Cypher Accelerator, a blockchain-specific accelerator program, will be launched by the University of Pennsylvania’s Stevens Center for Innovation in Finance in the spring of 2022.
Accelerator Program To Encourage Blockchain Startups
As per reports, the first Cypher Accelerator round has been scheduled to run from February 2022 to late April or early May. Applications for the same will be accepted till November 30, 2021. According to Stevens Center Managing Director Sarah Hammer, the program will focus on different applications of blockchain technology in industries like healthcare, insurance, and agriculture, along with cryptocurrencies and virtual coins. Hammer further elaborated on the decision and how it tied into the mission of the Stevens Center.
“Part of our mission is to support the blockchain ecosystem and to provide rich opportunities for students and faculty in the Penn community…Think about our strengths at Wharton in business and finance. If you can combine that with cutting-edge ability in the leading technologies, we’re just unstoppable.”
In addition to the accelerator program, the Stevens Center will also offer classes and workshops to Penn students interested in the fintech world.
How Will The Program Function?
The Cypher Accelerator will select a group of 10-15 projects every semester to enroll in a three-month program where they will be trained through mentorship, networking, and workshops. The idea is to arm them with all necessary resources to help conceptualize their own blockchain or crypto initiative. Applicants and participants do not have to be enrolled with the University to apply to the program, which will consist of three phases, each lasting for a month. Participants will take their fledgling blockchain idea through all three stages, developing it into an elaborate business model and investment plan through consultations with industry leaders like Mark Cuban and Tim Draper. The final stage of the program is the ‘Demo’, where they will have to pitch their ideas to potential investors to gain financing.
Going Beyond FinTech
Rishin Sharma, the student director at the Stevens Center, believes that the initiative will encourage Penn students to open up doors to an up-and-coming field in the fintech world.
“If I’m very honest, personally speaking, I think at this school there are too many creative, smart people to just be working at [big] banks, If we can get more kids moving to FinTech and working on innovating and disrupting financial markets, that’s how Penn can truly shape how the 21st Century financial system exists.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
