Key Takeaways
- Program for Web3 Founders: Peaq Foundation and EWOR have announced the launch of a 10-month program for aspiring Web3 founders looking to build decentralized applications for machines, robots, and vehicles.
- Funding of up to €150,000: The program will provide hand-picked prospective builders with a vast array of skills, as well as mentoring and networking opportunities, while also backing them with funding opportunities of up to €150,000.
- Education & Networking Opportunities: The program leverages EWOR’s Education Circle platform with high-quality Web3 courses co-created by EWOR and peaq and includes weekly online sessions with seasoned entrepreneurs who have already built successful companies.
- Impactful Entrepreneurship: The partnership aims to empower a handful of entrepreneurs to work on critical topics such as secure healthcare data, peer-to-peer solar energy trading, and distributing machine-generated income more fairly.
More than 90% of blockchain startups fail, often due to a lack of market fit and insufficient financial resources. The risk-averse investment climate, coupled with other macroeconomic pressures, makes it even more challenging for young entrepreneurs to succeed today.
Peaq Foundation, a non-profit organization supporting peaq, the Web3 network powering the Economy of Things, and its canary network krest, has partnered with Germany-based EWOR, a blend of a master’s degree and early-stage VC firm, to launch a 10-month program for founders building decentralized applications for machines, robots, and vehicles.
The program is launched at a time when the pandemic era has brought about an uptick in entrepreneurship. The risk-averse investment climate among today’s larger macroeconomic pressures keeps founders awake at night with fundraising concerns.
To help daring disruptors reverse these trends, Peaq Foundation and EWOR are launching a unique program for aspiring Web3 founders looking to build Economy of Things dApps on peaq.
According to Leonard Dorlöchter, Co-founder of peaq, disruptive decentralized applications are a crucial component of the Economy of Things.
The Economy of Things refers to the integration of physical devices and digital networks, creating a new economic paradigm that allows for the seamless exchange of value between different entities.
The program leverages EWOR’s Education Circle platform with high-quality Web3 courses co-created by EWOR and peaq, as well as a vast array of mentorship, coaching, and networking opportunities with seasoned entrepreneurs who have already built successful companies.
The most promising projects will be able to leverage the funding opportunities provided by the two organizations.
As part of the collaboration with peaq, EWOR may opt to invest in the most promising Web3 EoT projects, signing tickets of €75,000 up to €150,000. Peaq Foundation, on its end, will bolster the builders with funds from its Ecosystem Grant Program and introductions to investors backing peaq.
The program started in April helping blockchain entrepreneurs overcome the high startup failure rates, with its five participants (4 of them Europe-based) selected from thousands of applicants.
The Web3 cohort includes Andres, the founder of the first PropTech company in Latin America, Radovan, an LSE graduate who bootstrapped his company Kykeon Advisors from $0 to $300k+, Usman, a guest lecturer at Exeter and a passionate technologist with a trove of fintech experience, Faizah, an Ed-tech startup Co-founder and disruptor passionate about financial inclusion, and Elliot, an experienced data scientist passionate about AI and blockchain.
The partnership’s goal is to empower a handful of entrepreneurs to work on urgent challenges such as making intimate healthcare data more secure and owned by the people, peer-to-peer solar energy trading, and distributing machine-generated income more fairly.
Daniel Dippold, CEO at EWOR, believes that impact follows a power law, where a small number of people are responsible for most of the change in the world.
Through the partnership, the two organizations aim to grant Web3 entrepreneurs a program that will help them bring their ideas to life with all the support they need. They aim to ensure that the 1% who make 99% of the difference can leverage Web3 to fix the global ills of today.
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