Alternative Funding Options: Grants vs Venture Capital
As the bear market continues to affect venture capital investments in the crypto industry, grants are gaining popularity as a means of supporting the community and established projects. Grants and venture capital have different purposes and conditions, with grants supporting projects aligned with specific objectives and values, while venture capital seeks high growth potential startups. However, projects can benefit from grants only if the funds are reinvested in the work, according to Cumberland Labs CEO Naveen Agnihotri. Open calls for grants are being made by SingularityNET and the Interledger Foundation to foster innovation and provide financial support to projects.
SingularityNET’s Deep Funding Grant Program
- The program rewards teams based on milestones achieved and deliverables.
- Proposals are accepted until Sept. 3, with over $1.5 million to be distributed to AI-related projects.
- The program has supported 28 AI projects since 2022 through decentralized voting within the SingularityNET ecosystem.
Interledger Foundation Grant Program
- The program aims to boost initiatives enabling payment networks for unbanked communities worldwide.
- Applications are accepted until Nov. 21, with grants of over $100,000 to be awarded.
- The program aims to alleviate financial pressure faced by entrepreneurs and innovators.
Applying for Grants: Key Considerations
When applying for grants, it is important to understand the goals and priorities of the grantor. Engaging with the community, seeking feedback, and refining the proposal accordingly demonstrates commitment to collaboration and improvement. Projects should focus on solving real problems and take advantage of the bear market to think deeply about significant ideas. Despite the scarcity of money during these times, good ideas can still attract funding.
Hot Take
Grants provide alternative funding options for crypto projects, allowing them to align with specific objectives and values. SingularityNET and the Interledger Foundation are examples of organizations offering grants to support innovative projects. Applying for grants requires a genuine interest in the program’s objectives and a focus on solving real problems. Despite the bear market, there is still funding available for good ideas. Grants play a pivotal role in shaping the crypto industry’s development and fostering creativity, research, and pioneering solutions.
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