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EDGE196 virtual pitch competition to benefit Asian startups
HomeNewsEDGE196 virtual pitch competition to benefit Asian startups

EDGE196 virtual pitch competition to benefit Asian startups

News Desk
News Desk
January 31st, 2023
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Blockchain technology opens up all kinds of possibilities and EDGE196 intends on being there for all of them, Andy Chopra said.

Mr. Chopra is the head of research for EDGE196, a company of experienced investors and technical experts in innovative technologies and startup ecosystems. An integrated system focused on guiding startups from their earliest stages, EDGE196 operates as a catalyst between startups, investors and service providers.

EDGE196 is currently hosting the Asia Blockchain & Fintech Startup Competition where applicants from any of the 48 Asian economies can win up to $200,000 in seed funding. The virtual elevator pitch competition runs until Dec. 4, with finalists announced Dec. 15.

Mr. Chopra has researched emerging technologies for 20 years. He started when a digital divide existed as entrepreneurs worked to leverage the emerging world of the Internet. Early adopters were on one side while most were behind.

A digital divide also exists today, Mr. Chopra noted. As the pandemic confines us to our homes we see many children unable to access their online schooling. They too risk falling behind.

These worries are especially acute in underdeveloped and emerging economies where access to technology was already patchy and that is one of the problems EDGE196 wants to address, Mr. Chopra explained. Over the past few years EDGE196 has been organizing events across India and Dubai, with one of their priorities being companies solving the problems of the financially underserved.

Among EDGE196’s recent priorities have been the emerging technologies of blockchain and artificial intelligence, Mr. Chopra said, and it doesn’t matter where they are located.

“We plan to go beyond a few countries to around the world and are looking to how we can empower these startups,” Mr. Chopra said. “We want to go beyond Silicon Valley, Austin, Singapore and London.”

Startups have a famously high failure rate but that doesn’t have to be the case, Mr. Chopra said.

“We want to bring that down. We want to create a safe environment for the startups so they have access to high quality services that they actually need, especially in the first two years.”

Unlike many incubators, you can be much less developed, Mr. Chopra said, because some great ideas never see the light of day. They wither because they don’t have access to mentors, legal experts and money markets.

Mr. Chopra said he is very excited about blockchain’s potential to impact several sectors beyond fintech. Real estate, environmental technology and healthcare are some examples. In healthcare, Mr. Chopra believes blockchain could help accelerate the deployment of successful vaccines by assisting with the secure storage and transfer of data.

“I see a lot of synergies,” Mr. Chopra observed. “If blockchain technology can be used across multiple industries I can believe it will have a positive effect.”

Finance tends to be a leader in adopting new technologies because it is clear how they can have a huge impact, Mr. Chopra explained. Innovation and change are ingrained in the industry’s DNA.

“The industry by far is head and shoulders above others in terms of impact and how many people are using it,” he said.

Most venture capitalists understand blockchain technology now, and definitely more than they did three years ago, Mr. Chopra said. They are also more cautious about how they deploy their funds as they learned painful lessons during Y2K and the Dotcom bubble. There’s a cyclical effect and they don’t bet too much on new technology yet that hesitation delays those positive outcomes. You need more than buzz.

Andy Chopra

“When that growth plan isn’t really clear you end up with these hypes and busts,” Mr. Chopra said.

Like often happens with eventually successful new technologies, blockchain’s acceptance has been helped by the buy-in from some big players. IBM gave blockchain a boost and PayPal’s recent moves toward Bitcoin have been welcomed by that sector. 

One area where we have yet to see blockchain come even close to reaching is potential is government services, Mr. Chopra said. In the developing world proving property ownership is difficult but blockchain offers an immutable registry. Increasing transparency in taxes and other government payments reduces the potential for bribery and graft.

“I think blockchain has a good case for resolving those bureaucracies and corruption,” Mr. Chopra said.

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