Launching the First Open Web Incubator: $100,000 Available for Investment in Profit Sharing Tokens
Since the launch of profit sharing tokens (PST) just last week, the response from the Arweave community has been amazing: almost every major permaweb app is now using a PST or is working to deploy one! Given the great interest in the PST ecosystem, we are excited to announce our partnership with Gitcoin to launch the first Open Web Incubator for permaweb apps incorporating PSTs!
The Open Web Incubator is a six-week-long online incubation programme endowed with an investment pool of $100,000 to be invested in PST-backed permaweb apps.
During the course of the programme, participants will have the opportunity to:
- Join masterclasses delivered by industry experts on everything from developing your go-to-market strategies to pitching techniques
- Pitch to world-renowned investment firms such as Andreessen Horowitz, Union Square Ventures, Multicoin Capital, and 1kx and possibly receive additional investments
- Direct technical support from the Arweave core team
- Participate in exclusive community events and discussion forums
Participants are encouraged to create engaging, user-centric applications on the Arweave network, integrating Arweave’s profit-sharing token (PST) technology. PSTs are a fundamentally new way of incentivizing founders to build web services. Integrating a PST enables devs to earn a stream of micro-dividends from the usage of their permaweb app, as well as to sell access to these futures profits to interested investors. If you’d like to read more about how PSTs work, you can find out here.
Idea to market in just six weeks
The aim of the programme is to guide you from the seed of your initial idea into a fully-fledged, revenue-generating permaweb app. Along the way we will help connect you with high-quality mentors and the best advice on building web apps that gain major traction. After you have built, launched, and demoed your permaweb app, we will consider it for funding from our $100,000 investment pool. Through the incubator’s demo day we will also connect you with other interested parties that may want to purchase part of your profit sharing token.
As well as hacking, each week of the incubation period includes a mixture of masterclasses, workshops, community events, and investor feedback, all culminating in a Demo Day in week six where projects will pitch to potential investors. A week later, the top projects will be announced together with the investments they have secured so far.
A total investment pool of $100,000 to be invested in the top submissions.
Registration opens: 24th June 2020
Incubator starts: 1st July 2020
Submissions close: 12th August 2020, 23:59PM PDT
Winners/investment recipients announced: 19th August 2020
Registrations open today, are free to all and submissions are accepted on a rolling basis for the duration of the programme. Register now and take part in creating a new, open web!
We are looking forward to seeing all your amazing creations!