The Women Taking Over the Blockchain Industry They started as an innovation management company enabling web3 adoption in India. With the opportunity to promote and increase awareness of blockchain technology at the grassroots level, they organised, facilitated, and conducted over 45+ hackathons and accelerator programs.
By Kavya Pillai •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
They started as an innovation management company enabling web3 adoption in India. With the opportunity to promote and increase awareness of blockchain technology at the grassroots level, they organised, facilitated, and conducted over 45+ hackathons and accelerator programs. This enabled them to build a strong developer community of 6000+.
Over the course of their initiatives, they have supported startups and Web3 projects with funding and grants of more than $3 million. Having collaborated with leading firms such as Binance, Polygon, Hedera, NEAR, Comviva, etc and also the Government of Telangana, they were able to tap into the vast potential of various software developers and help them through their innovation journeys.
When it comes to staying ahead of the competition, Prasad said, "The web3 space is fast paced and ever evolving, therefore, the key to staying relevant is to be aware of the problems of the sector and be a solution provider. Through our offerings, we aim to create and sustain a strong global web3 community that collaborates, innovates, and revolutionizes the technology ecosystem".
Lumos Labs biggest challenge was debunking the myths and stigma around the web3 world. Since they were early competitors in the Web3 space, a strong resistance was faced.
Even though web3 is filled with open-source codes, free learning resources, and a strong networking and community-building spirit, there were and still are several challenges innavigating the space. Nearly every leading blockchain has its own programming language, platforms, resources, and communication channels that then were difficult to keep track of new developers. Prasad said, "In our bid to onboard them for the long haul, we also had to make sure they were supported through these complex initial steps as well if they wanted to try out diversechains to finally settle on what suited their needs best."
Lumos Labs started out as a service business initially. Their growth has been slow and gradual.Over the last two years they have become a profitable business.
Their product, Lumos Metaverse, is currently underway, which would be able to transition smoothly to the Metaverse and leverage numerous web3 offerings.
