Solana adds incubator to spur growth and woo founders away from rival chains

Solana Labs is launching an incubator aimed at convincing startup founders to choose Solana as their blockchain of choice.

"Incubator programs like this are critical to the success of start-ups in Web3. Blockchain startups face a much more difficult journey than traditional tech startups because the space is, in many ways, still young and still developing," Solana Labs Product Manager Emon Motamedi said in a statement.

While the startup incubator is organized by Solana Labs, which has raised $314 million in a private token sale, the move follows other notable and recent initiatives seeking to spur growth on the network. These efforts have included both a hackathon and an artificial intelligence accelerator, each launched by the Solana Foundation, the nonprofit whose mission is to grow the Layer 1 network.

Solana Labs did not say how much it is investing in its incubator program.

Solana isn't the only chain investing in attempts to foster more innovation on its blockchain. Rival Layer 1 Aptos has also recently invested money and launched initiatives aimed at convincing developers and builders to use its blockchain.

Getting builders to swap blockchains

Besides incentivizing fledgling startups keen to build web3 applications to choose Solana, Motamedi said he hopes to lure builders away from other blockchains.

"There are some exceptional technical teams that have built great expertise and created remarkable things on other chains, and as the industry evolved, have learned about the unique technical advantages of Solana," he said. "Some, however, have remained hesitant to switch chains because of the technical challenges involved in doing so. The Solana Incubator aims to attract those talented teams."

The Solana incubator plans to help startups by providing guidance that includes advice on engineering, go-to-market strategies and fund raising, which will include exposure to venture capital firms.

While the number of daily active addresses using Solana has been in decline recently, the Solana Foundation has argued the dip is not indicative of a significant decrease in "actual" users.