Meet The Garage, a new incubator in Paris that is all about blockchain projects. Co-founded by Cyril Paglino from Starchain Capital, Fabrice Le Fessant from Dune Network and Oussama Ammar from The Family, the company will support blockchain startups, help big companies launch blockchain projects and educate engineers about blockchain development.
The Garage is a sort of puzzle made out of multiple pieces. First, it wants to create a community of startups and support those startups in different ways.
“We copy and paste The Family’s model, which means that it’s built on trust. We take 5% of equity after six months if the startup and The Garage are happy,” The Garage director Damien Daübe said during a small press conference yesterday.
In exchange for 5%, startups that are part of The Garage community get some help when it comes to product, engineering, press relations, marketing, etc. Eventually, The Garage wants to tap its network of investors to make some introductions and help them get some funding and traction.
There are already five startups participating in the program, such as Ipocamp, Ticket721 and Elite Chain. Eventually, The Garage wants to help 25 startups per year. The Family receives a lot of applications. You could imagine that The Family might recommend The Garage to some of them.
But taking some equity isn’t going to generate revenue from day one. The Garage is also going to work with Dune Network, the new blockchain from OCamlPro. According to The Block, OCamlPro was working with the Tezos Foundation but decided to part ways, create a fork and start a new blockchain.
The Garage is going to work with big corporate clients on some blockchain projects. This could generate some revenue much more quickly.
Finally, The Garage is also going to teach software engineers about blockchain development. The company will host free lessons in the evening. There will be some online resources as well.
All of this is going to happen in a recently renovated building that looks like a hybrid between an Apple Store and a movie set. If you’re into concrete, metal and industrial design, it’s a beautiful place. It was mostly used for fashion week events until The Garage started renting it.