12 February 2024 – AlgoBharat, the India-focused initiative by Algorand Foundation, has unveiled its Startup Lab program in collaboration with T-Hub, an Indian incubator. The program, spanning a year, is designed to provide technical and business mentorship and access to pre-seed funding to twenty selected Web 3.0 startups. This initiative propels startups toward product development, market readiness, and funding preparedness.
Startup Lab Program Insight:
The Algorand Foundation and T-Hub have initiated the application process, inviting pan-India startup teams to showcase their Web 3.0 solutions. The application window extends until March 15, 2024, with the announcement of selected teams scheduled for March 18. The program is set to commence on March 22 at T-Hub’s innovation centre in Hyderabad.
The Startup Lab focuses on startups leveraging blockchain technology to enhance transparency and inclusivity across various sectors such as healthcare, supply chain, sustainability, financial inclusion, and agriculture. Notably, startups achieving significant milestones stand eligible for pre-seed funding from the Algorand Foundation’s India fund.
Algorand Foundation will contribute technical and solution architecting support through global mentors. At the same time, T-Hub will offer project management resources, business mentoring, connections with large corporate clients for product testing, and access to angel and institutional investors. The physical meeting space is also part of the support provided by T-Hub.
Company Insight:
Founded by the Algorand Foundation, AlgoBharat is dedicated to fostering innovation in the Indian startup ecosystem, particularly in the Web 3.0 domain. Anil Kakani, the VP and India country head at Algorand Foundation, expressed anticipation for the program, emphasizing its potential to provide infrastructure support, mentorship, and investor access for Web 3.0 startups in India.
Conclusion:
The launch of the AlgoBharat Startup Lab program signifies a strategic move to empower Web 3.0 startups in India. With a focus on blockchain-driven solutions and collaborative support from the Algorand Foundation and T-Hub, the initiative is poised to catalyze growth, innovation, and scalability for the selected startups, contributing to the evolution of India’s tech landscape.
