Solana Labs plans to grow ecosystem through new incubator program
Solana Labs will provide guidance around engineering, fundraising and go-to-market strategies
Rcc_Btn/Shutterstock modified by Blockworks
Solana Labs has launched an incubator program to help scale startups interested in building on its network.
This incubator program is designed to support teams interested in building on the Solana network by providing engineering and go-to-market support.
Solana has a total value locked (TVL) of $1.254 billion and around 114 dapps deployed on its network today, according to information on DeFiLlama.
Emon Motamedi, a product manager at Solana Labs, told Blockworks that blockchain development remains a challenge for many startups wanting to build in the space.
“Whether you are a Web2 founder looking to integrate Web3, a Web3 founder trying to bring your product cross-chain, or a native Solana founder, there can often be a technical hurdle in the best approach to incorporate Web3 into your product, and we hope to use our Solana knowledge and blockchain developers to help reduce the friction here,” Motamedi said.
Motamedi notes that there are also a host of operational challenges that founders must learn to navigate in the nascent industry.
“Given our experience in this area, we hope to help founders around these challenges and ensure their company is set up for success,” he said.
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Solana Labs has not specified the exact amount of monetary support that it will be dedicating to the program. He noted that the program will be customized and tailored to the specific needs of each team.
“Our levels of support will be dependent on the areas our applicants are looking for assistance around,” he said.
Specifically, Solana Labs will be working on helping teams with engineering, fundraising and go-to-market strategies, and will provide tailored support throughout different product life cycles.
Although there are no strict guidelines on who can participate in the program, Motamedi noted that Solana Labs is looking to support technical founders who are working on specific user needs.
“There can be a lot of noise in Web3 and that can sometimes overshadow teams working to provide true utility and value. By emphasizing these teams, we hope to not only help drive real solutions to tangible problems out in the world, but also grow more sustainable businesses in the Web3 ecosystem as a result,” he said.
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