Ethereum layer-2 chain, Lisk, announces completion of first cohort of incubator

Ethereum layer-2 protocol Lisk has announced that 23 African startups have successfully completed the first batch of its Blockchain Incubation Hub training program. Applications are now open for the second cohort, set to begin on May 19.

The details 

• The six-month incubator, supported by Swiss-based CV Labs, aimed to empower African blockchain projects building on Lisk.
• In a press release shared on Feb. 5, the protocol announced that it gave out $196,000 in grants and provided continuous technical oversight to the program participants. 
• South African fintech, Tata iMali, Nigeria-based tokenization platform TrendX, and decentralized marketplace for agriculture based in Rwanda, Afrikabal, are some notable names that took part in the program. 
• Others are South Africa-based NFT marketplace Pokecoin, decentralized podcast platform Jamit, and Kenya’s blockchain-powered rent-to-own property startup, Nomachain. 

Second cohort

• Lisk has asked for blockchain projects that wish to take part in its second cohort to send in their applications before April 12. 
• The Blockchain Incubation Hub plans to give out up to $20,000 in grants to each participant of the second cohort set to begin on May 19. 
• In addition, it plans to provide continued mentorship and a chance at securing $100,000 in additional funding for these startups at the end of the program. 

Key quotes 

• Dominic Schwenter, chief operating officer at Lisk: 

“For a long time, Web3 companies have not prioritized builders in high-growth markets like Africa, limiting their access to capital, mentorship, and support despite the abundance of talent. This is now changing with the launch of more incubation hubs and grant programs. I'm more confident than ever that Africa and other high-growth markets will drive innovation and scale blockchain solutions, benefiting their communities and the world at large.” 

Zoom out 

• Lisk is not the first blockchain ecosystem to launch support programs for African startups looking to build products on its infrastructure. 
• The Ethereum Foundation, through the Ethereum Support Program, invests in projects that build on the network or contribute to developing its infrastructure. 
• African blockchain companies such as Web3Bridge, Borderless Africa and the African Blockchain Institute are some companies that have received grants from the foundation. 
• The developer of another Ethereum layer-2 protocol, Starknet, StarkWare also announced the launch of a $4 million fund in February. 
• The fund, targeted at startups looking to build on the protocol, is looking to award up to $150,000 in grants to beneficiaries.