Solano Labs is going ahead with its plans to create a new ecosystem through a fresh incubator program that will help guide fundraising, engineering, and market strategies. The incubator program will be designed to provide support teams that will build around the Solana network and provide multiple support.
Solana Labs reported a TVL (Total Value Locked) worth $1.254 B. Close to 114 decentralized applications (daps) were deployed on the network. Product manager Emon Motamedi of Solana Labs informed Blockworks that developing blockchain was still a challenge, even as several startups struggle to move into that space.
Motamedi said that as Web2 founders move to integrate into web3, there are innumerable technical hurdles in the approach to incorporating it into the product. The same goes for the native Solana founder. He said the aim was to make the best use of the blockchain developers and knowledge that will help reduce this friction.
Solana Labs Moving Towards Backing Technical Founders Over User Needs
The senior Solana Labs officers noted that there exist a host of functioning challenges that the founders must pick up to move around in this nascent industry. Motamedi said that with the experience that Solana Labs has in this range, the firm expects to help the founders face up to these challenges even as they ensure that the company is set up to succeed.
Solana Labs has not gone into the specifics of the monetary support that is expected to be dedicated to this program. Each team will get a program tailored and customized to each team’s specific needs. Motamedi revealed Solana Labs was moving more towards supporting technical founders working on definite user needs. However, there are no strict guidelines for the people participating in the program.
Motamedi said that while there was much being said about Web3, it can also overshadow genuine work that is being done by teams to deliver true value and utility. And support for such teams will help drive genuine solutions to real-life problems across the world.