Solana Launches Incubator for Web3 Startups

Solana Labs, the tech company that develops the Solana network, recently launched a new initiative called “Solana Incubator.”

Solana’s incubator seeks to help nurture and develop the next generation of large companies in the ecosystem.

In a recent announcement thread on Thursday, the company stated that selected startups will receive marketing, technological, and fundraising support. While the initiative primarily focuses on Solana-related products, web2 teams that incorporate Web3 will also receive onboarding and development support from Solana. For developers interested in participating in the program, applications can be submitted until November 30.

In this regard, Product Manager at Solana Labs Emon Motamedi said: “Our priority with the Incubator program is to remove the biggest obstacles currently facing founders, including barriers around Web3 integrations and fundraising, so that these teams can spend their time on what they do best: solving the burning problems of their users. By providing founders with the resources they need to succeed, we hope to not only bring more sustainable businesses to the Solana ecosystem but also to help grow the Web3 industry as a whole.”

Solana’s Anatoly Yakovenko recently made derogatory remarks about Ethereum, referring to it as a “digital carnival,” in what seems to be another attempt by Solana to undermine Ethereum’s position as one of the leading blockchain ecosystems.

According to a report by crypto.news in early October 2023, Yakovenko questioned Ethereum’s decentralization, calling it a “novel spectacle of bourgeois upheaval.” Solana has suffered a significant setback following the collapse of FTX, with data from DefiLlama showing that the total value locked (TVL) in the ecosystem has dropped by 96% since its all-time high. As of press time, the TVL stands at $380 million, representing a massive decrease from over $10 billion in November 2022.