Blockchain companies have been the center of attention for more than two years now. Both financial institutions and governments are showing a keen interest in exploring what distributed ledgers can bring to the table. Bit these companies need further guidance and incubators are an excellent way to help them grow. GBMiners launched India’s first blockchain incubator, called Satoshi Studios, last week.
India Is A Prime Location For Blockchain Development
The news came as quite a surprise, although it was only a matter of time until a blockchain incubator would land in India. GBminers, a local Bitcoin company, acknowledged this need quite some time ago and started their Satoshi Studios venture. After months of planning and preparation, the incubator finally opened its doors a few days ago.
As the name suggests, Satoshi Studios is named after the infamous creator of Bitcoin. The Incubator is accepting applications from entrepreneurs working all over the South East Asian region, as long as their projects have something to do with blockchain efforts. Moreover, the team is open towards whatever blockchain solutions entrepreneurs want to use, be it Bitcoin, Ethereum, or something else.
This new blockchain incubator will offer three-month training programs for entrepreneurs willing to [temporarily] relocate to new Delhi. During these three months, there will be plenty of options to interact with the GBMiners team, as well as exchange ideas with other startups and entrepreneurs participating in this incubator. Top Bitcoin industry experts will also be on hand to provide additional insights and guidance.
Moreover, every entrepreneur or startup selected for participation will receive US$50,000 in funding in exchange for an equity stake in their company. For now, it appears this equity stake percentage will be anywhere between 8 and 15 percent, depending on the project and how valuable it can be in the long run. Without a proper monetization strategy, blockchain companies will find it difficult to attract investors.
GBMiners sees a lot of value in positioning New Delhi as the blockchain knowledge hub of Southeast Asia. Launching an incubator is a significant step towards achieving that goal, although there is still a lot of work to be done in the coming years. The recent financial turmoil in India has put Bitcoin and blockchain technology on the radar, and the to capitalize is now.
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