Lumos Labs, an innovation management firm in India, today announced the launch of The Hatch Web3 Accelerator for Hedera, inviting Indian Web 3 startups to grow at scale with Hedera’s distributed ledger services.
Launched in partnership with The HBAR Foundation, which supports the creation of Web3 communities built on the Hedera network, the accelerator program will comprise of two cohorts of five months each and aim to encourage and empower innovators in the Web 3.0 space to scale their blockchain and distributed ledger solutions, and to augment awareness and adoption of Hedera technology within the Indian developer community. Finalists from each cohort will be eligible to receive grants from a pool of US $150,000 each from the HBAR Foundation, along with mentorship and go-to-market guidance.
Shortlisted solutions will enter a bootcamp phase during the program. The winners will receive mentorship from the industry leaders along with integration and technology support. By participating in the Accelerator, developers and founders can build and scale applications that leverage Hedera’s speed, security, scalability, and finality, while establishing connections with like-minded people and leading IT experts.
The Accelerator participants will also receive expertise and web development support from Amazon Web Services (AWS) and expertise in legal aspects of starting up as a Web3 company, understanding the nuances in taxation and auditing for Web3 startups from PwC. The startups will also receive network access and potential funding grants from VC partners We Founder Circle, Woodstock Fund, Fracton Ventures, Mapleblock and CoinDCX contingent on their due diligence process and investment thesis fit.
“India has become the third-largest startup ecosystem in the world after the US and China,” said Rob Allen, SVP, Ecosystem Acceleration, at the HBAR Foundation “With over 80 startup unicorns in India, most in the tech services sector, the potential of the Indian market is massive. With this accelerator program, alongside partners like AWS and PwC, the HBAR Foundation aims to strongly support the Hedera ecosystem and adoption in India, where organizations and developers have shown a great deal of interest.”
The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, by empowering and funding the builders developing these communities. The Foundation’s six funds – focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy, and Female Founders – each support communities within those areas, and the interconnectedness enables applications to participate as part of a larger ecosystem. The collective power of these funds enables entrepreneurs, developers, and enterprises of all sizes to create their own economies in which they control their own assets and identities, all built on the world’s most-used, sustainable, enterprise-grade public ledger for the decentralized economy.
“We are delighted to work with HBAR Foundation on this Accelerator program, to continue to strengthen the startup ecosystem building on Hedera, an initiative that is at the core of our brand’s vision. India has been a global blockchain startup hub in recent years and has been positive about the potential of this technology. This initiative is focussed on overcoming the barrier that startups come across in their journey and we are excited to be a part of this.” added Kaavya Prasad, Founder, Lumos Labs.