The Hashgraph Association (THA), a Swiss-based organization at the forefront of digital enablement and innovation, launched the THA-IITM Web3 Venture Studio at the Sudha & Shankar Innovation Hub at IIT Madras (Indian Institute of Technology Madras). The THA-IITM Web3 Venture Studio is a collaboration between IIT Madras and The Hashgraph Association, uniting academia, training, research, and industry to drive the future of innovation in Web3.
This transformative initiative, which utilizes Hedera’s distributed ledger technology (DLT), will empower a new generation of startups by providing essential resources, training, engineering, and financial support in the Web3 space. Prof. John Augustine, Faculty Advisor of the WebOps & Blockchain Club at CFI, IIT Madras, and Prof. Prabhu Rajagopal, Faculty Advisor for Innovation & Entrepreneurship (I&E) IIT Madras, will lead the initiative. The Web3 Venture Studio will collaborate with ecosystem partners within the I&E including the pre-incubator Nirmaan and the nodal incubator IITM Incubation Cell (IITMIC) in nurturing ideas within domains including Blockchain, AI/ML, AR/VR and Quantum technologies through to successful startups. Today Nirmaan hosts more than 100 active teams while IITMIC is India’s leading deep-tech incubator with over 425 startups working on disruptive innovations impacting industry and society. IITMIC is housed at IITM Research Park, which is India’s leading industry-academia hub hosting over 100 national and international clients facilitating unmatched cross-sector innovations.
The Hashgraph Association will support 12 promising startups annually by providing up to $50,000 in funding per project, along with engineering resources and training, to transform ideas into impactful startup ventures. By leveraging Hedera’s green, decentralized, open-source, and proof-of-stake DLT network, these Indian startups will have the foundation to build on an efficient, resilient, and sustainable platform that sets new standards for the convergence of Web3 technologies. The Hashgraph Association recently launched similar Web3 Studios in Saudi Arabia, Qatar, and Morocco.
Prof. Kamakoti Veezhinathan, Director of IIT Madras, stated, “As part of our mission at IIT Madras to advance knowledge through education and research as well as technology through application, the Web3 Venture Studio is a testament to this mission as we graduate startups that will build a sustainable digital economy in India.”
Mr. Kamal Youssefi, President The Hashgraph Association, stated, “This custom-designed THA-IITM Web3 Venture Studio powered by Hedera will enable the next generation of Web3 entrepreneurs to build innovative solutions that contribute towards India’s Vision 2047 aim to become a technology and skill-based developed nation by 2047. This initiative is part of our larger vision to foster Web3 innovation and enable a digital future for all globally, with similar Venture Studios launched by THA in Europe, the Middle East, and Africa.”
Deepak Lalan, Regional Director APAC, at The Hashgraph Association added, “The Web3 studio is open to startups, students, and individuals both within and outside the IIT Madras network, providing ample opportunities for broader community participation. As we expand our presence in India, The Hashgraph Association is excited to empower the next generation of innovators and redefine what’s possible in the Web3 space.”
Those interested in learning more about the venture studio and the onboarding process are encouraged to reach out to CyStar, IIT Madras via the website or through social media.