NEM Ventures, the venture capital and investments arm of the NEM blockchain ecosystem, announced on Tuesday the launch of its NEM Ignite Incubator Programme to provide mentoring and financial support for early-stage blockchain projects.
According to NEM Ventures, NEM Ignite will help cultivate the growth of meaningful ideas into viable companies that enhance the NEM ecosystem and technology adoption.
“NEM Ventures will assist incubatees by fostering connections between cohort participants, prominent partners and industry professionals, while helping founders develop their objectives, plans and technology to execute on their vision. Acceptance into the program includes moderate financial assistance in the form of investment to help participants get started with pre-seed funding.”
Participants in the NEM Ignite will have access to mentors who provide assistance throughout the virtual incubation process in order to prepare them for market entry, business planning and investment rounds. The program will also provide marketing, public relations and social media support across NEM ecosystem channels, and participants may be given direct access to the development teams or other trusted technical partners that build the NEM blockchain and supporting projects. While sharing details about the program, Dave Hodgson, Director and Co-Founder of NEM Ventures, stated:
“The NEM ecosystem has taken many positive steps since its launch in 2015, and NEM Ignite has been developed to ensure companies that wish to build on the platform have the tools, support and relationships to best ensure their success. It represents an investment by the community in early stage companies who are building their future hand in hand with our ecosystem. With the NEM Symbol launch coming soon, it is a time for major growth in the ecosystem and NEM Ignite is one of several ways that NEM supports projects building on our technology. With blockchain being a relatively new industry, there are few places to turn to for advice or guidance and the incubator will help nurture meaningful ideas into projects, and we intend to help fill that gap.”
NEM Ventures further reported that it is planning to open applications for NEM Ignite’s first cohort in the second quarter of 2020 and a beta cohort of pre-screened companies is being incubated at present to ensure the processes are all functioning correctly.
To apply for the program, applicants will need to create a pitch deck and video to clearly explain their vision, a business plan canvas, and a prototype, if appropriate. Applicants should include what they expect to gain from the program and how they feel NEM fits into their business solution. The program anticipates 2-4 cohorts a year, depending on uptake, and will take no more than 3 projects per cohort. These plans may be subject to change in response to various external conditions. Speaking on potential applicants, Hodgson then added:
“We encourage those who believe they have a truly differentiated product and long-term vision to apply to NEM Ignite. We’re interested in working with meaningful projects, those who will have the ability to make a difference to the future adoption of blockchain. If this describes you and your business, we urge you to apply.”
Founded in 2018, NEM Ventures consists of a small, highly motivated team of investment and technology professionals. NEM Ventures promotes the growth of the NEM ecosystem through strategic investments in projects which align with the ethos of the NEM community, with a particular interest in social impact and environmentally conscious projects. To date, NEM Ventures have invested in a number of projects building on the NEM blockchain or which expand the ecosystem, including Vimba, Mobi, Ample, IoDLT, Techemy, and CycleBit.