In collaboration with the XDC Network, Tenity has launched the XDC Accelerator Program, aimed at empowering startups to revolutionize the $28 trillion global trade industry. This program invites visionary startups to utilize the advanced capabilities of the XDC Network, a next-generation blockchain platform, to develop disruptive solutions in various fields such as Real World Asset Tokenization (RWA), Trade Finance, Decentralized Physical Infrastructure (DePIN), GameFi, and AI.
Genfinity recently sat down with Sonny Mohanty, Head of the Ventures Ecosystem at the XDC Network, Jonas Thürig, VP and Managing Partner at Tenity, Quincy Jones, a Solidity Developer at the XDC Foundation, and Lance Lilly, the Ecosystem Development Manager at the XDC Foundation, to collectively explore the XDC Accelerator Program. Along the way, we discussed Tenity’s strategic partnerships, program structures, and success stories as well as ecosystem visions and adoption dynamics within the XDC Network.
You still have a few days left to apply for this program, so continue reading below for more details!
Innovating the Future of Finance: Discover Tenity’s Impact
Tenity is a prominent innovation ecosystem and pre-seed investor dedicated to advancing the future of finance. Specializing in Fintech and other related technologies, Tenity supports ambitious founders aiming to revolutionize the financial sector. Their programs cater to early-stage entrepreneurs striving to establish their ventures, as well as growth-stage startups seeking collaborations for proof of concepts and pilot projects with corporate partners.
Notably, by partnering with leading financial institutions, tech companies, and consultancies, Tenity offers insights into the latest industry developments, curates a pipeline of vetted investment opportunities, and facilitates cutting-edge startup collaborations. Their mission is to make innovation work effectively for founders by providing a platform for growth and success.
Jonas Thürig, Vice President and Managing Partner of Tenity, heads operations in the APAC region. Originally from Switzerland, Jonas relocated to Asia several years ago to immerse himself in the vibrant startup ecosystem. Tenity functions as an early-stage venture capital accelerator and an open innovation partner for numerous corporate entities. Specifically, he highlighted their collaboration with XDC on an exciting acceleration program. In this initiative, they scout for promising startups and help them accelerate their growth.
Accelerating Innovation: Jonas Thürig on Tenity’s Expansion
Jonas shared an engaging overview of Tenity’s journey and focus, starting with their origins as an accelerator in Switzerland, primarily concentrated on the FinTech space. Initially, Tenity aimed to accelerate early-stage startups while fostering innovation through partnerships with traditional financial institutions. Over time, the organization expanded significantly, establishing more than six physical hubs across Europe and the APAC region, including Singapore. Furthermore, Tenity has supported several hundred startups through various programs, demonstrating their robust ecosystem and commitment to nurturing innovation.
Moreover, Jonas emphasized that Tenity’s support for startups encompasses a comprehensive journey, spanning several weeks and covering critical aspects such as fundraising, product development, and go-to-market strategies. Their programs offer master classes designed to accelerate the growth of participating startups. Additionally, Tenity’s investment strategy involves not only their own funds but also collaborations with numerous venture capitalists, ensuring startups are matched with the right investors. This approach is crucial for their success in the highly competitive financial services industry.
Notably, Thürig highlighted Tenity’s strong presence in the financial services sector, with numerous partners constantly seeking new innovations and collaboration opportunities. This extensive network of more than 60 partners underpins Tenity’s ability to drive impactful innovations and investments. Before delving into the specifics of the XDC Accelerator Program, Jonas expressed excitement about identifying startups that will build on the XDC Network. This partnership promises to leverage Tenity’s established ecosystem and resources to foster groundbreaking developments in the global trade industry.
Introducing Sonny Mohanty and Her Vision at XDC Network
The Head of the Ventures Ecosystem at XDC Network, Sonny Mohanty, shared her journey since joining the company just two months ago. Sonny highlighted that her primary objective at XDC Network is to develop and promote decentralized applications (dApps) on the network, which is crucial for expanding their ecosystem. To achieve this, she focuses on fostering strategic partnerships, such as their collaboration with Tenity and other accelerators in the space.
Notably, Sonny emphasized that building a robust ecosystem requires more than just technical development; it involves creating strong alliances within the industry. She is excited about the opportunities these partnerships bring, particularly the potential for innovation and growth within the XDC Network.
Empowering Innovation: Unveiling the XDC Accelerator Program
Sonny explained the primary goals of the XDC Accelerator Program with enthusiasm. She emphasized that now is the perfect time to build on XDC due to the strategic partnerships they have established with various enterprises. XDC has become the go-to blockchain for Real World Asset (RWA) tokenization, making it an ideal platform for innovators in this space. The program will focus on themes related to RWA and traditional finance, reflecting the network’s strengths and market demands.
Moreover, Sonny highlighted the significant interest in decentralized physical infrastructure (DePIN), which has gained substantial traction. The accelerator aims to attract builders in this dynamic area, as well as those working with AI and crypto projects. These projects often seek to transition from Web2 to Web3, combining artificial intelligence and cryptocurrency to create groundbreaking innovations. Additionally, she noted the growing interest in gamification projects and utility-based meme coins, areas that align with current market trends.
Notably, DeFi staking is another focal point for the accelerator program. She expressed confidence that this is the right moment to build on XDC, given the network’s robust ecosystem and the diverse areas of innovation it supports. The accelerator program aims to tap into these technological trends and support startups that are poised to make significant impacts in their respective fields.
Enhancing XDC Ecosystem: Quincy Jones and Lance Lilly’s Insights
During the interview, we directed a question to Quincy Jones and Lance Lilly, both deeply involved in the XDC ecosystem on a consistent basis. They were asked to share their thoughts on potential additions or use cases that could enhance the existing value of the XDC ecosystem. Essentially, we sought to understand what new elements Quincy and Lance believed would be beneficial and how they envisioned these additions contributing to the network’s growth.
Expanding DeFi Horizons
Quincy Jones, a Solidity Developer with the XDC Foundation, shared his insights on potential additions to the XDC ecosystem. He expressed a desire to see more diverse DeFi protocols, particularly those focused on lending. While current efforts are primarily centered around native crypto assets and stablecoins, there is significant potential to expand to other types of assets.
Subsequently, he emphasized the importance of integrating different forms of collateral into DeFi protocols. This could include tokenizing various assets, not just Real World Assets (RWA), and utilizing them within the DeFi space. Significantly, the ability to trade and lend crypto is already beneficial, but extending these capabilities to other tokenized assets would be a remarkable advancement.
Additionally, the developer highlighted the possibilities that come with such expansions. By allowing other tokenized assets to leverage existing DeFi protocols, the ecosystem could unlock new avenues for innovation and growth. He envisioned a future where these expanded protocols could significantly enhance the value and utility of the XDC Network. Overall, Quincy’s vision encompassed a more versatile and inclusive DeFi landscape within the XDC ecosystem.
Gaming and Tokenization Initiatives
XDC Foundation’s Ecosystem Development Manager, Lance Lilly, shared his vision for enhancing the XDC ecosystem, expressing a personal interest in seeing more developments in the gaming sector. Lance noted that gaming currently has limited representation within the ecosystem, but it holds substantial potential for attracting users due to the significant amount of time people invest in gaming.
Furthermore, he emphasized the value of user engagement, both on-chain and in the real world. Advancements in Web3 gaming could draw a large user base while offering practical utility. Subsequently, this could boost the ecosystem’s growth and user retention.
Additionally, Lance highlighted the importance of simplifying tokenization processes. He suggested that creating more accessible tokenization tools could benefit not only retail users but also teams, organizations, and institutions. By making it easier to leverage tokenization technology, the XDC Network’s appeal and usability could be enhanced across various sectors. Essentially, he believes that focusing on gaming and user-friendly tokenization tools could significantly enrich the XDC ecosystem, driving both innovation and broader adoption.
Tenity’s 12-Week Accelerator Program
Moving on, we sought detailed information about the structure and content of the 12-week accelerator program that Tenity will be leading. Specifically, we were interested in understanding the entire process from the program’s inception to its completion. Additionally, we wanted to know how the program supports builders beyond just development-based milestones, such as providing business advice, teaching how to pitch to investors, or building a social presence.
A Comprehensive Journey from Inception to Graduation
In his response, Jonas provided a comprehensive overview of the 12-week accelerator program, emphasizing its tailored approach to supporting early-stage startups. He likened the program to a village raising a child, highlighting the importance of addressing the unique needs and gaps of each startup.
Essentially, the program began with an intensive scouting phase, during which Tenity actively sought out promising startups through its extensive network. Once selected, up to 10 startups would be contracted and officially enter the program, with the kickoff scheduled for July 22. The first master class will focus on essential aspects such as understanding customer problems, setting a vision, and refining the business model. This initial phase aims to foster a strong sense of community among the participating startups and coaches.
Moreover, as the program progresses, the focus shifts towards more specialized topics. In mid-August, a deep dive into problem/solution and product-market fit will occur, with a particular emphasis on technology and XDC-specific considerations. In late August, master class three will cover crucial areas such as community building, storytelling, growth hacking, marketing, and governance.
Furthermore, the VP and Managing Partner highlighted the excitement surrounding the demo day week, an event coinciding with the Token 2049 conference in Singapore, a premier event in the crypto industry. This week will serve as an opportunity for startups to showcase their progress and pitch to investors and the wider community.
Lastly, he outlined additional sessions on funding, legal regulation, and graduation, underscoring the program’s holistic approach to startup support. Throughout the journey, startups would benefit from ongoing coaching and guidance from experienced mentors tailored to their specific needs. This personalized approach, combined with a structured curriculum and networking opportunities, aims to equip startups with the necessary tools and knowledge to thrive in the dynamic landscape of Web3 technology.
Expert Guidance at Tenity’s Accelerator: Coaches and Mentors Overview
Thürig further elaborated on the distinction between coaches and mentors within the program, emphasizing the wealth of expertise available to startups. As a part-time coach himself, drawing from his experience as a former founder in the industry, Jonas provided dedicated support to several startups. Additionally, the program enlisted the expertise of Martin, a seasoned professional with a background in scaling tech startups and extensive experience in the crypto space spanning eight years. Martin’s focus on marketing and growth hacking added valuable insights to the coaching team.
Furthermore, Jonas outlined the diverse pool of mentors available to startups on an individual basis. These mentors encompassed a wide spectrum of backgrounds, ranging from senior figures in traditional financial institutions to current or former founders in the crypto space. Additionally, Chief Marketing Officers and technical experts, including CTOs from both large tech firms and smaller startups, contributed their insights to the program. With a repository of over 80 mentors in Singapore alone, the program ensured that startups received tailored guidance from experts relevant to their specific needs and challenges.
Recent Success Stories at Tenity
Jonas recounted several recent success stories from Tenity’s programs, illustrating the impactful outcomes achieved by participating startups. One notable example from last year involved a startup in the cross-border payment space, specializing in a platform for remote workers. Shortly after completing the program, they successfully raised a significant funding round of 3.8 million, showcasing rapid acceleration and growth.
Additionally, Jonas highlighted Phi Wallet, a startup focused on gold tokenization and shariah compliance in Southeast Asia. Within a few months of their program participation, Phi Wallet expanded their assets under management (AUM) tenfold, achieving profitability and establishing strong regional connections.
Another success story involved a startup, beoble, originally aiming to build a DeFi aggregator. Upon joining the program, they pivoted their focus to develop messaging SDKs and APIs using blockchain technology. This strategic shift proved highly successful, culminating in a substantial 9 million USD funding round last year and the launch of their own token earlier this year.
Moreover, Jonas emphasized the collaborative spirit fostered within Tenity’s programs. For instance, Chi2Labs, a gaming wallet and infrastructure startup, engaged in partnerships with other program participants to integrate and jointly pursue go-to-market strategies. This peer collaboration not only enhances product offerings but also opens doors to potential partnerships and customers within the ecosystem.
In essence, these stories underscore the diverse successes and transformative journeys that startups experience through Tenity’s tailored programs, highlighting both financial milestones and strategic pivots that contribute to their ongoing growth and impact.
Harnessing Events for Growth and Tenity’s Approach to Investor Engagement
Tenity’s VP emphasized the pivotal role of physical events like Token 2049 in startup accelerator programs, highlighting their significance in building trust and securing vital connections with investors and partners. He stressed the necessity of meticulous preparation, including pitch training focused on storytelling and stage presence, to ensure startups effectively convey their vision during such events.
Moreover, Jonas underscored the pragmatic approach to fundraising, noting the importance of nurturing relationships over time and demonstrating consistent progress to potential investors. There are invaluable networking opportunities at events like Token 2049, where chance encounters and introductions can lead to transformative opportunities for startups aiming to expand their reach and secure crucial investments.
Jonas highlighted Tenity’s proactive approach to engaging investors, noting a curated list cultivated over the years. These investors are regularly invited to demo days and to receive updates on startups within the ecosystem through an investor newsletter. He emphasized the accessibility of the process, encouraging investors to reach out directly or sign up through Tenity’s website to stay informed about upcoming programs and the startups involved.
Enhancing the XDC Ecosystem through the XDC Accelerator Program
Genfinity was eager to understand the significance of this inaugural accelerator program for the overall XDC ecosystem. Lance noted the evolution from grant-focused initiatives of the past to current programs that address broader entrepreneurial needs beyond funding. Notably, he highlighted the XDC Accelerator Program’s role in providing essential support beyond financial backing, such as addressing skill gaps among teams and fostering collaboration across diverse backgrounds within the tech community. He emphasized the program’s potential to significantly enhance success rates by equipping participants with the necessary tools and resources, thus positioning them favorably in the competitive landscape of tech startups.
Furthermore, Lance underscored the pivotal role of such initiatives in leveraging the open, permissionless environment of blockchain technology to attract a wide array of contributors and stakeholders. He expressed confidence in the program’s ability to capitalize on growing interest in the XDC network, particularly with anticipated upgrades, making it an attractive platform for innovation. Finally, he believes that the accelerator will catalyze momentum and foster accelerated growth within the XDC ecosystem, setting a positive trajectory for future developments.
The XDC Accelerator Program: Essential Requirements and Future Outlook
Sonny outlined several essential requirements for builders and startups interested in joining the XDC Accelerator Program, emphasizing key criteria that ensure readiness and alignment with the goals of building on the XDC Network. The requirements are:
- Minimum Viable Product (MVP): Startups should have a functioning MVP or a live product with an active user base.
- Strong Token Use Case or Utility: A robust token use case or utility that integrates effectively with blockchain technology.
- Technical Background: At least one co-founder must possess a strong technical background suitable for blockchain development.
- Funding: Startups must have raised at least an angel or pre-seed round to demonstrate financial viability and investor support.
- Token Launch Readiness: Must be prepared for a token launch within six months, exclusively on the XDC Network.
- Investment Allocation: A significant portion (25-50%) of the $100,000 investment will be dedicated to token deployment and listing on platforms like CoinMarketCap and multiple exchanges.
These requirements ensure that participants are well-equipped to leverage the accelerator program’s resources effectively and contribute meaningfully to the growth and development of projects on the XDC Network.
Looking Ahead
Moreover, Sonny emphasized the beginning of a broader initiative, indicating ongoing partnerships with various accelerators. The XDC Foundation, for instance, is slated to lead its own accelerator program in collaboration with others like Tenity. Significantly, this initial program marks just the start of a more extensive effort. Ultimately, the goal is to provide startups building on the XDC Network not only with financial investment but also with crucial support and resources. These programs are tailored to address the specific needs of startups in the Web3 space, ensuring they receive comprehensive assistance to foster their growth and development.
The Head of the Ventures Ecosystem also expressed eagerness about welcoming high-potential startups aligned with their thematic focus onto the XDC Network. The symbiotic relationship envisioned aims to nurture these startups’ growth while simultaneously advancing the capabilities and reach of the XDC Network itself. Looking ahead, she conveyed excitement and anticipation regarding future collaborations and partnerships in this dynamic and evolving ecosystem.
Moving forward
In closing, Jonas emphasized Tenity’s unwavering commitment to supporting founders, driven by firsthand experiences as a former founder himself. He highlighted Tenity’s pivotal role in providing not just financial support but also essential mentorship, peer learning, and group support crucial for navigating the complexities of startup growth.
Significantly, he also pointed out the enduring value of Tenity’s alumni network, which connects graduates not only to the XDC ecosystem but also to corporate giants like UBS and Franklin Templeton. These partnerships offer promising startups ample opportunities for collaboration and potential customer acquisition in sectors where institutional-grade solutions are sought after, ensuring a sustainable and supportive environment for long-term entrepreneurial success in the Web3 landscape.
Lance with XDC Foundation elaborated on the evolving concept of adoption within the ecosystem, emphasizing the iterative nature of the process. He pointed out the importance of discerning what strategies are effective and which are not while also identifying genuine needs and viable starting points similar to any conventional startup or business endeavor. Highlighting technological advancements as pivotal, Lance noted the shift in expectations surrounding ecosystem developments compared to previous years. He encouraged stakeholders to adjust their perspectives on adoption, recognizing that today’s landscape differs significantly in terms of requirements and methodologies.
Applications to the XDC Accelerator Program are being accepted through June 14, 2024.
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