Blockchain Incubator to Focus on Southeast Asia Startups
Southeast Asia needs Bitcoin and blockchain technology to leapfrog existing inefficient financial models, says Indian entrepreneur Sanjay Goswami. To help this happen, he’s joining with fellow entrepreneurs there to form an incubator that aims specifically to develop local startups.
The accelerator in question is Satoshi Studios, based in New Delhi. Calling itself Southeast Asia’s first blockchain incubator, the project is now looking for its first batch of applicants.
$50K Each for First Six Startups
Satoshi Studios will invest $50,000 USD in each of the six first batch startups, in exchange for 8%-15% of equity. Participants will spent three months in New Delhi in an intensive program with guidance from more accomplished industry participants.
Entrepreneur-in-Residence Goswami said the team’s vision is to make the city “a blockchain knowledge hub for Southeast Asia”.
“Barring Singapore, these are all countries which have a unique opportunity to skip some inefficient models of development and directly adopt their successors, and blockchain is one such wonderful area of implementation.”
“A lot of internet infrastructure is being and will be created both by the corporates and governments in these countries and a large percentage of it can be decentralized, be more secure, be shared and less redundant, irrespective of it being private or public. And these will be very beautiful and welcome process efficiencies for the stakeholders of the region,” he added.
Adding Real Value to People’s Lives in Southeast Asia
Goswami said Satoshi Studios is looking for startups who build solutions on top of blockchain tech. That is, those “where blockchain is an indispensable/de-facto part of the solution and not the other way, and which will add real value to the lives of people in the South East Asian region”.
He suggested Singapore’s Otonomos as one example of a blockchain startup he admires. The company provides smart contract-based company incorporation, with additional business management tools such as a “virtual boardroom”.
Blockchain, according to the incubator’s website, is a revolution promising to solve the internet’s problems with security, privacy and inclusion. Blockchain can, it says, eliminate middlemen in any industry that relies on data integrity — including finance, sharing economies, and reputation systems.
Local Entrepreneurs and Backers
Satoshi Studios isn’t disclosing its backers just yet, but Goswami said the project involves multiple funding sources and bitcoin/blockchain entrepreneurs. The team also aims to have a decentralized structure in the future.
Its website lists three members of the entrepreneurs’ collective Darwin Labs as its core team. Darwin Labs defines its key interests as “Ad Tech, Bitcoin, Blockchain, Crypto Currency, Mixed Reality”.
Satoshi Labs’ first batch program will run from April to June 2017. Interested companies must be from the local region and Southeast Asia, and may apply here.