Sandeep Nailwal, the co-founder of Polygon, along with Symbolic Capital, the venture capital firm he co-founded, recently introduced the Nailwal Fellowship program. This initiative aims to provide financial support to early-stage builders transitioning from Web2 to Web3.

Nailwal has allocated his personal funds to create a $500,000 cohort, with 10 builders being selected annually. The Nailwal Fellowship focuses on individuals rather than teams, aiming to assist makers in the challenging landscape of Web3.

“It’s not about funding a startup,” Nailwal explained. “It’s a fellowship that supports individuals at a very early stage. Some may not even have an idea yet and are simply looking to explore.”

Each Nailwal Fellow will receive a $50,000 grant and mentorship from Symbolic Capital, along with access to their investor and founder networks. If a builder establishes a company within one year after completing the fellowship, Nailwal and Symbolic Capital will request a $50,000 Simple Agreement for Future Equity (SAFE) and token warrant, enabling investors to acquire equity under favorable terms.

The fellowship program is open to Web3 developers of all ages and locations. Coworking and networking opportunities will be provided in New York, San Francisco, Dubai, and India for participants interested in engaging with others in the community.

Applications for the Nailwal Fellowship are accepted annually from May to early June. Interviews will take place in late June to select the 10 participants for the cohort, which will run from August to January.

In August of the previous year, Symbolic Capital unveiled a $50 million fund dedicated to early-stage Web3 initiatives.