Seed Accelerator Creative Destruction Labs (CDL) Now Supports 25 Blockchain Projects
As its way of pushing for mainstream adoption, Seed accelerator Creative Destruction Labs through its seed-stage program for scalable, science-based companies, is providing support for 25 blockchain startups that aim for mainstream adoption.
Speaking with Block, Will Tin, head of the blockchain/AI stream at Seed accelerator. Creative Destruction Labs said the program is out to invest in people with right ideas.
“We want to create massively scalable companies that can change the world. This is one reason why we started a blockchain stream, because we believe that it has the opportunity for transform many industries. To make a big impact in the world, the company needs to be massively scalable,” he said.
The program involves mentoring of 25 selected blockchain startups that will each get a $100,000 financial support as well as professional training from 80 leading scientists, economists, and experienced entrepreneurs.
The program which runs for 10 months will have the selected startups meet with mentors at least once a month throughout the period for mentors to monitor progress as well as ensure the participants are living up to expectation.
The selection criteria though, may not be what you expect. Speaking on how selection is done, Yin said their priority is people and especially CEOs who are founders.
“One of best [pitches] came in with a napkin drawing,” he recalls, noting that the most important part of the process is a simple conversation with the founders. Here, Yin looks for unique insights or domain experience, and even better, a clear blockchain use case – which eliminates 90% of applications.
Some participants in the program spoke about how it has impacted them and the benefits they have derived. ZED Network CEO and former Ripple exec Alan Safahi, who is in the program for the first time said:
“What better way to grow your network, you’re giving up a couple of percent for incredible access to knowledge…They’re operators, people who have built and sold companies.”
Participants in the program are also doing well as Yin said over 70% of the batch passing out in June have done extremely well and all participants have survived the bear market. While there are challenges facing every startup, crypto-based startups may view theirs as unique, but it is not so, according to Yin.
“All startups will face challenges with go-to-market. Often times, founders spend a lot of time thinking about product but then get stuck when it comes to distribution,” he said.
“That’s why our mentors are both blockchain-focused and general-tech, so that our founders can get 360-degree advice to help grow their companies,” he added.
CDL is still recruiting with the next batch of applications closing on May 19, with part of its mission to boost Canada’s profile. With such programs, the company will make serious positive impact on the industry in the near future.