The HBAR Foundation recently announced a strategic partnership with Lumos Labs. The collaboration will see the ventures boosting India’s Web3 innovation on Hedera.
Since its introduction in late 2021, the HBAR Foundation has been on an ambitious journey. The venture has been accelerating the growth of the Hedera ecosystem since it launched in 2019.
They have also provided dedicated grant funding to projects in the crypto, FinTech, sustainability, and metaverse spaces. However, the venture understands that startups require more than money to flourish.
They also need mentors, support, and advice for longevity. That is why the HBAR Foundation collaborates with the best educators, incubators, investors, and accelerators. It ensures that startups committed to development on Hedera get the same commitment to maximizing their success chances.
Since India is currently the third-largest startup ecosystem globally, it requires immense resources. The nation houses more than 80 startup unicorns, and most of them are in the tech services domain. Thus, the potential of Web3 is substantial in India.
The latest partnership with Lumos Labs will work on the recently launched The Hatch Web3 Accelerator. The innovation management firm is boosting Hedera’s support with its expertise and experience.
The Hatch will also support two cohorts of Indian startups developing in the decentralized economy via Hedera’s network solutions. The network will also reward the accelerator participants with web development support from AWS. In addition, they will help them with legal aspects from PricewaterhouseCooper.
Venture capital partners like Woodstock Fund, CoinDCX, Mapleblock, Fracton Ventures, and We Founder Circle will offer investment and mentoring support to the projects. At the start, there’ll be two five-month cohorts, and a panel of experts will reward users up to 150,000 dollars at every cohort’s end.
The partnership aims to elevate the businesses that join to new levels. The Accelerator also provides a chance to join the Web3 future, backed by experts with unique approaches and ideas.