Lumos Labs, an innovation management firm in India, has announced the launch of The Hatch Web3 Accelerator for Hedera, inviting Indian Web 3 startups to grow with Hedera’s distributed ledger service.
Launched in partnership with the HBAR Foundation, which supports the creation of Web3 communities built on the Hedera network, the accelerator program consists of two cohorts of five months each, and aims to encourage and inspire innovators in Web 3.0, blockchain and distributed ledger solutions, and Hedera technology in the Indian developer community. To increase awareness and acceptance. Finalists from each group will be eligible to receive a grant of US$150,000 each from the HBAR Foundation, along with mentorship and go-to-market guidance.
Solutions selected during the program will enter the boot camp phase. Winners will receive consulting services along with integration and technology support from industry leaders. By participating in the Accelerator, developers and founders can connect with like-minded people and IT professionals to build applications that meet Hadera’s speed, security, scalability and scalability.
Accelerator participants will get expertise and web development support from Amazon Web Services (AWS) and legal aspects of starting a Web3 company, understand the differences in taxation and for Web3 startups from PwC. The startups will receive network access and potential funding from VC partners We Founder Circle, Woodstock Fund, Fracton Ventures, Mapleblock and CoinDCX through their due diligence process and equity in investment writing.
“India has become the world’s third largest startup ecosystem after the US and China,” said Rob Allen, SVP, Ecosystem Acceleration, HBAR Foundation. Strengthening program, along with partners like AWS and PwC, HBAR Foundation aims to strongly support the Hedera ecosystem and adoption in India, where organizations and developers have shown strong interest.
The HBAR Foundation supports the creation of Web3 communities built on the Hedra network by encouraging and funding these community builders. The foundation’s six funds — focused on Crypto Economy, Metaverse, Sustainability, Fintech, Privacy and Women Founders — each support communities in those areas, and the connection allows apps to participate as part of a larger ecosystem. The collective power of these currencies enables entrepreneurs, developers, and enterprises to create their own economies where they control their assets and identities, all on the world’s most widely used, sustainable, enterprise-level decentralized public ledger economy.
“We are excited to partner with the HBAR Foundation on this accelerator program to continue building the startup ecosystem that has begun at Hedera. India has become a global blockchain startup hub in recent years and has been bullish on the potential of this technology. This startup is focused on solving the hurdles startups face in their journey and we are excited to be a part of it. Added Kaavya Prasad, Founder, Lumos Labs.
Registration is open to developers and enthusiasts in India. For more details on the Hatch Web3 Accelerator for Hedera and the registration process, visit their website. And to register, apply here.
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