ACA Update January 2023
After a very successful 2022, we entered the new year with significant challenges. As a small nonprofit, sustaining donations year over year was a constant challenge. And while we received full payout of the Algorand Foundation grant, entering 2023, we faced a shortfall in funding that would have prevented us from fully financing our next cohort. Therefore, I’ve made the difficult decision to suspend the next session of our Engineering Residency Program.
What makes this hard is that we were genuinely achieving our mission and making the impact in the lives of the devs as we had hoped for from the beginning. I hope this is a temporary setback, and we will secure funding for future sessions and engineers from our program.
So along those lines, we’re going to take the time we have remaining to focus on building out the stable of projects that our team of leads and devs has been working on as we look to see them launched.
To be honest, my hope for the ACA has always been that we would complement donations with revenue from engineering contracts and our own startups. And true to our vision, we’ve brought our top graduates on board to staff these projects and made great progress!
Please have a look! 👀 (Just keep in mind these are works in progress!)
The plan is to raise a pre-seed fund within the ACA to back these companies so they can be staffed, incubated and launched with our leads and devs at the helm.
If you know anyone that might be interested or would like details, please reach out!
Thank you, as always, for your support! 🙏🏻