THA-IITM Web3 Venture Studio Launch
6 November 2024
On November 6, 2024, the Sudha & Shankar Innovation Hub at IIT Madras buzzed with excitement as academics, innovators, entrepreneurs, industry leaders and investors gathered for the launch of the THA-IITM Web3 Venture Studio. Led by Prof. John Augustine – Faculty Advisor of the WebOps & Blockchain Club at CFI, IIT Madras and Prof. Prabhu Rajagopal – Faculty Advisor for Innovation & Entrepreneurship IIT Madras, this transformative initiative, supported by Hedera Hashgraph’s Distributed Ledger Technology, aims to empower a new generation of startups by providing essential resources, training, and financial support in the Web3 space. Designed to support 12 startups annually, the studio offers up to USD 25,000 in funding per project, along with additional in-kind support estimated at USD 220,000 per year in engineering, advisory, and other critical resources. This collaboration between IIT Madras and Hedera represents a pivotal shift in uniting academia, research, and industry to drive the future of innovation in Web3.
The event opened with an inspiring address by Prof. V. Kamakoti, Director of IIT Madras, who emphasized the strategic impact of this venture studio on the startup landscape. His remarks were followed by Prof. Prabhu Rajagopal, and Prof. John Augustine, both of whom shared insights into the venture studio’s unique offerings for emerging entrepreneurs in the context of IITM’s storied startup support ecosystem.
Mr. Stefan Deiss, Board Director at the Hashgraph Association, joined the event virtually to discuss the broader implications of the Hedera-powered venture studio and its potential to shape the startup ecosystem.
During the Q&A session, Prof. John Augustine, Prof. Prabhu Rajagopal, and Mr. Deepak Lalan from the Hashgraph Association addressed participant questions on the onboarding and funding processes, as well as eligibility criteria for applicants beyond IIT Madras. They clarified that the studio is open to startups, students, and individuals both within and outside the IIT Madras network (with the caveat that they find some way of working with students, alumni or faculty members), providing ample opportunities for broader community participation.
The evening concluded with a networking session over tea, offering guests the chance to connect and explore opportunities for future collaborations.
The THA-IITM Web3 Venture Studio launch marks an exciting new chapter in fostering Web3 innovations and bridging the gap between academia and industry at IIT Madras. 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 handles to further the discussion.