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Venture capital firm Outlier Ventures has announced a new initiative that aims to “enable a new open data economy built on the decentralized web.”
Called “The Convergence Alliance,” the initiative was announced earlier this month with 18 global founding members including Agoric, BigchainDB/DEX, Datarella blockchain solutions, Deutsche Telekom Innovation Laboratories T-Labs, Evernym, Fetch.AI, Frankfurt School of Finance & Management, Haja Networks, InMotion powered by Jaguar Land Rover, Imperial College London, IOTA, Ocean, Outlier Ventures, SAP, SEED, Smart Dubai, Sovrin, the Fab City Global Initiative, and the Mobility Open Blockchain Initiative (MOBI).
The core objectives of the alliance are to:
- “Inspire visionaries within large enterprise innovation outposts, venture teams and labs to gain applied learning through pilots and early stage investments;
- Connect these innovations to strategic goals at the c-suite of highly digitised industries and technically mature organisations;
- Onboard and enable middle management, as implementers and budget holders, through effective usable solutions and tooling;
- Venture financing of early-stage startups and research groups to bring technologies to market;
- Empowerment of both the technical and commercial talent market, including new entrants and professionals looking to reskill and upskill to advocate and effect change.”
The initiative is focused on the concept of ‘convergence’ and will explore how emerging technologies such as blockchain combine and accelerate with AI, Big Data and IoT.
“This has led The Alliance to explore the adoption of a curated stack of 15 open source technologies with 15.5M lines of code, called The Convergence Stack, which includes hardware, routing, distribution, interfacing and the application layer of the internet,” Catherine Thomas, Business Development Manager at Outlier Ventures, wrote.
“As well as assessing standards they may require and how they would integrate into legacy business processes and IT systems.”
The Convergence Alliance will facilitate collaboration at a technical and commercial level in order to boost the diffusion of The Stack across a variety of industries and use-cases.
“The Convergence Alliance allows us to collaborate with peers from the industry, share knowledge and gain a comprehensive understanding of the opportunities arising from emerging technologies. This endeavour will help us identify new ways of enriching business processes and eventually create new business models in service of our customers,” Raimund Gross, Innovation Manager from SAP, said.
According to the announcement, the inaugural summit of founding partners was held on July 02. Outlier Ventures intends to deploy $30 million worth of support for The Stack through its venture platform over the next 3 years.
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