Le Crypto Fellows: New fellowship for Crypto Entrepreneurs

VC funds Frst and Fabric Ventures together created the Le Crypto Fellowship. Both VCs want to find the next 10 crypto entrepreneurs in France. And they think they might foster the most promising crypto startups if they don’t have any preconceived idea and team yet.

Frst and Fabric Ventures think they can create the right framework to incentivize the next generation of entrepreneurs.

If you get accepted into the program, the two VC firms will hand you €100,000 in exchange for 7% of your company. Basically, this should cover one year of salary for one person in France with a salary of €50,000, €21,000 in employer contributions and €29,000 in expenses. You can be based in another country as long as it’s in the same time zone and you incorporate your company in France.

Participants will join a Discord channel with other fellows and attend weekly Zoom meetings during the first few months. After that, Fabric Ventures and Frst partners will schedule regular office hours with you to check in on your progress.

For participants that finally create a proper company and take their idea to the next level. The fellowship may later ask to invest an additional €700,000 for a 20% stake in the company.

Candidates can apply until June 15. Le Crypto Fellowship isn’t looking for people who already have an idea or are only available part-time. But if you want to join as a team of two or three, you can. Instead of €100,000, you’ll get €200,000 or €300,000. Working as a team will probably help you remain motivated over the long haul.