Beacon, an accelerator created by web3 founders for web3 founders, officially launches today, led by an experienced group of web3 founders and operators. To manage the initiative, Sandeep Nailwal, co-founder of Polygon and Symbolic Capital, has hired top entrepreneurs with experience in web3 financing, legal, security, and operations.
Beacon is managed by a limited group of “Core Contributors” that, in addition to Nailwal, also includes Uri Stav, a former chief security officer of DCG, Prateek Sharma, a former vice president of Sequoia Capital, and Kenzi Wang, a co-founder of Symbolic Capital. A network of devoted mentors is used by the small group of “Core Contributors” to facilitate sessions and provide advice to Beacon’s founders on a variety of issues, including infrastructure and consumer app initiatives as well as GameFi and DeFi projects.
Web3 founders, investors, and operators are represented by the mentors in Beacon’s first cohort, which includes Jack Lu (Co-Founder and CEO of Magic Edan), Beryl Li (Co-Founder of YGG), Matt Liu (Founder of Origin Protocol), Evan Fang (Partner at Coinfund), Geoff Hamilton (Partner at Variant Fund), Samuel Harrison (Co-Founder at Faction-Lightspeed), Ryan Kim (Co-Founder at Hashed), Itai Elizur (Co-Founder at Market Across), Dan Kim (VP of BD at Coinbase), Andrew Wilson (Partner at Makers’ Fund), Anand Iyer (Venture Partner at Lightspeed), Maria Shen (Partner at Electric Capital), Sota Watanabe (Founder of Astar), Jing Sun (co-founder of Iotex), and Pratik Agarwal (Principal at Accel). One may get a list of everyone who is involved here.
Speaking on the genesis of Beacon and the need for a web3-specific accelerator, Nailwal reflects, “You often hear that building a web2 startup is like ‘running a marathon’ and that web3 founders need to be sprinters. That’s the wrong way to think about it. Web3 founding is an altogether different sport. It’s not running, it’s like skiing. At Beacon, we know you can’t follow the same web2 playbook to be successful in web3. Through weekly sessions and hands-on mentoring, we’re teaching our founders how to ski – marketing is different, community building is different, launching a project is different. Founding in web3 is a different animal and we’re helping our founders navigate this new landscape.”
The program’s inaugural cohort began in October and included around 30 entrepreneurs from 15 different startups in the fields of DeFi, infrastructure, gaming, and the metaverse. Twelve weeks are spent in the programme, during which time entrepreneurs who are accepted into the exclusive programme hear weekly seminars by leading web3 developers and regularly get one-on-one mentoring from Beacon’s core staff. The first Cohort of the programme includes founders from 12 locations in nine different countries since it was created to be remote-first from the start.
Nailwal is seeking to set Beacon apart from other accelerators by focusing on developing in-house software to manage the operations of the programme, drawing on his experience as a founder. For investors to examine projects, watch video pitches, research the histories of founders, and eventually get direct connections to founders they are interested in speaking with, Beacon has already developed a unique platform. On the founder’s side, they are also putting the finishing touches on a social network that will enable founders and graduates to stay in touch both during and after their time at Beacon. Beacon’s ultimate objective is to develop a full-service platform that helps entrepreneurs and investors communicate effectively.
Although the accelerator originally had an inaugural cohort of 15 firms, Nailwal has a far more expansive vision for the accelerator’s future.
“Our ultimate goal is to build the greatest network of web3 founders in the world,” says Nailwal. “Having gone through an accelerator before (Binance Labs), I found that the greatest resource in any accelerator is the other founders going through the program alongside you. We think that as our alumni network grows, the overall qulity of projects being built in web3 will increase as founders help each other find success.”
The first Beacon programme will come to a close in January with a live broadcast Demo Day when businesses will pitch to over 300 prominent web3 investors. Interested investors may request to be placed on the waitlist here for Beacon’s Demo Day here even though invitations are officially closed.
Applications are now open for founders to join Beacon’s next 2023 cohort. For additional information and to submit an application, visit www.0xbeacon.com/apply before January 31.
