“Web3 Has Countless Opportunities for Entrepreneurs” Says Kaavya Prasad

Kaavya Prasad, Founder of Lumos Labs, an innovation management firm, is an early-stage Web3 investor and an evangelist. As an early entrant into the Indian Web3 ecosystem, she has worked on several Indian market-entry initiatives for global blockchain companies in India. She is an LP on major crypto funds and personally has invested in several key early-stage Web3 projects. An architect by qualification, Kaavya has explored graphic design, product management, and marketing sectors, she is now heading Lumos Labs as it engineers its way into a developer-centric Metaverse platform focused on harnessing global Web3 opportunities into a virtual world. Analytics Insight has engaged in an exclusive interview with Kaavya Prasad, Founder, of Lumos Labs.

1. Kindly brief us about the company, its specialization, and the services that your company offers.

 In 2018, Lumos Labs started as an innovation management firm determined to drive Web3 innovations to the forefront in India. One of the early players in the Indian Web3 ecosystem, we are now expanding into a developer focussed Metaverse with a Build to Earn (B2E) model. Lumos Metaverse, a project still underway, aims to establish a singular one-of-a-kind platform that caters to developers as they learn, earn, and build in it. It will allow them to find global Web3 opportunities which are accessible and will become a talent hub for global Web3 firms.

Complete with ecosystem support and holistic services like PR, community building, logistics, etc., we provide a one-stop destination for web3 companies to run their programs like hackathons, accelerators, and more. To date, we have over 45 programs run with relevant Web3 and blockchain players, such as Binance, CoinSwitch Kuber, Polygon, Biconomy, Sino Global Capital, Hedera, etc., and also multiple programs with the Government of Telangana.

We have also recently launched our Hackathon, #BUIDL for Web3, to foster the global developer community and nurture web3 innovations. Supporting developers who want to start their Web3 journey, build innovative solutions, network with leading Web3 experts, and win prizes from the pool of $100,000, #BUIDL for Web3 aims to redefine and provide impetus to Web3 adoption among developers.

2. With what mission and objectives, the company was set up? In short, tell us about your journey since the inception of the company.

We started the company in 2018. Co-founded by Raghu Mohan (Buidlers Tribe) and me, this company was built with a vision to empower the Web3 ecosystem in India back when the term Web3 wasn't even coined.  Slowly from 2 people, we expanded our company, to the current strength of 30. Our goal was very clear from the beginning, which is to create awareness about Web3 and help it expand its horizons because it withholds huge potential which can bring in better technological advancements and could possibly change the monotonous way of working.

We have organized numerous hackathons and accelerator programs in collaboration with multiple industry leaders to help Indian web3 startups to develop their products and expand their horizons. These programs helped in the widespread adoption of Web3 and led to the formation of a strong 6k developer ecosystem. While working on these hackathon and accelerator programs, we got to connect with the developers at the grassroots level which eventually helped us to understand the hindrances that were being faced by the community.

After doing a deep analysis of the ecosystem, we started our Metaverse journey which will help the developers to learn about Web3, upgrade their skills, and will allow them to find global Web3 opportunities. We have also launched our Hackathon as a precursor to the Lumos Metaverse, to further strengthen our developer community and enable them to transition to our Metaverse smoothly.

3. How do you see the company and the industry in the future ahead?

Since its inception, the Indian Web3 community has been active. Consequently, numerous developers have been experimenting with the technology's initial features, which have only become more diverse as time goes on. The growth of Web3 in India has been rapid and has been supported by various major Web3 players as well. Besides coming into the market early, India has also developed a robust developer pool, whose potential is highly sought after globally. Metaverse is experiencing interest and exploration the same way that other branches of Web3 are. With the initial buzz, India has seen multiple Web2 firms such as HCL Technologies, Wipro, TCS, Make my trip, etc, begin their journey into the Metaverse and we are witnessing several Metaverse-focused startups or startups expanding to this technology as well.

The Metaverse can easily be seen as a revenue-producing and new product-delivering factor for corporations, entertainment, music, real estate, emerging tech, marketing, and other industries.

Talking about our company, we recently raised $1.1 million in funding as we are building our developer-focused Metaverse. Our product will allow developers to leverage global Web3 opportunities without facing some pertinent shortcomings of the ecosystem like scattered knowledge over multiple platforms, lack of opportunities, etc. With our latest hackathon and our product, the developers will be able to access all the requisites, will be able to connect with industry leaders, and grab the appropriate opportunities. Hence, we are determined to utilize web3 to its full potential and make the best out of it and help the Web3 ecosystem and the developer pool of India expand its horizons.

4. Do you also feel that the right kind of talent is a challenge in the industry?

Yes, I do believe that finding the right kind of talent is a challenge in the industry. According to me, the major reason for this is the Web3 industry still being due to enter the mainstream. Though plenty of mainstream use cases are being served by the industry, there's still a gap but the encouraging news is that the developments are being made rapidly.  Like the NFT market surpassing $40 billion in value in 2021 as per a report by Chainlink, the addressable market of the metaverse is estimated at $8 trillion, and blockchain adoption in capital markets is projected to reach $27 trillion as early as 2027.

Another reason would be the lack of knowledge about Web3 amongst the developers. Although people are getting more involved in the Web3 space and investors are paying more attention to opportunities created, there is so much whitespace in this sector for developers.  ‌While more than 34,000 new developers contributed code to web3 projects in 2021, it only represents a small segment of the total number of software engineers globally, according to a recent report by Electric Capital, a venture capital ‌firm‌ ‌that‌ ‌invests‌ ‌in‌ ‌web3‌ ‌startups.

Furthermore, the opportunities for Web3 developers to learn and build are scattered across different platforms and are often restricted to specific blockchains.

To bridge these pertinent gaps, we are developing our Metaverse. The Lumos Metaverse would be an ecosystem where builders can learn, earn and explore developer-centered opportunities with the right Web3 talent pool for the global Web3 sector. Also, we have observed over the past few years that these hackathons and accelerator programs help developers to grow a lot. To empower these developers and further align with our objective, we have launched #BUIDL for Web3.

5. Kindly mention some of the major challenges the company has faced till now.

When we started, the industry was pretty nascent. Though it is a fast-developing industry, initially we faced multiple challenges. In the early days, there was a lack of awareness regarding the Web3 ecosystem. Finding appropriate developers to build products was an uphill battle, which is still, but now it is better than before. People were hesitant in investing their resources in this industry. But seeing the use cases, Web3 is capable of providing, we were convinced that we are going to stay in this industry.

Apart from this, many people limit Web3 to crypto and its offerings only whereas it is just a product of Web3 technology. This age of the internet goes way beyond that and caters to numerous other use cases. In our early days, we had to explain the potential of this technology to various developers and debunk several myths to get people to be on board with us.

Along with all the resistance that there was amongst people to adopt new technology, it had some technical hindrances too which made it difficult to attract people. For example, different chains use different programming languages which makes the target pool restrictive, which is a problem today too. Yet the community has now grown so much that there are plenty of resources to learn.

6. What is your biggest USP that differentiates the company from competitors?

While we were laying the blueprint of our product, we were very determined that we want to give developers a platform that caters to their entire journey – from gaining knowledge, accessing earning opportunities, and contributing to the community to networking and connecting with companies and like-minded folks all under one roof. I believe that one of the major reasons for such a shortage of developers in the Web3 ecosystem is that opportunities for Web3 developers to learn and build are scattered across different platforms and are often restricted to specific blockchains.

The Lumos Metaverse will be a one-stop destination for builders where they can learn, earn and explore global developer-centered opportunities and a network of global Web3 enthusiasts. This will also allow them to build or expand their network with industry leaders and other developer folks building the ecosystem.

Having been one of the early entrants into the Indian Web3 space, we have connected with almost 60K developers via calls, emails, social media, and more through our several programs, accelerators, hackathons, etc. Thus, we know, at the grassroots level, how difficult it can be to get access to the right knowledge and global opportunities.

7. What role has Web3 played in the innovations of new technologies?

As we advance farther into the next internet age, there are countless opportunities for entrepreneurs to build transformative Web3 technology.

Recently, we partnered with the Government of Telangana for an accelerator program, the India Blockchain Accelerator, and we were so thrilled to observe that the government is also experimenting with blockchain technology after realizing its potential to cater to multiple use cases. The amount of participation witnessed was great and the solutions they were providing were terrific and spot on.

From the widespread embrace of crypto and NFTs to the proliferation of DAOs and the numerous innovations in blockchain-based infrastructure and storage, the new computing paradigm of Web3 is quickly becoming mainstream. The number of non-fungible tokens (NFTs) has skyrocketed in India over the last two years and new start-ups have sprung up around them. At present, there are over 86 active NFT-based start-ups in India. Of this, nearly 71 start-ups were launched in 2021 alone, according to data accessed from Tracxn.

Talking about crypto and DeFi, India recorded the second-highest number of cryptocurrency users around the world in 2021, as per the Chainanalysis report. Also, India ranks sixth in terms of DeFi adoption, according to the 2021 Global DeFi Adoption Index by blockchain data platform Chainalysis.

With Web3 marking its presence all over the globe, Decentralized autonomous organizations have also gained a lot of traction over the last few years and are now fully incorporated into many blockchain projects. The decentralized finance (DeFi) space uses DAOs to allow applications to become fully decentralized, for example.

With all these technological advancements brought in by Web3, now many people are eyeing the Metaverse. It is a platform with capabilities to serve multiple use cases. As the metaverse continues to develop, we're seeing a glimpse of a richer, more borderless world that's full of promise.

8. How have you seen the evolution of the industry? As you said that you have been here from the beginning, how has the growth been?

I would say that the industry has evolved substantially in the last few years. Although there are miles to go so far, it has been a wonderful journey. It came with its share of ups and downs initially to make its place and break through the image of just being limited to cryptocurrencies; thanks to the developers who came along and utilized Web3 in the best way possible. They helped people realize that Web3 is much more capable and can bring in multiple technological advancements than just Decentralized finance.

Earlier, the technology was restricted to use cases around authenticity, tracking, payments, teaching, etc., which employed core blockchain technology. Yet today, we have a plethora of implementations, having matured into DeFi, NFTs, DAOs, metaverses, etc. These are subsequently innovating several industries and equipping them with diverse investment, gaming, asset management, and payment models. This sector has also become a hub for startups where new solutions are churned out at a considerable rate and that too, in just 6 years which makes us highly optimistic with regards to the future of this sector.

Due to a lack of proper knowledge and awareness initiatives, it was really tough to generate interest in this industry. Getting developers to build here is getting much easier now than it used to be before because of the advancements seen by the world and how it is actually being implemented and their contribution to the economy.

From being unknown to most people a few years back, Web3.0 has been one of the trending terms in the 2022 technology scene, and it will evolve as the next iteration of the internet based on blockchain technology. It is being widely accepted in India as well. As per a report by KuCoin, 72% of Web3.0 professionals in India look forward to their careers, recognizing the industry's benefits such as space for growth and innovation and better welfare.