Below I share 5 tips to apply it.

 

1. Understand how Project Catalyst works

It’s a decentralized innovation fund governed by the Cardano community. The fund provides funding to eligible projects through regular challenge competitions. Before submitting an application, startups should first understand how it works, including eligibility requirements, challenge themes, and scoring criteria.

2. Choose the right challenge

It hosts multiple challenges each year, covering a variety of topics. When choosing a challenge, startups should consider whether their product or service is aligned with the challenge theme, and whether they have the ability to complete the challenge requirements.

3. Write a comprehensive proposal

The application process includes writing a proposal, submitting the proposal, and voting. When writing a proposal, startups should keep the following in mind:

* The proposal should be clear, concise, and effectively communicate the company’s product or service.
* The proposal should fully showcase the company’s team, technical capabilities, and market potential.
* The proposal should be tailored to the specific requirements of the challenge.

4. Be actively involved in community activities

It’s a community-driven fund. Before applying for funding, startups should be actively involved in community activities, such as posting on forums and engaging on social media. By participating in community activities, startups can raise their visibility and build relationships.

5. Be prepared for disappointment

Competition for Project Catalyst funding is fierce. Before applying for funding, startups should be prepared for the possibility of failure.

According to official data from Project Catalyst, as of November 13, 2023, the fund has provided funding to over 1,000 projects, totaling over $100 million. These projects cover a wide range of industries and application types, including:

1. Financial technology: This category includes decentralized exchanges, lending platforms, and payment systems.
2. Infrastructure: This category includes blockchain data centers and edge computing platforms.
3. Healthcare: This category includes healthcare data storage and healthcare insurance management.
4. Education: This category includes online education platforms and learning outcomes tracking.
5. Government: This category includes citizen identity management and election voting.

Specifically, financial technology is the most popular category for Project Catalyst, accounting for over 30%. Infrastructure and healthcare each account for about 20%. Education and government each account for about 10%.

Project Catalyst provides startups with an opportunity to obtain funding and support. By understanding how the fund works and the application requirements, startups can increase their chances of success.

 

https://projectcatalyst.io/