As venture capital from the crypto industry is shrinking, alternative funding options, such as grants, are becoming more popular as ways to support projects.
Grants and venture capital are two different funding mechanisms with distinct purposes and conditions. While grants are often used to support projects that align with specific objectives and values, venture capital seeks startups with high-growth potential and focus on financial returns.Yet, receiving grants may only be beneficial for projects if funds are put back into the work, Cumberland Labs CEO Naveen Agnihotri told Cointelegraph.
"Granting programs hold a pivotal role in shaping the crypto industry's next phase of development and innovation. By offering financial support and a platform for unconventional ideas, these programs fuel creativity, research, and the creation of pioneering solutions," noted Rafael Presa, operations manager of Deep Funding. Since its inception in 2022, the program has helped 28 AI projects, with grants distributed through decentralized voting within the SingularityNET ecosystem.
We are looking for community members willing to take an active part in spreading the word on our community-driven programAlso funding projects, the Interledger Foundation is using its grant program to boost initiatives enabling payment networks for unbanked communities worldwide."Grant programs can alleviate some of the financial pressure entrepreneurs and innovators [face].
For Agnihotri, projects must focus on solving real problems when positioning a proposal."Now that we’re in a bear market [...] I think it’s a great time to really think about the problems and, in turn, the big ideas.
"Although money might not be sloshing around in abundance during these times, there is still money and that money is attracted to good ideas,” Agnihotri stated.
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