- In the Web3 space, the failure rate for startup projects is over 90%
- Peaq will bolster builders with funds from its Ecosystem Grant Program
Peaq Foundation, an NPO supporting peaq, the Web3 network powering the Economy of Things, joins forces with EWOR, an educational and early-stage VC firm that identifies and invests in the most promising entrepreneurs, Bankless Times learned from a press release.
The result: a Web3-focused program for founders building decentralized applications for machines, robots, and vehicles. This 10-month program will grant prospective builders, hand-picked jointly by peaq and EWOR, a vast array of skills as well as mentoring and networking.
It will back them with funding opportunities of up to €150,000, equivalent to $165,480 at the current exchange rate.
90% of startups fail
About 90% of startups still fail. In the Web3 space, a new frontier for most mainstream entrepreneurs, failure rate for projects is even higher. The risk-averse investment climate keeps founders awake at night with fundraising concerns.
To help daring disruptors reverse these trends, Peaq Foundation and EWOR are launching a unique program for aspiring Web3 founders looking to build Economy of Things dApps on peaq. The program launched in April, welcoming five entrepreneurs hand-picked by EWOR and peaq from thousands of applicants.
Access to mentors, coaches, and more
The program leverages EWOR’s Education Circle platform with high-quality Web3 courses co-created by EWOR and peaq. It grants the students a vast array of mentorship, coaching, and networking opportunities with their peers and investors.
It also includes weekly online sessions with seasoned entrepreneurs such as Adjust co-founder Paul H. Müller and KW Commerce founder Jens Wasel.
Joint projects with Bosch and Airbus
EWOR may opt to invest in the most promising Web3 EoT projects, signing tickets of €75,000 up to €150,000. Peaq Foundation, on its end, will bolster the builders with funds from its Ecosystem Grant Program and introductions to investors backing peaq.
Builders might get introductions with companies and projects participating in the Gaia-X 4FM moveID project that peaq is part of alongside Bosch, Continental, and Airbus. The goal of EWOR and Peaq’s partnership is to empower a handful of entrepreneurs to work on topics such as:
Making intimate healthcare data more secure and owned by the people
Peer-to-peer solar energy trading
Distributing machine-generated income more fairly
Peaq cofounder Leonard Dorlöchter said:
Disruptive decentralized applications are the crucial component of the Economy of Things on peaq. By teaming up with EWOR, we are focusing some of the smartest people in the world on some of the world’s most urgent challenges. We are excited to lend our support and skills to the prospective founders and help them transform entire markets and industries with Web3 tech.
EWOR CEO Daniel Dippold added:
A small number of people are responsible for most of the change in the world. Our approach to making impact is to empower the most extraordinary visionaries to build enterprises with global impact. Through our partnership with peaq, we are granting Web3 entrepreneurs a program that will help them bring their ideas to life with all the support they need. We are making sure that the 1% who make 99% of the difference can leverage Web3 to fix the global ills of today.
