to enable early-stage crypto companies looking for mentoring, investment, and growth to get the aid they need to go to the next level. In the seed and pre-seed phases, the Cronos Accelerator Program will provide coaching, finance, and growth support for crypto companies using a $100 million war chest to fuel the growth of the ecosystems.
Vested Interest Disclosure: The author is an independent contributor publishing via our brand-as-author program. Be it through direct compensation, media partnerships, or networking, the author has a vested interest in the company/ies mentioned in this story. HackerNoon has reviewed the story for quality, but the claims hereon belong to the author. #DYOR
When deployed correctly, a 100 Million dollar war chest can move mountains….
What is Cronos?
Cronos is an EVM-compliant layer one distributed ledger network based on the Cosmos SDK supported by Crypto.com and over 250 application developers and partners, including Crypto.org and Crypto.com.
More than a million people utilise Cronos, which has risen to a top 10 position among all chains in terms of total value locked and has grown by 20% every month. There are more than 50 million members in the Cronos ecosystem, fueled by the Cronos ($CRO) cryptocurrency. Incubator, investment fund, and web3 start-up accelerator all rolled into one, Cronos Labs is the company's answer to expanding and building the web3 ecosystem through continued mentoring and innovation through funding.
Why You Should Care
Accelerators such as Cronos Accelerator Program deliver infrastructure, assistance, and expertise to startups that otherwise might take too much effort. Accelerators can give access to a broader DeFi ecosystem that might help a startup feel less secluded. The founders can also connect with and engage with other DeFi and Web 3 startups in the cohort dealing with problems specific to their sector and application. A soft referral by a mentor or an accelerator member is frequently the first paying customer eager to demo a web3 startup's product.
Web3 accelerators often include law firms, patent lawyers, regulatory specialists, and CFO services interested in helping early-stage entrepreneurs. The real money that a startup accelerator invests in ultra-early stage firms is a component of a web3 startup accelerator that is frequently overlooked. Accelerators provide the founding team with a few months of the runway, allowing them to demonstrate that someone is prepared to invest money in their web3 concept.
Accelerators typically advise entrepreneurs on how to seek government funds and pitch to regular VC companies. Such fundings are often the first investment round for technical or social web3 applications, which helps to kick start the company. The establishment of web3 accelerators is critical for the blockchain industry in order to ensure continued funding, support, knowledge sharing and innovation.
Understanding the Impact of Accelerators on Web3
Blockchain development relies heavily on innovation. An idea must have the potential to be commercialised before it can be labeled an invention. A business accelerator programme might be an excellent approach to discovering whether a concept is viable in a web3 ecosystem. A good programme will put assumptions to the test and analyse the techniques in order to produce a solid, defensible, and believable web3 application that is secure and resilient to black swan events.
Many ambitious innovators who enroll in web3 accelerators lack business experience, and they rapidly discover that launching and scaling a new web3 application is challenging. Mentors, success stories, and subject matter experts provide the information and skills necessary to launch the web3 concept and convert it into a reality. The impact of accelerators on web3 and the blockchain ecosystem is tremendous. It helps blockchain startups bootstrap and focuses on core business applications or streams that can build a sustainable business.
Final Thoughts on Cronos $100 Million Accelerator Program
I believe that accelerators are an excellent channel for blockchain startups to receive guidance and direction from industry experts on a blockchain startup's strategy. This helps web3 applications build strong foundations that can scale for the long run. Cronos Accelerator Program, for example, provides marketing support and access to the growing Cronos user base with a focus on business advisory and mentorship programs. This can be an excellent help for blockchain startups to build
the audience for applications that can be used by customers and can scale.
Don’t forget to share and like the story!
Image credits: Viktor Forgacs, Annie Spratt, Mario Gogh.