IOTA Partners With Cofoundery, Nova, to Launch Seed Fund Supporting DLT Start-ups

BERLIN–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/DLT?src=hash” target=”_blank”gt;#DLTlt;/agt;–IOTA
Foundation
, a non-profit foundation focused on distributed ledger
technology (DLT) and permissionless ecosystem development, today
announced a partnership with Liverpool-based cofoundery, Nova. Under
this collaboration, the two companies will work together to increase the
number of successful startups utilizing the next generation of
Distributed Ledger Technology.

The programme will enable aspiring tech entrepreneurs, through funding
and mentorship, to develop innovative new business models using IOTA
technology. The partnership programme with Nova is now open for
applications, and entrepreneurs are invited to apply at wearenova.co.uk/partnerships/iota.

The partnership aims to prevent the main reasons for startup failure and
ensure that the full potential of distributed ledger technology can be
realized. Focusing on the very early stage of startup development, IOTA
will initiate a seed fund to would-be entrepreneurs harnessing the
Tangle, its distributed ledger technology. Alongside this investment
fund, entrepreneurs will also have access to an IOTA test lab to build
and test their solutions, Nova’s mentoring programme, and its expert
tech startup team consisting of 20+ startup consultants and a full range
of digital disciplines.

Nova will be investing in ideas that prove user problem-fit. This
investment will be matched by the IOTA grant programme if DLT is
identified as the right solution. This increased runway will help the
startups create viable businesses develop within the IOTA ecosystem.

Currently, 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.

Nova will bring its expertise in partnering with aspiring entrepreneurs
to co-found tech startups, which helps to eliminate many of the risks
involved in starting a business. In addition to providing guidance
across all areas of business, from market research to product
development, Nova also provides the entrepreneur with a
multi-disciplined team for the first year of the partnership. To date,
Nova has co-founded over 80 tech startups. Over 50% of these are still
in existence after three years, compared to the average startup
three-year survival rate of just 10%.

David Sønstebø, co-founder and co-chair at IOTA, said:

“The Tangle network overcomes many of the limitations and inefficiencies
of blockchain technology, and as such, has huge potential to transform
machine to machine transactions that are at the core of IoT. Our
partnership with Nova is about enabling that innovation, by helping
initial ideas come to fruition in the form of viable, scalable and
sustainable business models.”

Andrew Dean, Head of Partnerships at Nova, added:

“There are many hurdles to successfully launching a startup, and many of
the most common mistakes occur very early on in the process. The fact
that 90% of startups fail means that there are loads of brilliant
business ideas out there that simply never materialise into anything
meaningful, and a lot of talent and ambition is wasted.

“We want to make sure that IOTA entrepreneurs have the best possible
chance of success. Some of the most exciting technological developments
of our time are fueled by IOTA technology, and we’re looking forward to
playing a part in bringing some of those ideas to market.”

About Nova:

Nova is a Liverpool-based tech cofoundery, launched in 2014. It partners
with entrepreneurs to turn ideas into successful, scalable tech
startups, in sectors including healthtech, fintech and eGaming.

With no personal capital investment required, Nova provides
entrepreneurs with mentorship, guidance and funding. It invests at the
ideas stage, and through its team of 20+ startup mentors – plus over 200
designers, software engineers and marketers globally – it takes startups
from idea, to product, to market.

Nova becomes a 50/50 business partner at the end of year one. Its
startup success rate is six times higher than the industry average.

www.wearenova.co.uk

About IOTA Foundation:

IOTA is a not-for-profit foundation incorporated and registered in
Germany. The IOTA Foundation’s mission is to support the development and
standardization of new distributed ledger technologies (DLT), including
the IOTA Tangle. The IOTA Tangle is an innovative type of DLT
specifically designed for the Internet of Things (IoT) environment. It
is an open-source protocol facilitating novel Machine-to-Machine (M2M)
interactions, including secure data transfer, fee-less real-time
micropayments, and the collection and dissemination of sensor-based and
other data. www.iota.org

Contacts

Lorna Kellett or Hannah Dawson at Galibier PR,
lorna.kellett@galibierpr.co.uk
/ hannah.dawson@galibierpr.co.uk
0161
302 0670