1. To clarify, am I correct in understanding that neither you nor your partner have prior experience as venture capitalists or as startup accelerators, either within Web3 or other industries?

2. Could you provide specific details on your backgrounds, including any prior investments you've made, what projects those involved, and the outcomes achieved? What makes you more qualified than others to invest in Web3 startups?

3. Additionally, how much equity or stake do you plan to take from each company you invest in, and what are your criteria for selecting these startups? How much of this equity will be given back to Polkadot for helping fund the investments?

I have to be candid — as someone who actively raises funds for startups, I wouldn't find this offer compelling enough to pursue. This pitch feels unpolished and lacks the depth needed to inspire confidence, given there is such little actual information and so much fluff provided. I would recommend refining it further to meet the standards expected in competitive investment ecosystems like Silicon Valley.

[@Flez](1haHsRuCUCkbkPRmSrnfP8ps6cTaR2b5JCU5uNPUbxsVPbf-polkadot) 

Thank you for your question! I’m happy to provide more details:

1) Fuelarts has been operating as the first dedicated Creative Tech accelerator and venture since 2019. Since then, we've launched three full-fledged batches (last one for Tezos), with demo days, and 75% of our startups received funding either during the demo days or within 12 months post-acceleration. We have also invested in 12 of our graduates (please see our portfolio here: https://www.crunchbase.com/organization/fuelarts).

From our general public batches, 10 startups remain active in the market, 2 have exited, and 2 were acquired (currently on hold). In our private later-stage acceleration, all 18 startups are still operating, with 1 acquired. From our pre-acceleration program, out of 32 ideas, 6 advanced to the prototype stage, and 2 reached MVP.

Our Creative Entrepreneurship course has been adopted by Zurich University of the Arts, where we’ll be launching in Spring 2025 in partnership with ETH Zurich, Switzerland’s top tech university. We're also currently raising a $10 million Web3-focused fund, with 25 startups in the pipeline. Additionally, we provide advisory support to other funds on onboarding Web3 Creative Tech startups, with experienced fund managers dedicated to this effort.

Our partner, BitBasel, represents the Web3 Creative Tech community of South Florida, collaborating closely with the ecosystem. In our joint application, BitBasel will focus on the creative and artistic aspects, helping startups refine their Web3 products and achieve market fit (supply), while Fuelarts will oversee general mentorship and VC relations (demand).

We have a strong network of investors who eagerly participate in our demo days. Our specialization within Web3 is Creative Tech, which many VCs often overlook.

2) Regarding outcomes from the batch — in Polkadot’s case, we are not taking any equity from the startups (unless we co-invest during the demo day), as this approach helps attract high-potential startups with genuine end-user engagement to a white-label accelerator model (sponsored by the blockchain). Startups invest their time in exchange for knowledge, adoption of Polkadot blockchain tools, and access to investment opportunities. Polkadot has no obligation to invest, and startups retain equity — they simply utilize Polkadot’s blockchain and contribute to its ecosystem by bringing in end-users.

3) If, as you mentioned, you’re actively raising capital for startups, we would be happy to schedule a separate call with our Head of Investor Relations to discuss your network and opportunities. We frequently collaborate with individuals on fundraising, and the opportunities you provide may be highly valued in other Fuelarts projects.

Aslo a better sense of our background and vision, you’re welcome to check out our creative tech reports: https://bit.ly/3vpDAkG, https://bit.ly/3LcNZET, https://bit.ly/3uIaTyI

Looking forward to connecting!
My Telegram is @dbelkevich

It looks like this proposal was initiated on the Small Spender track, which seems like the wrong one given the amount requested, so it’s likely to fail in execution even if it’s approved.

[@OTAR](14z2CnmqMX2kcWGp5VT68sovjKXZipjkNUPtaMMnz6cjXW3q-polkadot) 

Thank you for highlighting this potential issue! The application automatically assigned the Small Spender mode based on the requested amount. We’re currently working with tech support to resolve this

Re-applied due to a technical issue flagged by the validators. Please feel free to continue the conversation or cast your vote again here:

[https://polkadot.subsquare.io/referenda/1289](https://polkadot.subsquare.io/referenda/1289)

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Please Vote NAY

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