frst & Fabric Ventures Launch Crypto Entrepreneur Fellowship

Le Crypto Fellowship: A New Initiative for French Crypto Entrepreneurs

VC firms Frst and Fabric Ventures have joined forces to launch Le Crypto Fellowship. This new program aims to identify the next generation of ten crypto entrepreneurs within France.

The firms believe that the most promising crypto startups are often born from individuals who haven't yet formed a team or solidified a specific concept.

Addressing the Current Landscape

According to Pierre Entremont of Frst, as detailed in a Medium publication, significant opportunities exist for building the next successful crypto venture. However, a limited number of entrepreneurs are actively pursuing these possibilities.

Entremont suggests that many existing crypto developers and entrepreneurs already possess substantial financial resources, potentially diminishing their drive for ambitious new projects.

Open Source and Accessibility

Blockchain development and DeFi projects are predominantly open source. A wealth of free learning materials is readily available online.

Consequently, initiating a project and developing a prototype isn't overly difficult, but requires a commitment to begin. Frst and Fabric Ventures are focused on establishing a supportive environment to motivate a new wave of entrepreneurs.

Program Details and Investment

Accepted applicants will receive €100,000 in funding in exchange for a 7% equity stake in their company.

This investment is designed to cover approximately one year of salary (€50,000) for a single individual in France, alongside €21,000 for employer contributions and €29,000 for operational expenses.

Entrepreneurs can be based outside of France, provided they remain within a compatible time zone and establish their company within French jurisdiction.

This structure allows for exploration of ambitious ideas without immediate financial constraints. Participants will engage in a dedicated Discord channel and attend weekly Zoom meetings during the initial months.

Following this period, partners from Fabric Ventures and Frst will hold regular office hours to monitor progress.

Potential Follow-on Investment

Should a viable company emerge and the idea progress, the fellowship may offer an additional investment of €700,000 for a 20% stake.

Application Information

The application deadline is June 15th. Le Crypto Fellowship is specifically seeking individuals who are not already committed to a specific idea or available only on a part-time basis.

Teams of two or three are welcome to apply, receiving funding of €200,000 or €300,000 respectively. Collaboration is anticipated to enhance long-term motivation.

Comparison to Existing Programs

While other startup mentoring programs exist, such as the Thiel Fellowship, Le Crypto Fellowship distinguishes itself by not limiting participation to college dropouts and by concentrating specifically on the crypto space.

The success of this initiative and the potential for future iterations will be closely observed.