PwC India Launches Startup Challenge for Emerging Web3 and AI Projects: All Details

PwC, one of the Big Four accounting firms, is launching an accelerator initiative in India. On March 3, PwC India introduced the ‘Emerging Tech Startup Challenge' to support promising startups in blockchain, space, AI, and other sectors. Late-stage startups that have secured Series A or B funding are eligible to apply, gaining access to industry training and mentorship. Through this accelerator program, PwC India aims to explore innovations emerging from Indian startups across sectors.

The 'Emerging Tech Startup Challenge' specifically invites applications from startups in Web3, blockchain, AI, space tech, data analytics, and spatial reality.

“If your startup is re-defining customer interactions, unearthing new growth paths, generating game-changing insights from data, or turning traditional business models on their head, we want to hear from you,” the announcement noted.

Key Details About the Programme

Startups interested in joining the initiative can apply between March 5 and May 5. Fifteen startups will be selected for the three-month program and all applicants must be registered in India.

“The 15 selected entities will be assigned a mentor from PwC to work with them through this period. PwC will invest up to 25 hours of pro-bono consulting support and also actively work with you to network and build access,” said the Kolkata-headquartered India unit of PwC in its statement.

After applications close, 60 contenders will be shortlisted to pitch before a panel of PwC experts, with only 15 making the final selection.

Throughout the programme, selected startups will benefit from customized workshops, one-on-one mentorship with industry experts, and demo days to enhance their industry knowledge.

PwC India stated that participants will receive constructive feedback on their projects, along with in-depth guidance on risk management, resource optimization, and customer acquisition.

“You must fill in an application form and attach supporting documents where needed. Information such as the name of the entity, where it's registered, what industry/tech you are focused on, your investment stage etc. Necessary proof of documentation needs to be attached for some questions on the form,” the company said.

Opportunity for Web3 Startups

Despite regulatory challenges, the Web3 ecosystem has experienced significant growth in recent years. According to a report by Hashed Emergent, India's share of the global blockchain developer pool surged from 3 percent to 12 percent between 2018 and 2023.

During last year's India Blockchain Week, leaders from India's Web3 and AI sectors emphasised the role of accelerator programs in driving sustained innovation in these emerging technologies.

In the past, Bitget and CoinSwitch had launched funding and accelerator programmes focussed on India's Web3 ecosystem.

While India has been cautious about adopting cryptocurrencies, it has consistently shown interest in exploring blockchain technology. In December 2023, former Union Minister of State for Electronics and Technology, Rajeev Chandrasekhar called Web3 the future of Internet as we know it today.

To foster blockchain innovation, India has established a Centre of Excellence (CoE) in collaboration with MeitY, Software Technology Parks of India (STPI), the Government of Haryana, Padup Venture Private Limited, IBM, Intel, the Global Blockchain Association (GBA), and the Foundation for Innovation and Technology Transfer (FITT). This initiative aims to identify and support promising blockchain startups.