Polygon, Lumos Labs partner to push Web 3.0 startups

Blockchain scalability platform Polygon has partnered with technology innovation management firm Lumos Labs to launch the PolygonLEAP 2021 Accelerator, an initiative to support startups that want to start their Web3 journey.   

The initiative will support the startups which are eager to build innovative token economies and get access to mentorship, ecosystem and marketing support.   

The Web3 concept is a decentralised version of the Internet that runs on open-source code. For example, blockchain.  

“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.    

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

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“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.   

A total grant amount of $250,000 has been set aside from Polygon for Indian startups that build interesting projects on Polygon. The startups will also have 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 the investment thesis fit with refusal rights afforded to both the funds and the founders, as per Polygon.   

Web 2.0 brought in disruption by allowing user-generated content to shared and viewed by others across the world and brought in billion dollars companies like Facebook, Google, Twitter and many others. Web 3.0 is now about the governance of this network and making the internet open source again.