- Google to help Web3 startups by providing then Accelerators
- The initiative will help to slow down the technical debt startups have to incur during their early stages.
On Tuesday Google announced that for the Blockchain Startups Google would expand its Google Cloud Setup, Additionally, Google will provide $6 million in partnering grants and hundreds of thousands more in Google Cloud credits to access computer processing capacity. The developers behind blockchains Aptos, Celo, Near, Solana, and Hedera Hashgraph are among the collaborators providing up to $1 million in token awards per firm.
What is an Accelerator?
Blockchain accelerators are for businesses that have progressed beyond the first stages of company formation. The company already has a product with demonstrated viability at this time.
For participating in a Blockchain accelerator a track record of your business along with your proof of Concept has to be provided. A team working with you on your business gives you more access and assistance. Before addressing blockchain accelerators, you should have figured out the majority of the features of your firm.
If investors believe that your idea is viable, they invest in it, allowing you to scale enormously. The crucial thing is that you have a strategy in place for utilizing the funds wisely to fuel the company’s growth and have a vision for its future use.
Accelerator programs, in addition to the monetary investment, provide much-needed business management coaching as well. This is especially crucial for blockchain firms, as the majority of entrepreneurs are young and inexperienced.
Furthermore, blockchain accelerators are excellent networking venues. You get to contact folks who are already knowledgeable about blockchain and can provide you with essential advice regarding the field.
Google’s Initiative with Accelerators
So-called Web3 startups in their early stages of Development will be targeted first by the program. Web3 is sometimes described as a set of interconnected open-source decentralized applications driven by blockchain computing architecture.
Google Cloud’s Head of Web3 Engineering, James Tromans explains that the evolution of Blockchain and decentralized networks are viewed by Google Cloud as analogous to the rise of open source and the internet 10 to 15 years ago. James further explained that just like back in the time when open source was important for the internet, now Blockchain can provide lots of value and innovation for upcoming Businesses and Consumers.
Over 30,000 new businesses have graduated from the Google Cloud Startups Programme. Tromans further said that the participants will have access to Google Cloud Storage, Google’s own blockchain node engine, and mentors.
Coinbase will provide consideration to participants for its Base Ecosystem Fund which is a newly launched Blockchain compatible with Ethereum.
Google for Start-ups
Google for Startups was a program introduced by Google, especially for entrepreneurs in 2011. It has operations in more than 125 Countries with 50 co-working locations to offer hands-on training for Budding Entrepreneurs.
It is a network of co-working spaces for Tech Entrepreneurs collaborating with Local Startup groups and is known as the Google Campus. It provides the local tech community with access to Google devices as well as resources and training. Google claims that startups at its Campuses have raised more than $250 million and produced over 4600 new employment.