The co-founder of Apple, Steve Wozniak, has joined a blockchain-powered venture capital fund called EQUI Global as a co-founder. Wozniak will guide the venture capital fund in search of a promising tech company of the future, reports the company’s statement cited on a Medium post. Wozniak has received innovative pitches regularly from many companies before, but this is for the first time that he has accepted an offer to join a company, after Apple.
He strongly believes in the potential of blockchain technology in enhancing business. The offer made by EQUI was not only alluring for Wozniak but also in accordance with his beliefs. EQUI is yet to be officially launched and its team has already begun screening as many as 20 companies. The shortlisted companies will be trained under the supervision of the board of social entrepreneur of EQUI Global. Wozniak said that just like Apple was mentored, EQUI Global will also act as a teacher and train its companies. He further said that he and his teammates are excited about their new venture just like anyone would be with the new business.
The co-founders of EQUI Global, Baroness Michelle Mone, and Douglas Barrowman share a past history of blockchain technology which is quite impressive, said Wozniak.
In 2017, Barrowman and Mone came up with Aston Plaza and Residences, a $325 million worth property in Dubai. The project was a part of a partnership with the Aston Ventures, a private equity firm. In February 2018, the two were reported of having sold 50 apartments to Bitcoin users.
Later, they launched an ICO for EQUI capital. In the ICO they managed to raise only $7 million which is far below than the expected $80 million raised by June 2018. The company had to discard the ICO and changed its name to EQUI Global, and offered a lucrative deal to Steve Wozniak, which was hard to resist for him.
Mone, in a statement, praised Wozniak and said that Steve Wozniak had always been his business role model and he is quite happy to work with him at EQUI.
EQUI Global is an open fund focusing on tech companies and non-institutional investors. For non-tech companies such as real estate, the company has set aside only 20% of the funds. The company has also made a provision for the investors to buy EQUI tokens to join the venture capital fund. There is no restriction on the exchange of the tokens which means the investors are free to sell these tokens on other cryptocurrency exchanges to liquidate their investments.
Wozniak has a belief in EQUI that it will unsettle the VC industry and will open the doors for other companies to adopt the new model based on blockchain technology. Apple is already an established name in the tech industry. It is hoped that the experience of Wozniak will help EQUI prosper. The fund will be in a better position to mentor tech companies as it has experts as its team members.