IDEO CoLab has started an important partnership with over 20 companies in order to launch a blockchain accelerator startup. IDEO CoLab, which is a subsidiary of IDEO, has found companies such as Fidelity, Amazon, Deloitte, Messari, the Ethereum Foundation and the Stellar Foundation as important partners in this enterprise.
The accelerator will be called Startup Studio and it will have each of the current partners hosting their own accelerator programs in order to fund the development of new blockchain technology.
Ian Lee, the managing director of the company, has affirmed that these companies will provide smaller ones with all the tools that they need in order to start their own development. The idea is to finance initiatives that are aimed to give more control and ownership to the users over their own lives.
The blockchain currently promises to do it, however, it fails most of the time because most of the current programs are not really that useful for the average person, so the focus will be in creating programs that will be. By making these advancements on the technology, the CEO believes that opportunities of billions or even trillions of dollars can be found.
Each of the partners will be important because they will offer specific values to the accelerated companies. Amazon, for example, can help by providing resources that let the users determine how to build and deploy services using its Amazon Web Service platform. Deloitte, for instance, can help with accounting, taxes and structuring.
According to Lee, the idea is to create an accelerator that will work differently from the other companies in the market right now. Unlike the others, they will have quick workshops which are created in a way that the teams can learn fast what they need to do and go home to work. None of the workshops will have any cost, but they are only available to the participating companies.
The project will have residencies, too, which will range from three to six months and will see the teams accompanies by at least 20 people that will help them to create the best business possible.
IDEO is looking to create a sustainable model for blockchain development. The company is aware of the difficulties that people in this area often face and is ready to help them.
The company was created back in 2012 and it has partnerships with several large companies. Since then, it has been working in the technology field and collaborated with the development of several companies, as well as invested in 9 startups during this timeframe. The list includes popular ones such as Augur, Zcash, Grin and others.
Also, the company is interested in investing in around 12 new blockchain firms per year. This will increase the current portfolio quite fast.
So far, the CEO affirms that they found a sustainable way to support the startups when they need it the most and he believes that they will continue to follow this approach as time passes, which is set to deepen the relationship between them and these early companies.