A coalition of Blockchain researchers, entrepreneurs, and investors have created a blockchain incubator called 'The Garage' to help enhance Europe as the hub for blockchain and emerging technologies.
Located in Paris, the office is located in a three floors building.
A big part of the mission is to convince large companies to embrace blockchain. The first floor of the office is essentially an open co-working space where anyone can come without having to formally join. The Garage also wants to offer products, strategies, and advise to startups in the tech sphere.
More formally, there will be training education services, as well as paid consulting for large companies, similar to The Family’s model, said Cyril Paglino, one of the people behind the coalition.
"The idea is to have a place where people can hang and learn," explained Paglino. "Blockchain is pretty abstract for most people. To have it in the center of Paris will be key to letting people know things are really happening. It’s like an anchor."
In the past, Paglino had a startup called Tribe, which was a messaging app that raised $6.5 million. But the company struggled to grow, and its effort to pivot was made difficult as Apple blocked the app from its App Store.
Tribe was then closed in 2017.
That experience motivated Paglino to launch Starchain Capital, a venture firm focused on blockchain startups that couldn’t be blocked by tech giants.
And besides that, Paglino has been advising and working part-time with the developers behind Dune Networks, a blockchain platform specifically created for enterprises and large businesses. Dune was a fork from the Tezos blockchain project.
With that progressing, he was joined by Oussama Ammar, co-founder of The Family, a startup advisory and education firm. The Family then becomes the co-founder of The Garage, along with Dune Studios and Starchain.
And in many ways, The Garage will be modeled around The Family, Paglino said.
The Garage aims to support between 20 and 25 startups per year and to help establish two to three companies each year.
While focused on France and Europe, Paglino said, The Garage is open to startups from anywhere.
The launch of this incubator comes as the tech industry, with the blockchain sector in particular, is on the rise. The potential of technology in people's everyday lives is certain, and this is also proven with the fact that many people around the world are using technology for a variety of purposes.
As regarding blockchain, many companies and governments have tried relying on this technology to strengthen traceability and security of data and online transactions.
Paris is chosen partly because France is one of the pioneers in the blockchain technology. As a matter of fact, it was one of the European countries to develop its legislative arsenal to adapt to blockchain.
In addition, Bruno Le Maire, the Minister of the Economy and Finance, is a supporter of this technology. Cédric O, a French politician and the Secretary of State for the Digital Economy of France, said that his desire is "to attract future champions in the blockchain in France and make Paris the European capital of innovation."
However, France being open to blockchain doesn't mean that the government and regulators are removing all the barriers.
On of the example is Facebook Libra, which exacerbated tensions earlier this 2019.