The IOTA Foundation, the company responsible for the cryptocurrency Iota (MIOTA) has partnered with startup incubator Nova in order to create a seed fund aimed at entrepreneurs that are working on distributed ledger technologies.
The collaboration will provide funds to several new upcoming startups making complete use of the IOTA platform. The IOTA foundation will be adding these projects to an ongoing program dubbed the “IOTA Cofoundery”. As per the information available on Nova’s website, the program will address issues that currently surround the initial stages of a startup’s growth to the best of its ability.
Furthermore, they are also currently searching to get the proper seed funding for these startups. According to the information provided by the website on this project its:
“Focusing on the very early stages of startup development, Nova’s IOTA cofoundery provides support for tech entrepreneurs with startup ideas, or early stage startups, that could utilise The Tangle – IOTA’s distributed ledger technology. IOTA’s ledger technology is being developed to power the future Internet of Things, enabling fast, feeless micro-transactions in a permissionless economy. The technology is currently being deployed within a range of industries, such as Digital Healthcare, Mobility, Global Trade and Supply chains, Energy, Smart Cities and Telecommunications, Media & Technologies.”
The program shall also allow the participant startups to gain access to mentoring programs being offered by Nova and its teams for tech startups. The said team has been stated to include over more than twenty consultants who will share their incredible expertise in technology with the startups who decide to join their program.
The co-founder for over 80 technology startups to date and over more than half of those remain active after only three years. Nova will successfully mentor program by having such a fantastic success rate for any startup the take under their wings.