Blockstarters is a fairly new kid on the incubators block, and it aims at assisting startups within the cryptocurrency and blockchain space reach their full potential. The incubator claims to be the first of its kind in South Africa.
The Blockstarters founders are all entrepreneurs on their own and are using their separate experiences in crypto and blockchain to run the hub. During an interview with Disrupt Africa, Kreaan Singh, one of the partners at the hub said, “We created this space because we wanted to bring together high caliber startups in this industry under one roof, enabling skills sharing, linking investors, and providing an energy-intensive space for innovation.
Blockstarters is also becoming a central point for corporates to interact with and understand the latest development in the crypto and blockchain world attracting interest both locally and internationally.”
Although the hub is currently not running any specific program, instead it is acting as a makerspace where startups within the crypto and blockchain space come to interact and leverage off each other’s networks.
“We do, however, through our partner companies, offer mentoring and access to accounting, legal, branding, and marketing service in a shared ecosystem.
As we started discussing our businesses with one another, we found that we had many things in common, and realized that collaborating would accelerate our progress. We then realized that there were many other companies in our situation, and decided to formalize our structure into what is now South Africa’s first incubator and hub for industry.”
Since its launch back in March, the hub has received two startups, in addition to the companies founded by its founders, which were also brought into the program. The has so far been running self-funded, but Singh says they are in the process of raising funding, which will be used in funding viable startups in exchange for equity.
“We prefer to invest in startups that have achieved revenue, and therefore increase our chances of achieving a cash-flow positive position. Right now, however, we are more interested in supporting the community, which by in large, is still itself in the experimentation phase.”
One of the long-term goals for Blockstartes it to create an avenue where international investors can meet promising African startups within the crypto and blockchain space.
“We are also looking to create a structured program for incubees and to formalize our access to market strategy.
Since launching into the public domain, we have had a number of institutions approach us with the possibility of collaboration, opening up new opportunities for ourselves and our incubees. We have a number of projects in the pipeline, such as crypto PoS system, a token offering, and expansion into other locations around Africa.”