AlgoBharat, an initiative spearheaded by the Algorand Foundation with a focus on India, has officially unveiled its Startup Lab programme at T-Hub on February 12. This year-long initiative is designed to provide technical and business mentorship, along with access to pre-seed funding, to 20 carefully selected Web3 startups as they prepare to achieve product-market fit.
Application Process Now Open for Pan-India Startups
AlgoBharat’s Initiative Seeks Solutions Driving Transparency and Inclusivity
The application process for this unique programme is already underway across India, and it is set to conclude on March 15, 2024. The selected startups will be announced on March 18, with the programme scheduled to kick off on March 22 at T-Hub’s expansive six million square foot innovation centre in Hyderabad.
This initiative follows the success of Algorand’s Creating Impact Pitch Competition held in Delhi in December 2023. The Startup Lab will focus on identifying solutions that leverage blockchain technology to enhance transparency and inclusivity across various sectors, including healthcare, supply chain, sustainability, financial inclusion, and agriculture. Startups reaching significant milestones will be eligible for pre-seed funding from the Algorand Foundation, as part of an India fund.
Technical and Business Support from Global Mentors
Algorand Foundation Collaborates with T-Hub to Foster Web3 Startup Ecosystem
Algorand Foundation will contribute technical and solution architecting support through mentors from its global team for each of the Web3 startups selected for the Startup Lab. Simultaneously, T-Hub will offer project management resources, business mentoring, strategic guidance, and curated introductions to large corporate customers for piloting their products, among other forms of support.
Anil Kakani, VP and India Country head at Algorand Foundation, emphasized the significance of the program in providing Web3 startups with infrastructure support, comprehensive technical and business mentorship, and access to investors and customers for piloting and scaling their ventures. He expressed excitement about partnering with T-Hub, noting their role as the first Layer 1 blockchain protocol to collaborate with T-Hub in creating opportunities for the Indian Web3 startup ecosystem.
Fostering Entrepreneurship: T-Hub’s Commitment Aligns with Web3 Vision
T-Hub CEO Affirms Commitment to Nurturing Web3 Startups
Mahankali Srinivasa Rao, CEO of T-Hub, highlighted T-Hub’s unwavering commitment to fostering entrepreneurship and innovation in India, asserting that this collaboration aims to empower the startup community by leveraging their robust ecosystem and expertise. The partnership signifies a strategic alignment of T-Hub’s vision with the goal of nurturing Web3 startups, showcasing the potential for fostering innovation and collaboration in the Indian startup landscape.
Conclusion: Catalyzing Web3 Innovation in India
AlgoBharat and T-Hub Join Forces to Drive Web3 Startup Ecosystem
AlgoBharat’s introduction of the Startup Lab in collaboration with T-Hub represents a pivotal step in catalyzing Web3 innovation in India. By providing crucial support, mentorship, and funding opportunities, this initiative aims to propel the selected startups towards achieving product-market fit and contributing to the thriving Web3 startup ecosystem in the country.
