Earlier this week the IOTA Foundation announced its most recent partnership with Liverpool-based cofoundery, Nova. The partnership will work towards increasing the number of startups that successfully utilize the next generation of Distributed Ledger Technology.
Support and Guidance For Startups Using the IOTA Tangle
Startups can apply for the program via the Nova Website. Once accepted, successful teams will have access to funding and mentorship geared towards developing innovative new business models using IOTA technology. With the support of both organizations, startups will have a foundation to realize their visions of implementing Distributed Ledger Technology to solve real life problems. Entrepreneurs will also have access to IOTA’s test lab to build and test their solutions on the Tangle.
David Sønstebø, co-founder and co-chair at IOTA, explained how the partnership will help transform ideas into sustainable business models.
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.
The Head of Partnership at Nova, Andrew Dean explained that many startups fail due to common mistakes made in the initial stages of formation. With statistics placing a 90% failure rate for startups the partnership with IOTA aims at giving brilliant business ideas a chance to become successful while utilizing the IOTA Tangle.
Launched in 2014, Nova is a Liverpool-based cofoundery that partners with entrepreneurs to turn brilliant ideas into successful, scalable tech startups. Some of the industries Nova has successful guided startups include healthcare, fintech and eGaming. Nova has a team of over 20 startup mentors available to guide entrepreneurs. The firm also has over 200 designers, software engineers and marketers spread out across the globe.
What are your thoughts on the IOTA Foundation partnering with Nova to guide startups through the process of creating a successful business that utilizes Distributed Ledger Technology? Is this a step in the right direction considering the failure rate of new blockchain companies? Please let us know in the comment section below.
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