Lumos Labs, an innovation management firm has launched the hatch web3.0 accelerator for Hedera, inviting Indian web3.0 startups to grow at scale with Hedera’s distributed ledger services, the company informed.
“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 focused on overcoming the barrier that startups come across in their journey and we are excited to be a part of this,” Kaavya Prasad, founder, Lumos Labs, said.
Furthermore, the accelerator program will comprise two cohorts of five months each and aim to encourage and empower innovators in the web3.0 space to scale their blockchain and distributed ledger solutions and to augment awareness and adoption of Hedera technology within the Indian developer community.
“India has become the third-largest startup ecosystem in the world after the US and China. 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 organisations and developers have shown a great deal of interest,” Rob Allen, senior vice president (SVP), ecosystem acceleration, HBAR foundation, said.
The startups will also receive network access and potential funding grants from VC partners, We founder circle, MapleBlock, and CoinDCX contingent on their due diligence process and investment thesis fit, the company stated.
The HBAR Foundation supports the creation of web3.0 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.