Algorand Enhances Web3 Ventures in India with Key Partnership

Algorand Enhances Web3 Ventures in India with Key Partnership

AlgoBharat, in collaboration with T-Hub, Telangana’s tech incubator supported by the state government, has introduced a pioneering startup lab program geared towards Web3 startups in India.

Known as the Algorand Startup Lab, this year-long initiative aims to nurture and support twenty selected startups by providing technical and business mentorship, as well as access to pre-seed funding.

Currently, the application process for the Startup Lab program is ongoing nationwide, with a deadline set for March 15, 2024. Following the closure of applications, the chosen startups will be unveiled on March 18, and the program is slated to commence on March 22 at T-Hub’s innovation center in Hyderabad.

Support and Funding Opportunities

Startups achieving significant milestones during the program stand to receive pre-seed funding from the Algorand Foundation through its India fund.

This initiative builds on the success of Algorand‘s Creating Impact Pitch Competition, which led to the Algorand Impact Summit in Delhi in December 2023. Staci Warden, CEO of the Algorand Foundation, expressed optimism about the Indian Web3 landscape, emphasizing their developer-centric focus.

“At the Impact Summit, we observed that developers prioritize the quality of the protocol over its ease of use,” said Staci. “Therefore, we’ve made it our top priority for 2023, and again for 2024, to simplify technology for developers.”

Dilip Chenoy, Chairman of the Bharat Web3 Association, hailed the initiative as “truly unique” for nurturing and fostering India’s Web3 ecosystem. He emphasized the need for more initiatives nationwide to propel Web3 to greater heights, commending T-Hub and the Emerging Technologies Wing of the Government of Telangana for their contributions to the sector.

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