Build your Track Record in the Stellar Ecosystem
The submission deadline for the 10th round of the Stellar Community Fund (SCF) is coming up on the 29th (we recently extended it with a week!). If you’re thinking about submitting a Stellar-based project, now is the time! The next selection phase isn’t for another five months. Need a few more days to wrap up your submission? No problem — reach out and we can most likely accommodate.
I know some of you are hesitant to submit your projects to this round of SCF because they might not be completely built out. My advice to you is to submit them anyway! And here’s why:
- It’s the talented people like you behind a project that matters the most
- Submitting projects early on opens the door to the Stellar community and ecosystem and gives you something to build off of
During my time heading the SCF, I’ve had the chance to speak with many investors and stakeholders in the blockchain space. One of the most common sentiments is how vital talent is when making an investment decision. Their reasoning? It’s the people behind the product that truly bring success.
Many first-time entrepreneurs thinking about submitting to the SCF fear their project is not developed enough. They’re (former) students, job switchers, and developers with excellent skills and ideas but little history in the space and market. However, it is the talent of these individuals that truly drives progress. This National Bureau of Economic Research paper says it perfectly: “skill is an important determinant of success for entrepreneurial startups.”
The paper also mentions that entrepreneurs with a good track record are more likely to succeed. To create this history of achievement, you can submit projects to SCF more than once. A common path is to apply initially and ask for a small budget just to get your foot in the door. It’s easy for verified members to approve a solid, small-budget project. Then, after being granted this visibility and community, you can submit your project again and ask for a larger budget.
Use SCF to build your track record in the ecosystem and let the community know you’re here to stay.
At the Stellar Development Foundation, we focus on accessibility and this is felt across all our initiatives, including our grant programs. SCF is open and accessible to a wide variety of Stellar-based projects, whether you’re building a helpful developer tool, community initiative, or full-fledged business ready to scale. SCF isn’t just a one-stop-shop to get some funding and be on your way, but it’s a place to grow your project and presence in the ecosystem.
If you’re still unsure if you want to submit, remember:
- You can get in early and start small in the SCF with manageable goals
- Regardless of winning, you’ll connect with the community (find a buddy, listen to experts in the field, work with partners) and prove you’re committed to growing your project by achieving your goals
- Apply again next round with additional funding and greater goals!
I hope to see your SCF submission soon!