Apex Growth Accelerator, a 10-week programme targeting startups in the Cardano ecosystem, is accepting applications until Sept. 1 local time. Selected companies will be offered up to $70,000 (about 97 million won) in investment and a chance to access a Silicon Valley network of investors and experts.

According to blockchain outlet The Crypto Basic, billionaire investor Tim Draper recently introduced the programme on X, formerly Twitter, as a "big opportunity" for developers in the Cardano ecosystem and encouraged participation.

Apex Growth Accelerator was set up through a collaboration between Draper University and Orion Fund, and the programme begins on Oct. 5. It focuses on supporting growth for startups that already have a certain level of business or product and are preparing to raise investment.

Eligible areas span the broader Cardano ecosystem. They include decentralised finance infrastructure, real world assets, tokenisation, enterprise applications and scalability technologies, as well as new business areas emerging on Cardano. The main targets are teams seeking funding and investor connections needed to scale beyond validating an idea.

Participating companies can receive up to $70,000 in investment, and the investment terms are designed based on a current equity stake of 3.5 percent. Selected founders also take part in a Silicon Valley residency programme run at Draper University.

The programme is backed by the $80 million Orion Fund formed by Cardano and venture capital firm Draper Dragon. Orion Fund was launched to invest in companies building businesses in the Cardano ecosystem, and Draper University serves as the acceleration partner.

The programme is expected to be used as a channel to identify promising startups early and connect initial support to follow-on investment. Founders can secure funding, mentoring and investor touchpoints, and Orion Fund can proactively identify Cardano-based companies with growth potential.

The application deadline is Sept. 1. The key going forward is whether selected companies can deliver results that lead to follow-on investment and actual business expansion after the 10-week programme.

"Big opportunity for founders in the Cardano ecosystem. DraperU teamed up with @Cardano and @OrionFund to back the next wave of builders. 1 week left to apply https://t.co/oqJ1QkPTCg"