IOTA EVM Buildsphere AMA #15 – Tenity

Published 10 September, 2024

In this AMA of IOTA Foundation which took place on August 14, 2024, Jonathan hosted Jordan from Tenity to discuss the Tenity accelerator program for IOTA, its impact on startups, the relationship between Tenity and IOTA, and more! Read our notes below to learn more.

Background

Jonathan Hellweg (Host) – Community Manager at IOTA

Jordan (Guest) – Leader of Web3 programs at Tenity

Tenity – an early-stage venture investor and accelerator

Exploring Tenity’s Accelerator Program for IOTA

Jonathan introduces the 15th edition of BuildSphere, explaining that the session aims to discuss Tenity’s accelerator program for IOTA.
Jordan introduces himself as the leader of Web3 programs at Tenity, an early-stage venture investor and accelerator. He explains that Tenity runs Web3 programs with different Layer-1 blockchains to help projects build on these chains and create value in the ecosystem.
Jordan describes an accelerator program as a crash course that helps startups define their product-market fit and unique selling proposition. He explains that these programs typically last 3-6 months and include masterclasses, workshops, and insights from industry experts.
The goal of Tenity’s accelerator programs is to help startups go from “zero to one,” which Jordan describes as the hardest part of a startup’s journey. He highlights that the program helps founders see their product from different perspectives and potentially pivot their business model.
When asked about success stories, Jordan mentions that some startups have raised funds after the accelerator program. However, he highlights that success isn’t just about raising money. He highlights the value of connections made within the cohort, which often leads to ongoing support and friendly competition among founders.
Regarding the relationship between Tenity and IOTA, Jordan explains that Tenity operates the accelerator, providing end-to-end services including startup scouting, program planning and execution, and introductions to investors. He highlights Tenity’s global network, with offices in Zurich, London, Spain, and Estonia.
Jordan clarifies that while Tenity focuses on the commercial aspects, IOTA provides technical support. This partnership allows startups to benefit from both commercial expertise and technical guidance, especially as they build on IOTA’s technology.
The accelerator program includes mentors who provide guidance on various aspects of business development, from pitch deck improvements to business model refinements. Jordan stresses the value of this feedback in helping startups make quick improvements to their businesses.

IOTA’s APAC Accelerator: Fostering Innovation in Real World Assets with Tenity in Singapore

Jonathan asks Jordan about the 12-week APAC accelerator run by Tenity for IOTA in Singapore, focusing on its goals and intentions.
Jordan explains that the primary goal is to have startups building on IOTA EVM, which was launched about a month or two prior. He mentions that this year’s cohort focuses on Real World Assets (RWA) projects. The accelerator aims to ensure that these startups not only deploy on the mainnet but also become sustainable and scalable in the future.
Regarding the selection process, Jordan describes a team effort involving scouts who use platforms like LinkedIn and X (formerly Twitter) to find potential projects. For this accelerator, they received over 100 applications. The team shortlists startups based on their alignment with the accelerator’s goals and objectives. They then conduct calls with shortlisted startups to understand their projects better and assess the founders.
Jordan highlights that while having multiple-exit founders is a plus, first-time founders with compelling ideas and problem-solving approaches are also considered. The ability to sell the idea and articulate the problem being solved is crucial.
When discussing the selected projects, Jordan mentions that there are six startups, all in the RWA space. These projects range from tokenized invoice financing to property rental, critical minerals, and creating digital product passports. He notes that RWA projects have been trending in the Web3 space over the last six months and expects this trend to continue in the near future.
Regarding the conclusion of the accelerator program, Jordan talks about the demo day. He mentions that this year’s demo day is strategically placed just before Token 2049, one of the biggest events in the crypto world. The demo day will be a side event for Token 2049 in Singapore.
Jordan explains that during the demo day, startups give a 3-5 minute pitch about their projects. The main goal is to raise interest and potentially secure funding or partnerships. He clarifies that contrary to popular belief, demo days don’t work like Shark Tank with immediate investment offers. Instead, they provide an opportunity for startups to meet the larger community, share their vision, and potentially find critical partners for their business growth.

Maximizing Accelerator Success: Investor Engagement, Networking, and Opportunities in the Web3 Space

Jonathan asks Jordan about the best possible outcomes for projects presenting on the demo day.
Jordan explains that the demo day serves as a top-of-funnel instrument. The ideal scenario is when an angel investor or VC expresses interest in a project, leading to follow-up conversations and potential funding opportunities. He highlights that instant funding rarely happens, as investors need time for due diligence.
Jonathan asks about how projects can maximize their experience in an accelerator program.
Jordan advises that the most successful startups are those that consistently reach out to the team, peers, and mentors for feedback. He encourages founders to ask questions about their pitch deck, product-market fit, and go-to-market strategy. Jordan highlights the value of in-person weeks, where startups fly to Singapore for networking, mentor meetups, and coaching sessions.
Jordan mentions that cohort members can potentially become each other’s customers or partners, citing an example of a wallet integration project that onboarded other startups in the cohort.
A listener named Rami, a software engineer working on an automotive-related mobile app using IOTA, asks about finding accelerator programs in Europe, particularly France.
Jordan explains that Tenity has a base in Zurich and offers programs there, though they might not be strictly Web3-focused. He offers to connect Rami with a team member in Zurich to explore potential opportunities.
Rami asks about pitch deck seasons or special events in Europe for pitching to Web3 investors, especially regarding IOTA.
Jordan mentions ETHcc as one of the biggest Web3 events in Europe. However, he suggests that attending conferences isn’t necessary to meet investors. He recommends using LinkedIn to connect with venture capitalists in the Web3 space, highlighting that this can be an effective way to start fundraising or get product feedback.

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Show Information

Medium: Twitter AMA & YouTube (Audio)

Show: IOTA Foundation

Show Title: Buildsphere AMA Ep #15 Tenity

Show Date: August 14, 2024