Emon Motamedi, Head of the Solana Incubator, recently appeared on the Lightspeed podcast to share insights into how the program — now entering its second cohort — is reshaping the traditional incubator model to grow the next wave of blue chip companies in web3. Located in the heart of New York, the Solana Incubator offers over three months of in-person, hands-on collaboration with top builders in the Solana ecosystem, while leveraging its strategic location n the world's leading traditional financial sector.

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"New York is a huge hub for Web3 today," Motamedi explains. "With all the activity happening here once again, the VCs in the ecosystem, the teams building out of New York, it really creates a flashpoint for all of these folks to come and build together."

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Unlike traditional tech incubators that focus on passive mentorship and networking events, the Solana Incubator program emphasizes hands-on support and direct collaboration. “We've created an environment where founders build alongside the Solana Labs team,” he says. This intensive, high-touch approach has already produced notable successes in its first cohort in 2024, with projects like Sanctum and Espresso Cash capturing market share in sectors ranging from liquid staking to international payments. 

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Motamedi describes the program as an incubator rather than an accelerator to emphasize the collaborative nature of the development process. “Despite crypto's remote-first reputation, we've found immense value in physical proximity. Our small-batch, in-person approach creates an environment where founders can tap someone on the shoulder for immediate support, leading to faster iteration and problem-solving,” he says. “This method includes real-time problem-solving sessions, from go-to-market strategies to user experience design, tailored to each startup's immediate needs.”

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Take Sanctum, an Incubator graduate and liquid staking platform that has become a leader in its sector. During Cohort 1, the Sanctum team worked through technical challenges and design decisions in collaboration with cohort partners and Solana Labs domain experts. When the pressure mounted and long hours took their toll, the entire Incubator program rallied technical support and took on the role of crucial sounding board.

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“The camaraderie that develops within cohorts has become one of our program's unexpected strengths, fostering cross-cohort support and lasting relationships.” Beyond technical support, the incubator fosters a community among the startups. Emon recalls the unexpected yet beneficial sense of connection that developed among the cohort members, leading to a supportive network that extends beyond the program itself. 

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As one Incubator Cohort founder put it: "Sometimes you need to be in the room where it happens."

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When it coms to strategy, a major tenet of the Solana Incubator philosophy is looking beyond the token-first mindset. It's an approach that has won the program respect from traditional tech investors who had previously viewed crypto startups with skepticism. "We spend a lot of time pushing founders to focus on fundamentals," Emon explains. "Having a token isn't a business model…While tokenomics can be a powerful incentivization mechanism, we encourage founders to focus first on fundamental business principles: identifying their user base, understanding market needs, and developing a compelling MVP.”

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The success of Espresso Cash exemplifies this approach. The startup is tackling hyperinflation in Nigeria through dollar-backed digital accounts and remittances, demonstrating that blockchain technology can address real-world problems without relying on speculative tokens. Their rapid growth in app downloads during the incubator program is just one validation this product-first strategy.

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“As we continue to grow, our vision remains focused on building the next Blue Chip companies in the Solana ecosystem. We're particularly excited about projects that bridge Web2 and Web3, creating applications that seamlessly integrate blockchain technology without requiring users to understand the underlying infrastructure," Emon explains.

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With the Solana Incubator’s Cohort 2 kicking off in January 2025, the program's focus extends beyond pure cryptocurrency applications toward real-world applications. For those accepted, the program offers more than just another accelerator experience – it's an opportunity to build alongside experienced teams in an environment where immediate feedback and collaboration are the norm. 

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Learn more at Solana Incubator or by following @Incubator on X.

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