Real innovation seldom happens in a vacuum. Often, it’s the result of careful collaboration, strategic financing, and a little bit of luck. In many ways, that’s the story of the blockchain ecosystem, which has expanded from just a few use-cases to more than 2,500 dApps across multiple platforms.
Binance Laps, the venture arm of crypto exchange Binance, is striving to bring those three elements together in its second season of the Binance Labs Incubation Program. Operating in regional chapters across three continents, the program helps promising blockchain developers bootstrap their startups to achieve market share in the quickly expanding blockchain landscape.
The Binance Labs Incubation Program began in 2018, working with eight blockchain platforms in a ten-week intensive process in which development teams operated in stealth mode to create compelling products that addressed some of the sector’s most pressing problems.
In addition, participants, dubbed “BUIDLers” had an opportunity to present to private investors and other strategic partners to bolster their reach and to further their growth. Ultimately, their ideas were made public at Binance’s annual Blockchain Week conference in Singapore.
Starting with Inspiration
The program is exclusive. Prospective participants complete an application undergo a video interview and are selected based on the information provided in those two outlets. The program featured 13 platforms that were vetted by the Binance Labs team.
In a statement, Ella Zhang, Head of Binance Labs, explained:
“For the Binance Labs Incubation Program, we search all over the world for the strongest founders and projects to invest in. We are proud to have found 13 gems in Season II, and to have spent the past 10 weeks working with the BUIDLers to launch their demos and gained early traction.”
Beginning in March 2019 and concluding on June 7th, this year’s incubator features companies building cybersecurity tools for crypto institutions, crypto donation platforms, gaming networks, and other financial services based on the blockchain.
In keeping with the program’s ethos, these problems are central to the blockchain’s proliferation, and tangible solutions could propel the technology further by encouraging adoption with compelling use cases.
That’s the goal, according to Zhang. “From in-app monetization to cash-to-crypto kiosks in Africa, this batch of projects represents the diversity in blockchain and entrepreneurship globally. We are excited to see firsthand the progress being made in every corner of the world to push blockchain forward,” Zhang notes.
Many services developed in the incubator already have working products. For instance, Yellowcard, a cash-to-crypto platform for emerging markets, is available in the Google Play store. At the same time, bitsika, a platform enabling anyone to donate directly to projects in Africa, already has donation projects established throughout the continent.
Of course, participating in an incubator doesn’t promise long-term success, and BUIDLers will have to continue to make their own luck after the program is complete. However, with decentralized technology becoming increasingly popular and demand for working platforms growing ever more prescient, they are undoubtedly off to a good start.
As Season 2 of the Binance Labs Incubation Program comes to a close, Season 3 is already in the works. It begins this October, and the application will be available soon for the next crop of companies looking for that perfect combination of collaboration, financing, and the ability to make their own luck.
For those that understand that innovation and impact are unlikely to happen alone, this next season is an opportunity to build upon what the first 21 companies learned and to continue developing the world’s best blockchain platforms.