The Australian government has awarded A$170,000 to blockchain advisory firm Crypto SA[1] to open the country’s first blockchain incubator, reports[2] the Lead South Australia.
Crypto SA was granted the funding as part of the Incubator Support program, which provides business incubators with grants of up to A$500,000 to assist Australian startups in gaining the capabilities required to succeed in international markets.
Scheduled to open in September, Crypto SA Lab will select ten startups to provide them with mentorship, free co-working space, training and business advice. Select startups will also have access to white-label providers, developers, startup entrepreneurs and a network of experts, said Crypto SA co-founder Yawn Rong. Several startups have already applied to the incubation program and Crypto SA is currently in the vetting process.
Designed to help nurture a thriving blockchain community in Adelaide, the Crypto SA Lab program will be the first of its kind in Australia and will help make the South Australian capital a blockchain city, Rong said.
“There are co-working spaces for blockchain in Melbourne and Sydney but there are no acceleration programs there,” he said, quoted by the Lead South Australia.
“There are think tanks with blockchain departments, as well as university courses, but there are no specialized incubator programs in Australia that support the development of the proof of concept after their preliminary blockchain studies.
“Crypto SA Lab is about building a community and an industry in South Australia by providing these technical skills.”
Because of the lack of developers in Adelaide, the city has struggled against Melbourne or Sydney as a blockchain hub, Rond said, adding that the company saw there an opportunity to attract talent and develop the local blockchain community.
“We saw this incubator opportunity and said if we can utilize all these government
