Binance Labs Season 7 Incubation Program Now Open for Web3 Founders
About Binance Labs
Binance Labs, the venture capital and innovation arm of the global cryptocurrency exchange Binance, has officially announced the opening of applications for the seventh season of its highly anticipated Incubation Program. The initiative seeks to foster innovation in the Web3 space by supporting early-stage startups focused on blockchain and decentralized technology development.
Program Details
The program provides selected founders with a unique opportunity to receive direct mentorship from the Binance Labs Investment team and to utilize the extensive resources available within the Binance ecosystem. As the crypto and blockchain industry continues to evolve at a rapid pace, Binance Labs aims to tailor its incubation curriculum to meet the dynamic needs of Web3 entrepreneurs.
With applications due by April 15, 2024, the program is set to begin in early May and will continue for two months. The selection process is competitive, with Season 6 admitting only 3% of applicants, indicating the high standards and rigorous criteria upheld by the incubator.
Success Stories
The Incubation Program is not just a gateway to Binance’s resources but also a platform for innovative projects to gain visibility and traction. Season 6 saw 12 project teams spanning DeFi, infrastructure, and AI, with 7 standout teams receiving investment from Binance Labs at the season’s conclusion.
The success of Binance Labs is evident in its growth, with a portfolio now worth over $10 billion, covering 250 projects across six continents. This impressive track record showcases a return on investment rate of over 14X, and the incubation program has been a significant contributor to this achievement.
Season 7 Focus Areas
For Season 7, Binance Labs has issued a Request for Startups (RFS) in various areas of interest, including modular blockchains, decentralized internet services (DePIN), AI infrastructure, Bitcoin infrastructure, innovative DeFi products and applications, AI-powered dapps, and fully on-chain games, among others.
Application Process
It’s important to note that admission into the Labs Incubation Program does not guarantee investment from Binance Labs. Investment decisions are made separately and announced post-program. The application review and founder interviews will be conducted on a rolling basis, with admitted projects being officially notified via email. Those interested in applying can do so through the Binance website, where further details and the application form are available.
Source: Binance Labs
