Billionaire Draper Backs Cardano Accelerator for DeFi

Billionaire investor Tim Draper has thrown his weight behind a new accelerator that is meant to turn Cardano-based startups into investor-ready companies. 

Draper University, the Silicon Valley entrepreneurship program founded by billionaire venture capitalist Tim Draper, has partnered with Cardano and the Orion Fund on the Apex Growth Accelerator.

Applications for the 10-week program close on Sept. 1. The program is scheduled to begin Oct. 5. 

The initiative is quite a big deal because it is designed for startups that already have something substantial to build on. 

Draper University’s own description calls Apex a growth accelerator for “investor-ready startups.” 

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The program is powered by Orion Fund, an $80 million ecosystem fund launched earlier this year by Cardano and Draper Dragon.  

The fund is specifically designed to invest in companies building around Cardano. 

A much-needed springboard 

Draper University is the fund’s acceleration partner. It helps to create a pipeline of startups that could eventually get funding from the Draper network. 

The organizers say they are looking for companies working on DeFi infrastructure, real-world assets, as well as some other areas. 

Draper University’s current program allows companies to receive up to $70,000 in investment, with a target of 3.5% equity. The program is structured around an investment relationship. 

It also gives founders access to Draper University’s Silicon Valley network. Participants will be based at Draper University and work alongside other founders. 

Draper has long been associated with early investments in major technology and cryptocurrency companies. 

As reported by U.Today, the early Bitcoin backer recently predicted that the price of the leading cryptocurrency could surge all the way up to $250,000.