Inaugural Class Of Alchemist Blockchain Techstars Accelerator Gets Announced, 10 Companies Included
TechStars Announces Participating Startups In their Blockchain Accelerator Program
TechStars, an incubator hub for emerging business startups, has announced the participants of their first accelerator program. The company is partnering with Alchemist in this project.
The Alchemist Blockchain Techstars Accelerator program focuses on the application of blockchain technology in the real world. Specifically, its objective is to nurture projects that use distributed ledger technology to provide solutions to various sectors, such as real estate, retail, finance, education, insurance, healthcare, and more.
This week, Yossi Hasson, the managing director at TechStars, declared the winning projects that will be integrated into their joint accelerator program with Alchemist. The ten projects were as follows:
- Alkemi – a communal-based liquidity solution that seeks to solve the inadequacies of the crypto markets.
- Anyledger – offers Infrastructure-as-a-Service to enable businesses to build blockchain and IoT applications.
- Autom (8) – a decentralized Function-as-a-Service (FaaS) marketplace.
- Blockade Games – uses blockchain technology to enhance gaming experiences.
- Embleema – supports research on terminal illnesses by encouraging patients to share data through the blockchain.
- Gilded – provides accounting services for cryptocurrency companies.
- Paperchain –intends to build a capital market that transforms media consumption information into augmented reality.
- Trixta – developing a platform for the creation of software for decentralized companies.
- Veracity Protocol – aims to link the digital world to the physical world.
According to Yossi, Techstars received applications from over 45 countries across the world. The application process began on July 23 last year and ended on October 28. The winners were selected after extensive interviews and meetings with experts from Techstars and alchemist, Yossi revealed. The judges were satisfied that the aforementioned 10 projects were the most promising of the bunch.
The accelerator program was established to support upcoming blockchain entrepreneurs in overcoming the challenges in the industry. Such challenges include scalability, regulatory uncertainty, insecurity, expensiveness, and most importantly lack of real-life use cases.
Hasson disclosed that the idea of this program was conceived from a fintech accelerator which supported lots of entrepreneurial startups, including nascent blockchain projects. However, the Alchemist Blockchain Techstars Accelerator program is specifically tailored to meet the needs of blockchain companies.
To date, Techstars has supported over 1,600 companies with an aggregate worth of $18 billion. In this partnership with Alchemist, the accelerator program will last for the 13 weeks, starting on February 4. Each of the participating projects will receive a seed funding of $120,000, as well as free mentorship from leading blockchain experts from all over the world.
In exchange for their support, the ten startups will give Techstars a 6% ownership of their shares, or a similar portion of their native digital currency (if available). The entrepreneurs will have access to several prominent mentors, including representatives from leading blockchain companies such as ConsenSys, Monero, Ethereum development teams and so on.
Although the launch of this accelerator program coincided with one of the worst periods for the crypto markets, Hasson is still confident that it will be a success. According to him, Techstars planned for the long-term and will support the startups for at least seven years. Also, the company believes that blockchain technology has a future, which is why they are unshaken by the poor performances of various cryptocurrencies in recent times. Nevertheless, Hasson acknowledged that blockchain startups will find it hard to raise capital in 2019 because other investors do not share their confidence, especially with the bear markets persisting.