Blockchain technology has accelerated its pace in start-ups globally. Due to the variety of mechanism in place like decentralized platform, transparent and fair process have attracted numerous players and investors from around the world to incorporate the technology with their business models and to invest the capital. At present the Blockchain startup exploring to grow in the UK by creating the platform.
The Department for International Trade in the U.K. officially announced that Entrepreneur First (EF) that specialized in pre-seed funding company will explore to invest in a blockchain based start-up. Entrepreneur First is a government recognized organization that approves firms, especially for entrepreneur visas.
Technically speaking, Start-ups with high potential can apply for an entrepreneur visa to introduce its business with innovative business models in place in the U.K as per the valid source. In order for the start-up to be qualified for a visa, the entrepreneur should have minimum £50,000 ($64,000) from the U.K. government approved organization.
An excerpt from the post:
“EF is particularly interested in founders who want to solve hard technical problems. Their alumni are having an impact in fields such as artificial intelligence, drones, security, virtual reality and the blockchain and have raised funding from the world’s leading venture investors.”
According to the post, once the start-ups get approval, they are expected to take part in a six-month program that offers necessary support in order to develop their team, scale up products and offerings thereby attracting more funding from venture capitalists.
Entrepreneur First (EF) was founded in 2011owned by numerous investors that also included Greylock Partners, Reid Hoffman, Mosaic Ventures, Peter Thiel. As per valid sources of the EF, they are believed to have created more than 80 companies till date and raised more than $100 million as venture capital.
Let us not forget that start-ups coupled with blockchain technology will create a paradigm that enables an entire ecosystem in which it operates!!