The cryptocurrency Algorand, under the Algorand Foundation’s India-centric initiative AlgoBharat, recently announced the winner of its “Creating Impact! Pitch Competition” at the Algorand Impact Summit in New Delhi. The competition, aimed at fostering blockchain-based transformative solutions, awarded $10,000 to LW3 from Assam. Their project, LW3 P3 (Phygital Product Passport), combines IoT technologies with Algorand’s blockchain protocol to ensure secure digital provenance for consumers. Additionally, Algorand Foundation revealed strategic partnerships with T-Hub, India’s foremost innovation ecosystem, and TiE Bangalore, an international organisation dedicated to assisting entrepreneurs, to further enhance India’s Web3 landscape.
The Algorand Startup Labs at T-Hub, a collaboration with one of Asia’s largest tech incubators, is a year-long program designed to expedite the growth of promising Indian Web3 startups using the Algorand blockchain. T-Hub will support 20 such startups, including finalists from the pitch competition, through product development, market readiness, investor relations, and eventual mainnet launch.
Moreover, Algorand’s collaboration with TiE Bangalore involves a comprehensive integration into Bangalore’s tech community, introducing masterclasses, training initiatives, and educational programs to showcase blockchain’s practical applications.
Anil Kakani, Vice President and India Country Head at Algorand Foundation, commented, “The creativity and innovation displayed in AlgoBharat’s Creating Impact! Pitch Competition underlines India’s pivotal role in global blockchain innovation. We are proud of the winners and all participants and are committed to nurturing India’s Web3 startups through our ongoing partnerships with T-Hub and TIE Bangalore, reinforcing India’s leadership in the field.”
The competition evaluated entries on impact, market scale, development stage, and innovation in blockchain application. In addition to LW3, the first runner-up, Maximus, received $7,500, and FDP, in third place, was awarded $5,000. All finalists received resources to launch their solutions on the mainnet. The top ten semi-finalists also attended the Algorand Impact Summit, engaging with a diverse group of policymakers, investors, executives, and thought leaders globally.
Algorand also formalised its partnership with NASSCOM, becoming the leading layer 1 blockchain protocol supporting the training platform’s commitment to nurturing the next generation of computer programmers. This collaboration will involve Algorand providing content for Web3 developer training.
Launched in July, AlgoBharat’s ‘Road to Impact’ initiative hosted workshops across India to assist teams in building impactful Web3 solutions on Algorand. The competition, which began in Delhi and continued across Ahmedabad, Kolkata, and Hyderabad, saw massive participation from the Indian blockchain community, with hundreds of developers submitting over 175 projects. Out of these, 10 teams were chosen to present to a panel of judges at the summit.
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