The IOTA Foundation is calling on the IOTA technology community to participate in the LEDGER project funded by the EU Commission, the Foundation said in a blog post published on March 29.
In the funding competition, winning teams will receive cash advances of up to € 200,000 over several months to advance their projects.
LEDGER is looking for business ideas “that respect data sovereignty and operate in the alternative space to concentrate data on a few proprietary platforms,” writes IOTA.
As LEDGER writes on its website, a total of 16 project ideas will be selected from the following six themes: Health, Economy, Mobility, Public Services, Energy and Sustainability, and Open Innovation.
The 16 selected companies will undergo a nine-month, customized venture builder program, each with up to € 150,000 in funding. The best eight participants will receive an additional 50,000 euros and will receive additional support for three months.
The competition is organized by the project partners FundingBox, Dyne and Blumorpho. According to IOTA, the EU Commission will provide LEDGER with EUR 5.6 million in funding as part of its Next Generation Internet initiative.