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The HBAR Foundation Partners With Lumos Labs to Accelerate India’s Web3 Innovation on Hedera

Published By
Rob Allen
August 1, 2022

When the HBAR Foundation was launched in late 2021, we embarked on an ambitious strategy to build and accelerate the nascent Hedera ecosystem that had been forming since the public network’s launch in 2019. We wanted to find ways to engage with all the areas of passionate advocacy for Hedera in the global startup community, to grow the network effect that locks in value for them, and accelerate their businesses to scale and succeed. 

Through our specific HBAR Foundation Funds in the areas of Metaverse, Crypto Economy, Sustainability, and Fintech, we provide dedicated grant funding, but startups don’t just need money, they also need advice, mentors, and support through their (mostly) enjoyable and (always) rewarding journeys. This is why the HBAR Foundation now works with the best accelerators, incubators, educators, and investors in the world to ensure that startups who have committed to building on Hedera receive, in return, the same commitment that we give to all our grantees to maximise their chances of success. 

India has become the third-largest startup ecosystem in the world (after the US and China) with over 80 startup unicorns, most in the tech services sector.  The potential of the Indian market in Web3 is massive.  Hedera already has very strong Indian representation in Governing Council members Tata Communications, Wipro, and the Madras Institute of Technology, as well as many successful Indian hackathons and a rapidly growing Systems Integrator and startup community. All of these organisations have been attracted to Hedera for Web3 solutions because of its enterprise-grade decentralised architecture, superior network speed, unrivalled security, fixed and low transaction cost, and carbon negative footprint. 

The Hatch Web3 Accelerator for Hedera

We are therefore pleased to announce that Lumos Labs, an innovation management firm specialising in running Web3 technology accelerator programs, has launched The Hatch Web3 Accelerator for Hedera with support from the HBAR Foundation. 

The Hatch Web3 Accelerator for Hedera will support two cohorts of early-stage Indian startups building in the decentralised economy using Hedera’s network services. Accelerator participants will also receive expertise and web development support from Amazon Web Services (AWS) as well as expertise in legal aspects of starting a Web3 company from PricewaterhouseCooper (PwC). Additionally, venture capital partners, We Founder Circle, Woodstock Fund, Fracton Ventures, Mapleblock, and CoinDCX, will provide mentoring and investment support.

The Accelerator program is designed to align with the Foundation’s strategy - focussing on Web3 startups innovating in:

  • Sustainability: such as Web3 solutions addressing carbon markets, ESG solutions, and the sustainable development goals (SDGs) 
  • FinTech: such as micropayments, DEXs, CBDCs, stablecoins, and InsureTech 
  • Metaverse: such as Gaming, eCommerce, and decentralized entertainment streaming platforms 
  • Crypto Economy: such as wallets, exchanges, DAOs, and asset tokenization
  • And because Hedera is the perfect platform for all Web3 solutions, there is also an Open Innovation category for all other cool Web3 ideas - such as Industry 4.0, Digital Identity, Supply Chains, drone management systems, or even Smart Cities!

Initially, there will be two five-month cohorts and at the end of each cohort a panel of experts will award up to US$150,000 in funding to the startups that have impressed the most. In addition to this, the Accelerator offers:

  •  Mentoring from Web3 experts throughout the program
  • A Web3 Bootcamp phase under the mentorship of industry leaders
  • Go-to-market support 
  • Integration and technology support from Amazon Web Services (AWS) 
  • Startup legal advice from PwC
  • Networking opportunities with Venture Capital Funds 

Join Hedera’s growing ecosystem in India and beyond!

This initiative in partnership with Lumos Labs will strengthen the fast-growing Hedera-based Web 3.0 startup ecosystem in India and aims to accelerate the businesses that participate to new highs. The Accelerator is a chance to participate in the Web3 future supported by skilled experts with exceptional ideas and approaches to Web 3.0. 

Startups interested in applying for the accelerator should visit: https://www.lumoslabs.co/hatchweb3accelerator

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