The Musk Fund aims to new developers and projects support. The program will select startups that will receive a grant for further development.
Why it is needed
Many projects face a lack of funding both at the start and during the work. Attracting investors can be challenging for different reasons, but the result is always the same: good platforms go out of business without getting the help they need.
Existing crowdfunding services do not always solve this problem due to the great competition. Therefore, we have created our own program that can help more startups to get a chance for full-fledged development.
About the program
The essence of the program is to issue grants after the assessment of the project potential. At least 10 experts, public figures associated with the blockchain industry and information technology will be nominated for the commission.
10 million UWM tokens will be allocated to finance projects: they will subsequently be distributed among selected development teams.
Each project will need to submit an application to have the right to participate in the selection process. It is necessary to provide information about the concept and technical features of the project, share information about development plans and prospects in the application.
A group of independent experts will evaluate each project according to predetermined criteria and will vote for those that deserve more attention. Each lucky person will receive special status and then, depending on the status, a reward from the fund.
The commission determines the amount of remuneration and if it is paid gradually or not.