Australia Government To Launch Blockchain Incubator Lab, Crypto SA Lands $170,000 Grant
Australia Opening Blockchain Incubator Lab
By September 2019, Australia may have its own blockchain incubator lab. The country awarded blockchain advisory firm Crypto SA $170,000 to construct the lab. Crypto SA provides firms with legal and financial compliance advice, smart contract support, ecosystem development, and exchange listing. The firm’s co-founder Yawn Rong believes that the initiative will promote Adelaide, the city where the lab will be located, with more blockchain technology.
Ten blockchain startups will be able to use the co-working space and mentoring services for free and it seems that a number of firms have already provided their applications. In addition to the mentorship and space, those in the program will also receive training in blockchain technology and business advice. Rong also notes that they will “have access to white label providers, hackers and winners, and a network of people who do this for a living.”
Although there are other similar programs in Melbourne and Sydney, this is the first accelerated program. According to Rong,
“There are co-working spaces for blockchain in Melbourne and Sydney but there are no acceleration programs there. There are think tanks with blockchain departments, as well as university courses, but there are no specialized incubator programs in Australia that support the development of the proof of concept after their preliminary blockchain studies.”
The impact of such a program may be profound as well. Once the program is complete, Crypto SA plans on sending entrepreneurs to countries such as China or Singapore where they will present their work at an industry showcase similar to that of Shark Tank.
Rong said, “The incubator will polish up their deck, or their minimal viable product, or proof of concept for this event. We hope to attract venture capitalists.”
Further, because the grant is coming from the government, it could be that the country is taking a friendly and open approach to blockchain technology.