As part of its Digital India initiative, Telangana’s state government announced the launch of the India Blockchain Accelerator program in order to promote early-stage Web2 and Web3 startups and blockchain developers to address real-world challenges. In partnership with unicorn crypto exchange CoinSwitch Kuber and technology innovation management company Lumos Labs, the program will be launched.
According to a statement, “this accelerator will be launched in partnership with Lumos Labs, a company that specializes in blockchain-based open innovation programmes in India.” This accelerator will focus on supporting and equipping deep-tech blockchain startups with government accreditation and expert guidance.
As a result of the success of the first T-Block Accelerator, the Telangana Blockchain District announced the India Blockchain Accelerator in partnership with Lumos Labs, a firm that specializes in running blockchain-based open innovation programs in India. In order to provide startup companies with expert guidance and government accreditation, this accelerator will support and equip deep-tech blockchain startups.
Its platinum sponsors include Nervos Network $CKB, Stellar $XLM, Streamr $DATA, Filecoin $FIL, and Neo Protocol $NEO, and its investment partners are Lightspeed and Woodstock Fund. The accelerator’s incubation partner is Buidlers Tribe, and its program partners are Guwahati Biotech Park, an Assam state led platform dedicated to accelerating entrepreneurship and technological development in North-East India, and Microsoft for Start-ups. Lightspeed and Woodstock Fund also stand to invest over $700,000 in the start-ups.
Telangana government will help facilitate and promote blockchain growth by providing the required regulatory framework. There will be multiple tracks that will be open to early-stage Web2 and Web3 start-ups and blockchain developers with interesting blockchain solutions.
Fintech, entertainment, sustainability, infrastructure and tooling, agriculture, logistics, and healthcare are some of the tracks in which solutions may be identified. Additionally, workshops, meet-ups, mentorship, and training will be offered throughout the program to ensure holistic growth of the start-ups.
Government accreditation is available, incubation spaces are available, ecosystem support is available, and go-to-market support is available for the participating solutions.
The registrations for the accelerator are open at https://www.indiablockchainaccelerator.com/
In the last five years, the cryptotech industry in India has expanded by over 39 percent, according to a report by NASSCOM. Apart from having a robust blockchain sector, India has also witnessed significant growth in the technology and entrepreneurship sectors. This includes more than 230 cryptotech startups and 34 Indian companies gaining unicorn status by 2021 according to Venture Intelligence.
