IOTA Foundation Ties Up With Nova To Incubate Tech Startups

If you have read our beginner’s guide to IOTA, you would know that this cryptocurrency and distributed ledger network is developed and controlled by the IOTA Foundation. Now, the IOTA Foundation has recently partnered with Nova, a well-known start up incubator, according to a press release freshly shared with a crypto media news outlet.

The brand new collaboration is meant to provide funding to several new startups that make use of the IOTA platform. This whole project will be a part of a program of the IOTA Foundation, called the “IOTA Cofoundery”. This program, available with details on the official website of Nova, tries to address issues that surround the initial stages of a startup’s growth. It also seeks to get seed funding for these start ups.

The website explains this project as:

“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 will also enable these startups to avail of the great mentoring program offered by Nova and its team for tech startups. This team reportedly included more than twenty consultants who will share their immense expertise in technology with the participating startups.

As per reports, Nova has played a role in helping to found more than eighty technology startups till now. Over forty of them are still up and running even though over three years have gone by since Nova took them under its wings. As per the company’s claims, without its effective mentorship programme, the usual rate of startups surviving beyond three years is around 10 per cent, far less than the rate (over 50 per cent) that Nova has clearly managed.