Quick Take
The DFINITY Foundation and the City of Lugano have launched an Internet Computer Incubation Program, furthering their partnership to boost innovation and Web3 development in Lugano. The initiative, which includes substantial grant funding and mentoring sessions, aims to nurture tech entrepreneurs and startups while leveraging the city’s thriving ecosystem and the Internet Computer’s capabilities.
DFINITY Foundation and the City of Lugano Partnership is a strategic move to foster innovation and strengthen Lugano’s Web3 ecosystem
The DFINITY Foundation and the City of Lugano have officially unveiled their joint initiative, the Internet Computer Incubation Program, as part of their ongoing partnership aimed at fostering innovation and strengthening Lugano’s Web3 ecosystem. This strategic collaboration, which commenced last year, takes a significant leap forward with the launch of this incubation program, signaling a commitment to nurturing regional tech entrepreneurs and startups.
Last year, the DFINITY Foundation and the City of Lugano announced a collaboration aimed at integrating blockchain technology and innovation into the city’s thriving ecosystem. As part of the partnership, ckBTC, a cryptocurrency backed 1:1 by Bitcoin, was integrated into the MyLugano app. Additionally, the initiative included the allocation of $1 million in grants for projects based on the Internet Computer (ICP) developed by teams in Lugano. The ICP is renowned for its efficient transaction capabilities, making it an ideal platform for innovative blockchain-based applications.
The DFINITY Foundation, a not-for-profit organization, has consistently worked toward decentralizing 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.
Lugano, known as the economic capital of Southern Switzerland, enjoys a strategic location between the metropolitan areas of Milan and Zurich. The city boasts a flourishing financial sector, thriving pharmaceutical, commodity trading, and fashion industries, and a robust Web3 technology community. With three universities, including the Dalle Molle Institute for Artificial Intelligence (IDSIA) and the Swiss National Supercomputing Center (CSCS), Lugano is a hub for cutting-edge research and innovation.
Furthermore, Lugano’s reputation as one of the safest cities in the country, combined with business-friendly legislation and political stability, makes it an attractive destination for tech entrepreneurs and startups seeking to leverage the potential of blockchain and Web3 technologies.
In the initial phase of their partnership, the Casino of Lugano introduced an NFT collection on the ICP, followed by the integration of ckBTC into the MyLugano app. Building on this success, DFINITY and the City of Lugano have announced the launch of the Internet Computer Incubation Program.
The program will be conducted in collaboration with the University of Applied Sciences and Arts of Southern Switzerland (SUPSI) and will involve a committee tasked with selecting the first cohort of grant fund recipients. These entrepreneurs and startups will participate in live mentoring sessions conducted by DFINITY representatives in Lugano, providing them with valuable insights and guidance. The program will also include visits to DFINITY’s headquarters in Zurich, where participants will have the opportunity to work with one of the blockchain industry’s largest R&D operations.
Dominic Williams, Founder and Chief Scientist of the DFINITY Foundation, commented on the next phase of the partnership, stating, “The next phase of this partnership with the City of Lugano is a tremendous step for innovation. We’re excited to work with entrepreneurs and decentralized projects participating in the incubator program, providing them the tools needed to build on the Internet Computer.”
Funding for the program will be distributed in ICP tokens and disbursed upon the achievement of agreed-upon milestones. Each cohort member can receive a maximum of $85,000 in funding, with disbursements structured as follows: $10,000 at enrollment, $25,000 upon presentation of a Minimum Viable Product (MVP), and two additional disbursements of $25,000 each, subject to approval by the selection committee.
Notably, cohort members progressing to the $25,000 stage who are not incorporated in Lugano will be required to establish a legal entity within the city to continue their participation in the Incubator Program.
The criteria for grant consideration are stringent, emphasizing that development must take place on the Internet Computer, teams must consist of two or more individuals, proposals should focus on real-world adoption, and they must be viable for private funding rounds during or after the later stages of the Incubator Program.
The Internet Computer Incubation Program represents a significant step forward for both the DFINITY Foundation and the City of Lugano, underscoring their dedication to nurturing blockchain and Web3 innovation in the region. With the city’s robust ecosystem and the foundation’s expertise, this collaboration is poised to drive transformative change and strengthen Lugano’s position as a leading center for Web3 technology and innovation.
Read Also: DFINITY Foundation Offering $5M Grant to boost Decentralized AI on Internet Computer Blockchain
Tyler Fields is your internet guru, delving into the latest trends, developments, and issues shaping the online world. With a focus on internet culture, cybersecurity, and emerging technologies, Tyler keeps readers informed about the dynamic landscape of the internet and its impact on our digital lives.
