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Polygon and Lumos Launch Web3 Accelerator

Startups can earn a grant amount of up to $9 million+ from investors.

India’s blockchain ecosystem has been growing leaps and bounds ever since the Supreme Court lifted the ban on cryptocurrency.

The pace of growth is so high that Ethereum Layer-2 scaling solution, Polygon and technology management company, Lumos Labs have together launched PolygonLEAP 2021 Accelerator.

They have also onboarded renowned investors and mentors as its partners including Lightspeed, Elevation Capital, Woodstock Fund, Sino Global Capital, Jump Capital and Buidlers Tribe.

This accelerator focuses on providing mentorship to Indian Web 3.0 startups. 

Polygon has earmarked $250,000 as the total grant amount for Indian Web 3.0 startups that build on its network. Along with that, Polygon will provide mentorship, ecosystem and marketing support.

The accelerator will have 4 months long wherein the startups will be mentored to innovate and build unique blockchain-based solutions for different defined tracks.

The tracks for the accelerator are 

  • Entertainment (Games, NFT products, Streaming services etc),
  • Decentralized Finance, 
  • Decentralized Applications, 
  • and Open Innovation.

Startups can also win a grant amount up to $9 million+ from Elevation Capital, Lightspeed, Woodstock Fund, Jump Capital and Sino Global Capital.

Industry experts mark a distinction between Web 2.0 and Web 3.0 entrepreneurship. The latter is a niche requiring different business strategies. So, an accelerator that specializes in Web 3.0 is a boon for India’s crypto industry.

Moreover, as crypto assets are transnational in nature, such accelerators can help budding entrepreneurs in forming a network that would enable them to scale their projects outside the country.

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