A FIRST-of-its-kind blockchain incubator providing a three-month intensive program and US$50,000 in investment for startups is launched in Southeast Asia.
The programme, called Satoshi Studios, is named after the creator of bitcoin Satoshi Nakamoto.
Blockchain was invented for bitcoin in 2008 by Satoshi. Through the use of a peer-to-peer network and a distributed timestamping server, a blockchain database is managed autonomously.
According to the Studio’s website: “Systems written of Blockchain are poised to solve internet’s biggest problems of privacy, security, and inclusion.
“Blockchain can eliminate the middlemen in any industry that relies on data integrity. From finance (banking, payments, crowdfunding) to sharing economies (Uber and AirBnB-like platforms) to communications (social networks, email) to reputation systems (credit rating, seller rating on e-commerce sites) to governance, the possibilities are endless.”
The incubators inaugural program will commence in April 2017 in Delhi, India.
Companies can apply for the program and once selected will move to Delhi India to work with other blockchain enthusiasts from the region, which the startup dubs the ‘blockchain knowledge hub of Southeast Asia’.
The US$50,000 investment will be given in exchange for eight to 15 percent equity of each startup.
“The name very appropriately reflects the kind of entrepreneurs we are looking to incubate and accelerate. Satoshi is a symbolic name for all of us in the blockchain industry and we want our entrepreneurs to stand up to the standards of innovation and free thinking set by this name-figure and further carry the lamp of innovation ahead,” Founder Sahil Baghla told e27.
Satoshi Studios was founded in 2016 by Baghla, Nikunj Jain, and Ayush Varshney. It provides a workspace and living space for selected startups for three months in Delhi.
Photo credit: AP