Crypto SA granted $170,000 for Australia’s first blockchain incubator

21 Apr, 2019
by David Borman
Adoption
Crypto SA granted $170,000 for Australia’s first blockchain incubator

It has been reported be Smart Company that Crypto SA, a blockchain advisory firm that operates out of South Australia, has been granted $170,000 by the federal government to open Crypto SA Lab, an incubator program.

The program is going to offer 10 different blockchain based companies free office space as well as mentoring services. Already, many startups have applied and Crypto SA is currently vetting them.

Apparently Australia is not currently offering any of these types of of programs. Co-founder Yawn Rong is quoted in the article:

"There are co-working spaces for blockchain in Melbourne and Sydney but there are no acceleration programs there... There are think tanks with blockchain departments, as well as university courses, but there are no specialised incubator programs in Australia that support the development of the proof of concept after their preliminary blockchain studies."

The mentorship will not only educate the chosen teams about blockchain technology, but also how to effectively manage a startup. The end goal is to send the development teams on to Singapore or China to pitch their product in a Shark Tank style setting with venture capitalists. Rong elaborates:

"The incubator will polish up their deck, or their minimal viable product, or proof of concept for this event... We hope to attract venture capitalists."

Will this pay off for the Australian fintech sector? Stick with Chepicap for any updates!

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Read more about: Australia Blockchain

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