The field of cryptocurrency is still in its early stages, so you’d be forgiven for not knowing what private blockchain incubators are. Read on to find out more about their meaning and significance.
What they are
Private blockchain incubators are essentially companies (or a group of interested parties) who provide support to start-ups in the cryptocurrency industry. They offer programs which grant networking, training and investment opportunities. They work across the three main periods of a start-ups life: establishment, pre-ICO and post-ICO.
Initial Coin Offering (ICO)
ICO offers start-ups a means of gathering funds in order to get established. This process involves giving tokens to willing investors who in exchange offer payment by means of an alternative cryptocurrency. This benefits the investors by granting them a stake in the new business; in the long-run they hope that their tokens will increase in value so that they can profit off them.
The top six ICOs worldwide have a combined value of more than $1 billion. The biggest ICOs are currently:
- Sirin Labs Token
The value of private blockchain incubators
The cryptocurrency business industry is only ten years old, which means that it’s only in its beginning stages. Financing, training and support for emerging businesses are essential for the industry to flourish. By putting start-ups into a program, private blockchain incubators can help promote their growth and help them reach success so that they become independent and valuable market players.
Services they offer
The programs offered by private blockchain incubators hone in on two essential aspects of success – business and technology. The former assists start-ups who need advice on how to progress from an idea to a successful business; it provides education, networking opportunities and chances for financing and investment. The latter grants start-ups information on cryptocurrency technology and the ways in which it can be used to assist businesses.
The main services they provide are:
Providing those working in start-ups with the opportunity to be mentored by industry experts (who have years of experience in the industry) allows knowledge to be passed onto the next generation of workers.
Programs typically run a range of expert-led workshops which offer information and skill sharing in relation to business and cryptocurrency technology.
Events & Networking
Networking and industry events provide start-up workers with the opportunity to get more involved in the industry’s community. They also offer staff the chance to pitch their ideas to investors and other interested parties (e.g. the government).
Possessing enough financial assets is important for all businesses, especially for fledgling cryptocurrency start-ups. New entrepreneurs have a greater need for initial funding so that they can get established. Private blockchain incubators may be able to offer chances for start-ups to receive funding and investments.
Steps to enrolling
The first step in the process of enrolling is to find some reputable private blockchain incubators. You can do a search for them online – there are a range located across the globe. Read more on their website or give them a call to find out about whether or not their program suits your start-up, and find out how to apply.
Private blockchain incubators will generally choose those which they believe are the most promising. However, there are many programs available, with some providers offering positions to over 1,000 start-ups each year.
It is important that start-ups try to gain any advantage they can to be competitive in the global market. Getting involved in a program offered by private blockchain incubators is a great way to develop the skills and resources required to succeed.