The women taking over the blockchain industry
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They started as an innovation management company enabling web3 adoption in India. With the ability to promote and raise awareness of blockchain technology at the grassroots level, they organized, facilitated and executed over 45+ hackathons and accelerator programs. This enabled them to build a strong developer community of 6000+.
KAAVYA PRASAD, FOUNDER, LUMOS LABS
Over the course of their initiatives, they have supported startups and Web3 projects with more than $3 million in funding and grants. Having partnered with leading firms like Binance, Polygon, Hedera, NEAR, Comviva, etc and also the Government of Telangana, they were able to harness the immense potential of various software developers and help them through their innovation journeys.
On staying ahead of the competition, Prasad said, “The Web3 space is fast-paced and constantly evolving, so the key to staying relevant is to be aware of the issues in the sector and be a solution provider. Through our offerings, we have as aims to create and sustain a strong global web3 community that collaborates, innovates and revolutionizes the technology ecosystem”.
Lumos Lab’s biggest challenge was dispelling the myths and stigma surrounding the web3 world. As they were early competitors in the Web3 space, strong opposition was encountered.
Although web3 is filled with open source code, free learning resources and a strong networking and community building spirit, there were and still are several challenges in the area. Almost all leading blockchains have their own programming language, platforms, resources and communication channels, which at the time was difficult to keep track of new developers. Prasad said: “In our effort to onboard them for the long term, we also had to ensure that they were also supported through these complex initial steps if they wanted to try out different chains to ultimately find what best suited their needs.”
Lumos Labs first started as a service company. Their growth has been slow and gradual. Over the past two years, they have become a profitable business.
Their product, Lumos Metaverse, is currently underway, which will be able to transition smoothly to Metaverse and utilize a number of web3 offerings.
