- Web3 startup accelerator Cronos Lab has launched the third cohort of its accelerator program.
- The accelerator program will support early-stage projects through funding and mentorship.
- Just like the previous accelerator programs which have gone on to achieve success, this third cohort will most likely attain a high level of success.
Crypto startups have something to smile about because Web3 startup accelerator Cronos Lab has launched the third cohort of its accelerator program.
The accelerator program will support early-stage projects through funding and mentorship.
Some of the world’s best IT firms will be joining the program as mentors including; Google Cloud, Amazon Web Services, CertiK, PeckShield and other firms including Protocol Labs, Hacken and Covalent
The accelerator program is well financed through $100 million which will be used to support crypto startups. For the second batch of its accelerator, Cronos previously received more than 350 submissions, a 43% increase from the first event.
The Recruitment has begun
The program’s recruitment process has already begun and will run until Sept. 10. Cronos Labs will choose eight startups that will participate in a 12-week remote program that will have mentorship, master classes, marketing and financial support, and introductions to strategic partners. At the end of the program, there will be a demo day that will start discussions on fundraising.
The head of innovation programs at Cronos, Charlotte Kapoor said they are seeking creative solutions that combine blockchain, artificial intelligence, and decentralized technology to creatively address real-world issues.
Kapoor added that the number and quality of applications to previous iterations of the accelerator were overwhelming and that it was going to be difficult to come up with a final shortlist. Cronos is looking for novel proposals that solve real problems while demonstrating the ability to use AI, blockchain and decentralised technology.
In a statement, Charlotte Kapoor, head of innovation programs at Cronos, said that the number and quality of applicants to previous iterations of the accelerator were “overwhelming” and that it’s going to be tough to create a final shortlist. “We’re looking for novel proposals that solve real problems while demonstrating ingenious uses for AI, blockchain and decentralized technology,” Kapoor added.
Cronos tapped various companies to become mentors and partners in the program. These include Google Cloud, Amazon Web Services, and blockchain security firms CertiK and PeckShield. Apart from these, companies such as Protocol Labs, Hacken and Covalent are also involved in the accelerator program.
After the widespread popularity of technologies like ChatGPT, blockchain developers have been seeking to capitalize on the rising interest in AI in recent months. The combination of AI and cryptocurrency has become a crucial instrument for luring investment as venture capitalists have increased their emphasis on this field.
The managing director of Cronos, Ken Timsit, stated: “Good ideas require backing in order to materialize. The Cronos Accelerator Program will support exceptional entrepreneurs with exceptional concepts whose breakthroughs have the potential to fundamentally alter how AI and decentralized protocols interact. We’re eager to see the ideas being developed by the teams accepted into cohort three and to provide them with the resources they require to be successful.
Previous accelerator participants have gone on to have great success, and some of their concepts have been turned into finished products and have received private investment. A good example of this is Earn Network, which funded $2.7M to create a market for liquid assets.
About Cronos Labs
Cronos Labs is a Web3 startup accelerator that focuses on Decentralized Finance and blockchain games, and on the development of the Cronos blockchain ecosystem.