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ADA Silicon Valley Residency Program for Cardano Builders
Apex Growth Accelerator, co-sponsored by @draper_u,@Cardano and @OrionFund, is now open for application. This is a 10-week, full-time offline incubation project for founders building on the Cardano network. The application deadline is September 1, and the first batch of teams will be launched in October.
The project provides seed funding of up to US$70,000, corresponding to a target of 3.5% equity, and is an equity-swap arrangement rather than a free grant.
The project will only accept a team of 10 companies, and participants will be able to have close contact with mentors and investors during their stay.
The accelerator focuses on high-growth financial verticals, including real-world asset (RWA) tokenization, institutional-level decentralized finance (DeFi), and enterprise-level blockchain infrastructure.
Organizers stated that the residency plan is for startups that are already eligible for investment, rather than early consumer-grade applications.
Extensive linkage between Cardano and the Draper ecosystem
Apex Accelerator is part of a larger strategic collaboration between Cardano and the Draper Network.
Cardano and Draper Dragon jointly launched the Draper Dragon Ecosystem Fund, or Orion Fund. This is a strategic move designed to support Cardano-native and integrated enterprises, expand on-chain application scenarios, and strengthen the entire ecosystem.
Orion Fund is an US$80 million strategic ecosystem investment initiative designed to accelerate institutional adoption and expand the Cardano blockchain ecosystem.
Draper University, as an acceleration partner of the Orion Fund, offers entrepreneurship projects through its Silicon Valley campus that not only cultivates new talents, but also provides mentoring guidance, a global alumni network, and the resources needed to scale existing projects.
The plan relies on the Draper network founded by Tim Draper, which has supported well-known technology companies such as Tesla, Skype, Baidu, and Coinbase.
The fund's goal is to increase Cardano's TVL (total locked value) to more than $3 billion, which will significantly increase on-chain economic activity online.
