In a groundbreaking event Top Blockchain Innovation Pitch, AlgoBharat, an initiative of the Algorand Foundation focused on India, bestowed a $10,000 accolade on the victor of its “Creating Impact! Pitch Competition.” This event, which reached its zenith at the Algorand Impact Summit in New Delhi on the first day of December, sought to celebrate transformative solutions based on blockchain technology. The laurels went to LW3 from Assam. Their innovative LW3 P3 (Phygital Product Passport) harnesses a blend of IoT modalities and Algorand’s blockchain framework to grant consumers digital and secure verification of product origins.
Furthering its commitment to nurturing India’s burgeoning Web3 sphere, Algorand announced strategic alliances with T-Hub and TiE Bangalore. This includes the inauguration of Algorand Startup Labs within T-Hub – one of Asia’s most prominent technology incubators. This year-long initiative is designed to catalyze the development of select Indian Web3 startups that leverage the Algorand blockchain. T-Hub will bolster 20 such startups, encompassing Creating Impact! Pitch Competition finalists, in various phases – from product maturation and market readiness to investor interaction and eventual deployment on the mainnet.
The partnership with TiE Bangalore is another significant stride, encompassing Algorand’s rapid assimilation into Bangalore’s tech milieu. This collaboration will unfold through a series of master classes, educational endeavors, startup interactions, and assorted training programs to elucidate the practical applications of blockchain technology.
Anil Kakani, Vice President and India Country Head at Algorand Foundation, remarked, “The outcomes of the AlgoBharat’s Creating Impact! Pitch Competition are a clear indicator of India’s pivotal role in global blockchain innovation. We take immense pride in the accomplishments of not just the winners but all participants. Our ongoing support and collaboration with entities like T-Hub and TIE Bangalore will further cement India’s position as a leader in the Web3 domain.”
The adjudication of the “Creating Impact!” Pitch Competition hinged on criteria like the project’s potential to enhance access to capital, markets, or services (Impact), the size of the target market (Scale), the developmental phase of the solution, and the innovativeness in utilizing blockchain technology.
A notable development is Algorand’s formalization of its partnership with NASSCOM as the premier layer 1 blockchain protocol. This collaboration will focus on training the next cadre of computer programmers, with Algorand contributing educational content for aspiring Web3 developers.
AlgoBharat’s ‘Road to Impact’ initiative began in July, comprising workshops in several Indian cities to support teams poised to develop impactful Web3 solutions on the Algorand platform. The competition’s initial phase was held in Delhi, followed by rounds in Ahmedabad, Kolkata, and Hyderabad. Garnering immense response from the Indian blockchain community, the competition attracted hundreds of developers who submitted over 175 projects. From these, 10 teams were selected to present their ideas before a distinguished panel of judges at the summit.
In addition to LW3, the competition recognized other outstanding contributions. Maximus, the first runner-up, received $7,500, and FDP, securing third place, was awarded $5,000. All finalists were provided additional resources for deploying their solutions on the mainnet. The Algorand Impact Summit saw all ten semi-finalists engage with a global audience of policy makers, investors, executives, and thought leaders in the blockchain arena, held over two days at the end of November and beginning of December in India’s capital.
