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Web3 Innovators Get a Boost with Consensys’ $1.5 Million Fellowship Program

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Consensys CEO Joseph Lubin. Source: a video screenshot.

Blockchain development firm Consensys has announced the launch of its inaugural Consensys Fellowship Program, aimed at providing critical support for Web3 startups and founders.

The pre-accelerator program is designed to empower participants to harness the potential of Web3 technologies, particularly those within the Consensys software suite, including MetaMask SDK, MetaMask Snaps, and Linea.

The program’s first cohort will include 15 startups that will undergo a 12-week immersive experience, involving hands-on exercises, interactive workshops, and case studies, the announcement from Consensys said.

It explained that the activities will be guided by subject-matter experts such as Austin Griffith, co-founder of Buidl Guidl; Lindsey Winder, co-founder of Hedgey Finance; and Vanessa Grellet, managing partner at Aglae Ventures.

The announcement noted that these experts’ mentorship will be instrumental in addressing common challenges in the Web3 space.

$1.5 million potential investment

One of the standout features of the Consensys Fellowship Program is that it is a no-equity program, offering the opportunity for participating teams to secure potential investments of up to $1.5 million from Consensys Mesh and its Tachyon program.

This financial support aims to empower teams to develop innovative use cases that can benefit the broader Ethereum community.

Consensys CEO Joseph Lubin is the co-founder of Ethereum, and his firm is seen as a key player in the Ethereum ecosystem.

Mentorship opportunities

The In addition to financial support, participants will have the chance to learn from Web3 industry leaders through speaker sessions, workshops, and peer-to-peer working groups.

These activities will cover essential topics like product-market fit, business modeling, growth strategy, engineering strategy, and fundraising, Consensys said.

Furthermore, the Consensys Fellowship Program offers a part-time structure, allowing founders to choose between retaining their full-time jobs or fully dedicating themselves to their startups.

The program culminates in an in-person Demo Day, where fellows can showcase their innovative solutions to potential investors and collaborators.

Key partners involved in the initiative include SheFi, Bankless DAO, Open Zeppelin, SAFE, GitHub for Startups, Aave Companies, Polygon, Utopia Labs, Gitcoin, and more.

Applications for the first cohort of the Consensys Fellowship Program are currently open and will close on October 3rd, 2023, at 11:59 pm EST, the announcement said.