Right now is a wonderful moment for blockchain-focused startups willing to expand to the U.K. to do so, and the Department for International Trade detailed, why.
Greenhouse for Blockchain Startups
In its latest update for businessmen wishing to deploy their firms in the U.K., the Department for International Trade reported that Entrepreneur First (EF), a London-based company accelerating startups, is presently funding blockchain projects, too. EF is a government-recognized firm empowered to approve companies for entrepreneur visas.
The idea is that new companies with "high growth potential" can apply for an entrepreneur visa to set up their business in the United Kingdom. To be approved, the entrepreneur must get funding of at least £50,000 (around $64,000) from an association that is endorsed by the U.K. government.
According to the post, EF is especially interested in projects that would solve hard technical issues in fields like artificial intelligence (AI), drones, security, virtual reality (VR) and the blockchain.
Endorsed companies will participate in a 6-month long program which would offer support for it to build up its team, product and conceivably get further investment.
Once a Startup, Now a Giant
EF is supported by influential financial specialists, including LinkedIn founder Reid Hoffman, Greylock Partners, Mosaic Ventures and Peter Thiel's Founders Fund. The company was established in 2011 and has helped more than 80 organizations to the date, having raised over $100 million in investment.