The incubator program is the brainchild of advisory firm Crypto SA which was awarded $170,000 from the federal government to open Crypto SA Lab.
The program will offer 10 start-ups free co-working space, mentoring services and will also receive blockchain technology training and broader business advice.
The $340,000 project is co-funded by the government and Crypto SA and designed to fund the ecosystem of a larger blockchain community in South Australia.
Co-founder of Crypto SA Yawn Rong said that the incubator program was the first of its kind in Australia and would build an industry.
“There are think tanks with blockchain departments, as well as university courses, but there are no specialised incubator programs in Australia that support the development of the proof of concept after their preliminary blockchain studies,” he said.
Mr Rong said the program would provide technical expertise on blockchain and also information on start-ups.
“They will also have access to white label providers, hackers and winners, and a network of people who do this for a living.
“We saw this incubator opportunity and said if we can utilise all these government resources, and get all these big businesses to set up in an original office in Adelaide,” Mr Rong said.
At the end of the program Crypto SA will send entrepreneurs overseas to present their work at an industry showcase to generate investment.
“The incubator will polish up their deck, or their minimal viable product, or proof of concept for this event and we hope to attract venture capitalists,” Mr Rong said.
Eliot Hastie is a journalist on the wealth titles at Momentum Media.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).