IOTA Foundation, the developer of distributed ledger technology (DLT), announced this Monday that it has partnered with Liverpool-based tech cofoundery Nova, to support startups utilizing DLT.
According to the statement released today, the two companies will support aspiring tech entrepreneurs through providing funding and mentorship to help them develop business models using IOTA technology.
Applications Now Open for IOTA and Nova Programme
The partnership programme with Nova, which is taking applications now, is mainly aiming to prevent startups, who are exploring the potential of blockchain, from failing so the technology can reach its full potential, the statement said.
Under the programme, IOTA will initiate a seed fund for entrepreneurs wanting to harness the tangle, the company’s DLT. In addition to having access to the funding from the investment fund, they will also be able to use an IOTA test lab to build and test their solutions.
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Commenting on the partnership, David Sønstebø, co-founder and co-chair at IOTA, said: “The Tangle network overcomes many of the limitations and inefficiencies of blockchain technology, and as such, has huge potential to transform machine to machine transactions that are at the core of IoT. Our partnership with Nova is about enabling that innovation, by helping initial ideas come to fruition in the form of viable, scalable and sustainable business models.”
Both Companies to Support Startups with Funding
Furthermore, Nova will be providing a mentorship programme for successful applicants, and the company will invest in startups that prove user problem-fit. For the companies which find that DLT is the right solution for these problems, then the investment made by Nova will be matched by the IOTA grant programme.
“There are many hurdles to successfully launching a startup, and many of the most common mistakes occur very early on in the process. The fact that 90% of startups fail means that there are loads of brilliant business ideas out there that simply never materialize into anything meaningful, and a lot of talent and ambition is wasted,” added Andrew Dean, Head of Partnerships at Nova.
“We want to make sure that IOTA entrepreneurs have the best possible chance of success. Some of the most exciting technological developments of our time are fueled by IOTA technology, and we’re looking forward to playing a part in bringing some of those ideas to market,” he continued.