KEY TAKEAWAYS
- Coinbase, Fabric Ventures, Animoca Brands, and Founders Factory launch a Web3 accelerator in the UK to boost blockchain and AI startups.
- The initiative aims to provide startups with resources and expertise, addressing challenges in capital access and mentorship.
- UK’s tech sector receives a strong endorsement, highlighting its potential as a global leader in blockchain innovation.
- Founders in the accelerator’s first cohort will receive up to £250,000 in funding, with comprehensive support in business strategy and product development.
Coinbase, alongside Fabric Ventures, Animoca Brands, and Founders Factory, has announced the launch of a multi-million pound Web3 accelerator in the UK. This initiative aims to enhance the UK’s blockchain and AI ecosystem by providing startups with essential resources and expertise. The accelerator is designed to unlock product market fit and growth for emerging disruptors, driving investment in technology startups as a key economic engine.
The UK, with its rich talent pool, capital, and regulatory framework, is well-positioned to benefit from this initiative. However, the need for local development of products and services remains crucial. The accelerator seeks to address previous challenges related to access to capital, mentorship, and resources.
UK Business and Trade Secretary Jonathan Reynolds commented on the initiative, stating, “This announcement is a strong vote of confidence in the UK’s tech sector – underlining our position as a global leader in innovation.” He emphasized the importance of maintaining the UK’s leadership in blockchain technology and supporting growth in financial and professional services.
Accelerator to Provide Comprehensive Support
Founders Factory will deliver world-class business and growth training, offering hands-on support in business strategy, go-to-market, product development, and fundraising. In collaboration, Fabric Ventures, Animoca Brands, and Coinbase will provide expertise in tokenomics, community strategies, and scaling best practices for blockchain and AI businesses. Each founder in the first cohort will receive up to £250,000 in funding.
Robby Yung, CEO of Investments at Animoca Brands, highlighted the importance of the UK becoming a creator of Web3 innovation, not just a consumer. He noted the opportunity to develop intellectual property leveraging the UK’s talent and ecosystem.
Fostering Collaboration and Innovation
Richard Muirhead, Co-founder and Managing Partner of Fabric Ventures, expressed optimism about the UK Government’s AI Action Plan. He emphasized the need for collaboration across industries like financial services and pharmaceuticals to maintain the UK’s leadership in the global digital race.
Damian Routley, COO at Founders Factory, stated that the accelerator aims to enhance the UK’s ability to build and scale frontier technology. He stressed the importance of providing more than just capital to founders, offering specialized support to achieve product-market fit and global reach.
The Labour Government’s vision for growth is closely tied to the success of the technology sector, one of the UK’s fastest-growing industries. This initiative represents a significant step towards realizing that vision by supporting a diverse group of founders in blockchain-based payments, entertainment, AI, and other cutting-edge fields.
The full announcement can be read here.
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