Spruce Systems Make It Into Y Combinator (YC W21) The Most Prestigious Accelerator In The World

by | Feb 27, 2021 | Adoption, Latest

Spruce Systems who are building decentralized identity tools on Tezos including DIDkit have been accepted into the Y Combinator YC W21 Batch. Y Combinator is considered to be the most prestigious accelerator program in the world.

Spruce Systems

Spruce Systems describe themselves as:

…a digital identity company that reimagines trusted interactions for enterprises and governments. We help our customers create trusted digital ecosystems that reduce transaction costs for business dealings and government services by incorporating real world facts throughout their workflows in a standards-based way.

Our products handle statements about an ecosystem’s actors and assets, including certificates, licenses, audit reports, and formal approvals, packaging them digitally so that they are tamper-proof, information minimizing, and traceable within a data supply chain.

They can then be shared privately and securely to correctly permissioned parties. To foster transparency and interoperability, we will release our core products as open source.

Spruce Systems are building decentralized identity tools on Tezos including DIDkit, they utilize Tezos as their core dependency. They also:

…create public goods for the Tezos ecosystem towards enterprise-ready components around financial assets, government transparency, and other emerging use cases involving trusted information. We don’t have our own blockchain, and we don’t have a token.

They also build Credible, the official decentralized-identity wallet of DID Method Tezos (DID:tz).

Spruce Systems & Y Combinator

Spruce Systems have now been accepted into Y Combinator YC W21 Batch, this was announced by Spruce Systems in Hacker News on Y Combinator. Y Combinator is considered to be the most prestigious accelerator/incubator in the world and has fostered the beginnings of many high-profile companies including Airbnb, Stripe, Dropbox, Coinbase, Zapier, Reddit, Twitch, Docker and Gitlab amongst others.

Being accepted into the Y Combinator program is no mean feat considering over 10,000 startups apply each cycle and it is therefore seen as the ultimate stamp of approval for new companies and projects. Many see the Y Combinator program as:

A sort of “golden key” that opens doors you didn’t even know existed.

With the acceptance into Y Combinator, Spruce Systems will also get seed funding to build out their products. Y Combinator effectively become an investor in the companies they accept into their accelerator program and they therefore have an incentive for those companies to succeed.

They normally accept companies into the program in two batches per year.

It is stated:

The YC program lasts for three months. During those three months, founders participate in group office hours every two weeks and can meet with partners for office hours as often as needed. During the batch, we host a weekly talk at Y Combinator, where we invite an expert in some aspect of startups to speak.

Y Combinator work with the companies on their ideas and also help founders deal with investors and acquirers, including making introductions on their behalf.

Some testimonials from well known entrepreneurs include the following:

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