Wednesday, December 8, 2021

Polygon And Lumos Labs Set Up PolygonLEAP 2021 Accelerator To Drive Web3 Innovation In India

* Lightspeed, Elevation Capital, Woodstock Fund, Jump Capital, Sino Global Capital, and BuidlersTribe join as investor partners and mentors

* Winning startups stand to get $250K from Polygon and upto $9M+ from investment partners contingent to their due diligence process and investment thesis fit

Polygon, one of the largest blockchain ecosystems in the world, has partnered with technology innovation management firm Lumos Labs to launch the PolygonLEAP 2021 Accelerator today to drive their initiative to support Indian startups that want to start their Web3 journey, build innovative token economies and get access to mentorship, ecosystem and marketing support. Elevation Capital, Lightspeed, Jump Capital, Woodstock Fund, Sino Global Capital, and Buidlers Tribe join as investment partners and mentors. A total grant amount of $250,000 has been set aside from Polygon for Indian startups that build interesting projects on Polygon. The startups also stand a chance to raise a pre-seed/seed investment of over $9 million+ from Elevation Capital, Lightspeed, Jump Capital, Woodstock Fund and Sino Global Capital. These investments are contingent on the due diligence process and investment thesis fit with refusal rights afforded to both the funds and the founders.

The blockchain ecosystem has expanded rapidly in the last few years and has revolutionized multiple sectors including finance, technology, investments, banking, entertainment. The industry is expected to expand from $3 billion in 2020 to $39.7 billion in 2025 with the Asia region being at the forefront of this emerging technology.  The blockchain industry has been the hub of accelerated innovations due to the pandemic and has encouraged the startup sector immensely with new ideas, visions, and solutions constantly emerging. 

Despite regulatory ambiguities, India too has witnessed a major boom in the technology adoption that is transforming the country into a hub for Web 3.0 development. The emergence of Polygon, a company born out of India, as the go-to scaling solution for Ethereum is one of the reasons to be bullish about India's potential. Polygon is focussed on giving back to the community and building Web3 unicorns in India.

“Polygon seeks to empower Web3 developers by providing an accessible and scalable infrastructure. We look forward to working with Lumos Labs and inviting passionate innovators in India to build on Polygon” Sandeep Nailwal, Co-founder, Polygon. 

“We are excited to onboard web 3.0 startups and enhance these solutions further with expert guidance and support in partnership with the PolygonLEAP 2021 Accelerator. Blockchain technology has been transformative for the global and Indian tech ecosystem and through this accelerator, Polygon and Lumos Labs are working towards empowering the startups even further. We hope to see a lot of web 2.0 startups looking to come into web 3.0 with numerous innovative and robust solutions and hope to support them till the end.” Kaavya Prasad, Co-founder, Lumos Labs .

The registrations are open as of today until February 4, 2022. This accelerator will focus on startups in the Indian Web 3.0 space. Over a four-month period, participants will build unique blockchain-based solutions along several tracks, including entertainment, decentralized finance, decentralized applications, and open innovation.

The process will also include a series of meetups designed to engage and interact with the developer community. The program will conclude with a month-long bootcamp phase where selected startups will turn their vision into reality under mentorship from the industry's leaders.

If you want to be a part of this revolution and work with the best names in the industry to make your dream into a reality, register here:

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