VC funds First and Fabric companies join forces to create The Crypto Exchange. With this program, the two firms want to find the next 10 crypto entrepreneurs in France. And they think they could favor the most promising crypto startups if they don’t have a preconceived idea and team yet.
As Pierre Entremont de Frst writes in an average post, there are plenty of opportunities if you want to build the next crypto success, but few entrepreneurs are actively looking into this space.
“Almost all crypto developers and entrepreneurs are already wealthy and therefore are not increasing their ambition,” he writes.
Blockchain development and DeFi projects are almost always open source. Learning resources are available free on the web. So it’s not that hard to get started and build a prototype, but you have to get started. Frst and Fabric Ventures believe they can create the right framework to engage the next generation of entrepreneurs.
If you are accepted into the program, the two venture capitalists will give you € 100,000 in exchange for 7% of your business. Basically, this should cover a year’s salary for a person in France with a salary of € 50,000, € 21,000 in employer contributions and € 29,000 in charges. You can be based in another country as long as it is in the same time zone and you set up your business in France.
This way, you can play around and brainstorm a big idea without feeling financial pressure. You will join a Discord channel with other fellows and attend weekly Zoom Meetings for the first few months. After that, Fabric Ventures and Frst partners will schedule regular office hours with you to check on your progress.
If you end up starting a full-fledged business and your idea is taken to the next level, the stock market may later ask to invest an additional € 700,000 for a 20% stake in the business.
Candidates can apply until June 15. The Crypto Fellowship is not looking for people who already have an idea or who are only available part-time. But if you want to join a team of 2 or 3, you can. Instead of € 100,000, you will get € 200,000 or € 300,000. Working as a team will likely help you stay motivated in the long run.
This is not the first startup mentorship program. the Thiel scholarship is undoubtedly the best known. But The Crypto Fellowship is not limited to college dropouts and has a different focus. It will be interesting to see if that comes to fruition and if venture capitalists have a second, third and fourth batch down the road.