One of the common questions I’ve received in the past two years is, “What is Bitcoin like in India?”
When we left home in 2023 to discover Bitcoin on the ground, Africa was our first destination. South America and Europe followed, but India remained. I had met Raj from Bitshala at an earlier conference and knew they helped the open source developer community in India further their knowledge with Bitcoin. This was only a surface-level understanding. I had no idea why the land of gold lovers had yet to open its arms to Bitcoin. Not knowing Bitcoin’s impact in the country I was born in was an itch that had to be scratched.
My chance finally arrived last November, when I attended Bitplebs Summit in Goa. The day before the Summit, I was asked to judge a pitch competition. Bitshala brought together 30 developers for a 4-day workshop, culminating in a pitch competition sponsored by Angor.
Ten teams covering mining hardware, literacy, payments, and more. I was blown away. The raw talent was impressive, living proof that Indians could build for Bitcoin, not just big tech. As I sat there eagerly nodding my head, I asked myself, “Would I be comfortable putting these young builders in front of the investors that I knew?” The answer was “No, not yet”. They needed some polish, a clear business model, and a go-to-market.
While I drifted deep into these thoughts, I heard, “How will this make money?” It was a co-judge Harish echoing my thoughts out loud. I snapped out of it. Someone was asking the real questions. It made sense. He is the co-founder of India’s first Bitcoin exchange, Unocoin. If there were one person who knew how to build a Bitcoin business in India. It was him. As I’d noticed, the participants weren’t prepared to answer such a question. This theme continued for most of the teams.
After the pitches were done, I had the chance to pick Harish’s brain. I joked and called him the Simon Cowell of our judging panel, the hardest one to please. I started digging into what the future holds for these developers and their ideas. Harish shared that they are likely to receive grants or give up on the idea and find a corporate job. “What about a path to building a business?” I asked. He said, “It’s better to build for the globe and not for India due to regulatory concerns.” Not the answer I was looking for, but that evening left a mark. I couldn’t get it out of my head. What will it take to get these talented devs in front of a global panel? It was clear they weren’t ready yet. There was more work to be done.
The question that remained was, “Who would help them progress to the next stage?” There aren’t any Bitcoin-specific programs focused on helping young talent in India to further their ideas. This also applies to Africa and the other regions of the global majority. Since I couldn’t find any solutions, it made sense to roll up my sleeves and get my hands dirty. Thus, the Student of Bitcoin Accelerator program was born. A 12-week program to get pitch-ready and understand if the early-stage idea is just a pet project or could grow into a sustainable venture.
To be honest, I have no business running such a program. I’m not a serial entrepreneur. I come from a corporate career and a sabbatical that has taken me deep into the realm of Bitcoin. When we started the accelerator program, I was clear with the participants: “This is my first time doing this. It’s going to be a learning journey for me as much as it is for them. We’re in this together to spotlight the Indian talent within the Bitcoin ecosystem.”
We’re already 10 weeks in with 2 more to go. This post is a little late, I’m so sorry!