The IOTA Foundation and Liverpool-based startup incubator Nova have joined forces to increase the number of successful startups utilizing the next generation of distributed ledger technology (DLT).
The IOTA Foundation is the creator of cryptocurrency IOTA and IOTA Tangle, an open-source distributed ledger focused on providing secure communications and payments between machines on the IoT. Using directed acyclic graph (DAG) technology instead of the traditional blockchain, IOTA’s transactions are free, regardless of the size of the transaction. The system claims to handle an unlimited number of transactions simultaneously.
Launched in 2014, Nova partners with entrepreneurs to turn ideas into successful, scalable tech startups, in sectors including healthtech, FinTech and eGaming. The company provides entrepreneurs with mentorship, guidance and funding. It invests at the ideas stage, and through its team of more than 20 startup mentors – plus over 200 designers, software engineers and marketers globally – it takes startups from idea, to product, to market.
Under the agreement, the two companies will launch a partnership program that will enable aspiring tech entrepreneurs, through funding and mentorship, to develop innovative new business models using the IOTA technology. The program aims to prevent the main reasons for startup failure and ensure that the full potential of blockchain can be realized.
IOTA will initiate a seed fund to would-be entrepreneurs harnessing the Tangle, and will give participants access to an IOTA test lab to build and test their solutions. They will also have access to Nova’s mentoring program and a full range of digital disciplines.
“Nova will be investing in ideas that prove user problem-fit,” the companies said. “This investment will be matched by the IOTA grant program if DLT is identified as the right solution. This increased runway will help the startups create viable businesses develop within the IOTA ecosystem.”
According to IOTA co-founder and co-chair David Sønstebø, 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. He said that their 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.
Andrew Dean, Head of Partnerships at Nova, said that there are many hurdles to successfully launching a startup, and many of the most common mistakes occur very early on in the process.
“We want to make sure that IOTA entrepreneurs have the best possible chance of success,” Dean said. “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.”
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