The Australian government has awarded A$170,000 to
blockchain advisory firm Crypto SA to open
the country’s first blockchain incubator, reports
the Lead South Australia.
Crypto SA was granted the funding as part of the Incubator
Support program, which provides business incubators with grants of up to
A$500,000 to assist Australian startups in gaining the capabilities required to
succeed in international markets.
Scheduled to open in September, Crypto SA Lab will select ten
startups to provide them with mentorship, free co-working space, training and
business advice. Select startups will also have access to white-label providers,
developers, startup entrepreneurs and a network of experts, said Crypto SA
co-founder Yawn Rong. Several startups have already applied to the incubation
program and Crypto SA is currently in the vetting process.
Designed to help nurture a thriving blockchain community in Adelaide,
the Crypto SA Lab program will be the first of its kind in Australia and will
help make the South Australian capital a blockchain city, Rong said.
“There are co-working spaces for blockchain in Melbourne and
Sydney but there are no acceleration programs there,” he said, quoted by the
Lead South Australia.
“There are think tanks with blockchain departments, as well as university courses, but there are no specialized incubator programs in Australia that support the development of the proof of concept after their preliminary blockchain studies.
“Crypto SA Lab is about building a community and an industry in South Australia by providing these technical skills.”
Because of the lack of developers in Adelaide, the city has
struggled against Melbourne or Sydney as a blockchain hub, Rond said, adding
that the company saw there an opportunity to attract talent and develop the
local blockchain community.
“We saw this incubator opportunity and said if we can utilize
all these government resources, and get all these big businesses to set up in
an original office in Adelaide,” Rong said.
The program will culminate with a trip to Singapore or China
where the startups will present their work at a “Shark Tank-style industry
showcase” in the hope of getting funding.
“The incubator will polish up their deck, or their minimal
viable product, or proof of concept for this event,” Rong said. “We hope to
attract venture capitalists.”
Crypto SA is a blockchain advisory and investment
organization operating across the Asian Pacific (APAC) region. It specializes
in early stage participation in upcoming blockchain projects and provides services
such as legal and financial compliance, smart contract support, exchange
listing, market making and ecosystem development.
In March, Adelaide hosted the ADC Global Blockchain Summit,
the first international blockchain summit in Australia. At the event, crypto
exchange startup Binance announced
its entry in the Australian market with CFO Wei Zhou stating that “Australia
has been at the forefront of blockchain innovation.”