DFINITY Foundation and Swiss city of Lugano launch Internet computer incubation program

quick take

The DFINITY Foundation and the City of Lugano have further strengthened their partnership to promote innovation and Web3 development in Lugano by launching the Internet Computer Incubation Program. The initiative, which includes significant grants and mentoring sessions, aims to nurture technology entrepreneurs and startups while leveraging the city’s thriving ecosystem and the power of internet computing.

The partnership between DFINITY Foundation and the City of Lugano is a strategic move to foster innovation and strengthen Lugano’s Web3 ecosystem.

The DFINITY Foundation and the City of Lugano have officially announced the Internet Computer Incubation Program, a joint initiative as part of their ongoing partnership to foster innovation and strengthen Lugano’s Web3 ecosystem. This strategic collaboration, which began last year, takes a major leap forward with the launch of the incubation program, signaling our commitment to nurturing local technology entrepreneurs and startups.

Last year, the DFINITY Foundation and the City of Lugano announced a collaboration to integrate blockchain technology and innovation into the city’s thriving ecosystem. As part of the partnership, ckBTC, a cryptocurrency backed 1:1 by Bitcoin, has been integrated into the MyLugano app. The plan also included an allocation of $1 million in grants for projects based on the Internet Computer (ICP) developed by the Lugano team. ICP is known for its efficient transaction capabilities and is an ideal platform for innovative blockchain-based applications.

The DFINITY Foundation, a non-profit organization, has worked continuously to decentralize cloud computing and has played a pivotal role in developing and maintaining the Internet computer network. With a team of leading cryptographers, computer scientists, and distributed computing experts, the Foundation brings a wealth of experience and expertise to the partnership.

Known as the economic capital of southern Switzerland, Lugano occupies a strategic location between the large cities of Milan and Zurich. The city boasts a thriving financial sector, thriving pharmaceutical, commodity trading and fashion industries, and a strong Web3 technology community. Home to three universities, including the Dalle Molle Institute for Artificial Intelligence (IDSIA) and the Swiss National Center for Supercomputing (CSCS), Lugano is a hub for cutting-edge research and innovation.

Additionally, Lugano has a reputation as one of the safest cities in the country, combined with business-friendly laws and political stability, making it an attractive destination for tech entrepreneurs and startups looking to exploit the potential of blockchain and Web3 technologies.

In the early stages of a partnership Lugano Casino introduces NFT collection to ICP.next Integrate ckBTC into MyLugano app. Building on this success, DFINITY and the City of Lugano announced the launch of an Internet Computer Incubation Program.

The program is run in collaboration with the Southern Swiss University of Applied Sciences and Arts (SUPSI) and involves a committee tasked with selecting the first cohort of grant recipients. These entrepreneurs and startups will participate in live mentoring sessions led by DFINITY representatives in Lugano, providing valuable insights and guidance. The program also includes a visit to DFINITY headquarters in Zurich. Here, participants will have the opportunity to collaborate with one of the largest R&D operations in the blockchain industry.

Dominic Williams, Founder and Chief Scientist of the DFINITY Foundation The next step in our partnership with the City of Lugano is a huge step forward for innovation. We are excited to work with the entrepreneurs and decentralized projects participating in our incubator program to provide them with the tools they need to build computers for the Internet.”

Program funds are distributed in ICP tokens and paid out upon achievement of agreed-upon goals. Each cohort member can receive up to $85,000 in funding, with a payment structure of $10,000 upon registration, $25,000 upon presentation of a minimum viable product (MVP), and two additional payments of $25,000 each, subject to approval by the selection committee.

In particular, members of the cohort progressing to the $25,000 level who are not incorporated in Lugano must establish a legal entity within the city in order to continue participating in the incubator program.

The criteria for grant consideration are stringent: development must take place on an Internet computer, the team must consist of two or more individuals, the proposal must be focused on real-world adoption, and it must be viable in a private funding round during or after the project. Emphasizes. Later stages of the incubator program.

The Internet Computer Incubation Program marks an important step forward for both the DFINITY Foundation and the City of Lugano and highlights its commitment to fostering blockchain and Web3 innovation in the region. Building on the city’s strong ecosystem and the Foundation’s expertise, this collaboration is poised to drive transformational change and strengthen Lugano’s position as a leading center for Web3 technology and innovation.

Read: DFINITY Foundation Provides $5 Million Grant to Power Decentralized AI on Internet Computer Blockchain