Sandeep Nailwal, co-founder of Polygon, and Symbolic Capital have launched the Nailwal Fellowship, aiming to provide financial support to early-stage builders transitioning from Web2 to Web3. The fellowship will select 10 builders each year and offer a total of $500,000, with Nailwal contributing his own money.
The bear market has slowed down investments in crypto startups, making it challenging for builders to enter the Web3 space. The Nailwal Fellowship aims to address this by focusing on individuals rather than teams, offering support to those in the very early stages, including those without specific ideas who want to explore the Web3 landscape.
Nailwal emphasized that the fellowship is not about funding startups but supporting individuals at an early stage. It is designed to provide opportunities for exploration and development in the Web3 ecosystem.
Nailwal Fellows will each receive $50,000 in grant money and mentorship through Symbolic Capital, including access to their founder and investor networks. If a builder happens to found a company within one year after their cohort ends, Nailwal and Symbolic Capital will request a $50,000 Simple Agreement for Future Equity (SAFE) and token warrant, which essentially ensure the investors can get equity on the most favorable terms, according to the website.
The program is open to all Web3 builders, regardless of age or geography. There will be optional in-person coworking and networking opportunities in New York, San Francisco, Dubai, and India for those who want to participate.
The Nailwal Fellowship will accept applications from May into early June each year. Interviews will be conducted in late June to find the 10 participants for that year’s cohort, which will run from August through January, according to the website where builders can apply.