According to VentureBeat, the IOTA Foundation has joined forces with startup incubator Nova in order to create a seed fund for startups that are focused on the Blockchain technology. With that help of this initiative, IOTA hopes to encourage more fledgling companies to adopt the Tangle protocol.
The program’s major features
Nova is a Liverpool-based company that helps startups during the early stage of their development. Apart from funding projects that are utilizing the Tangle, Nova’s IOTA cofoundery offers these companies access to their mentoring program that will be led by ‘experienced startup experts.’ Moreover, they will assist Tangle-powered startups in technical development, marketing, and design.
Translating ideas into reality
According to IOTA cofounder David Sønstebø, the Tangle is more effective than Blockchain, and it has huge potential for M2M payments. By teaming up with Nova, IOTA wants to see ‘ideas coming to fruition.’
Since its appearance on the market in 2014, Nova has funded more than 80 startups. Nova’s Andrew Dean that IOTA is behind some of the ‘most exciting tech developments’, and their task is to bring them to market.