NEM Ventures, the venture capital and investments arm of the NEM blockchain ecosystem, has announced the launch of the Ignite virtual incubator program, to provide mentoring and financial support for early-stage blockchain startups. As of today, applications are open to the first cohort of blockchain projects wishing to gain professional support in preparing for commercialization and fundraising rounds, with support from the NEM ecosystem.
Ignite from NEM Ventures will provide tailored business mentoring and financial support for early-stage blockchain projects building on the NEM NIS1 or Symbol from NEM platforms, with an award of up to $10,000 USD. A virtual program, Ignite will provide 1:1 tailored mentoring, helping startups develop their project and deliver on their vision. The program will cover a wide variety of hard topics, such as financial projections and fundraising 101, as well as help projects develop soft skills, such as pitching, design, business development, and marketing.
Commenting on the launch, Dave Hodgson, CIO of NEM Group and MD of NEM Ventures, said: “With the launch of Symbol by NEM imminent, we are looking to expand our strong ecosystem with diverse projects that contribute to the growth of the blockchain space as a whole. The program was developed to give early-stage projects the tools and support they need to bring their vision and product to market. Backed by the NEM ecosystem and leadership team, incubatees will learn hard and soft skills from our mentors first-hand.”
Ignite from NEM Ventures will foster connections between cohort participants, industry partners, and professionals, giving incubatees access to the strong NEM ecosystem. High caliber mentors, including members of the NEM Group Executive team, will provide mentoring throughout the three-month program. Incubatees will also have consistent support from the NEM Software technology teams, as well as the NEM marketing team and PR partners, Wachsman.
NEM Ventures will host three cohorts over the course of 2021, with each program lasting three months. The team is committed to giving tailored support to each startup by limiting participants to two per cohort. Startups are expected to meet with the NEM team once weekly for a two-hour virtual session, with other weekly tasks including action-oriented readings, assignments, and tutorials. Ignite from NEM Ventures will be open in all geographical regions, with plans to have support in English and Japanese languages.
Applicants will need to create a pitch video explaining their product and vision, a business model canvas, and a pitch deck, if appropriate. They will also need to explain how NEM fits into their business solution, detail of any funding received, awarded, or won, and a prototype of their user interface (UIs), if appropriate. Full application criteria can be found here.
Founded in 2018, NEM Ventures promotes the growth of the NEM ecosystem through strategic investments in projects which align with the ethos of the NEM community. NEM Ventures focuses on projects which demonstrate a truly differentiated product, the ability to generate positive net income in the medium term, and founders who showcase the desire to move the blockchain ecosystem forward