Status, the open-source, Ethereum-based mobile operating system, has launched Status Incubate, a program designed to provide early-stage blockchain startups with funding, talent, and expertise to help reinvent the Web.
Created as part of Status Projects to support the broader decentralized ecosystem, Status Incubate is the first of several initiatives aimed at building the foundations and accelerating mainstream adoption of Web3 technologies.
Announced after an SNT token sale that raised over $100 million in under 24 hours, Status Incubate is being developed to nurture a diverse array of decentralized ventures. Each quarter the program will select a limited number of startups, including Ethereum-based projects, decentralized applications (DApps), Internet of Things (IoT) integrations, base-layer protocols, and scaling solutions.
Participating teams will receive a suite of services that includes legal and regulatory guidance, technical mentorship, marketing and public relations support, organizational consulting, and access to research resources. According to the Status website, incubators will open in multiple cities worldwide and will welcome both local and geographically distributed teams. Physical presence on site is not required to take part in the program.
“Status Incubate is focused on accelerating the development of the Web3 ecosystem,” said Ben Morris, Head of Status Incubate. “The initiative has been designed to provide the necessary guidance and support to help make the most compelling projects successful.”
Applications will be accepted on a rolling basis with no fixed deadline. The Status Incubate team will review each submission and invite the most promising projects to follow-up interviews.
In a related move earlier this year, Status invested $5 million in Matrix, a peer-to-peer messaging platform with millions of active users worldwide. Carl Bennetts, co-founder of Status, highlighted the close alignment between Status and Matrix, noting both aim to evolve into leading decentralized communication platforms.