One would expect that if a state structure would start a partnership with a blockchain startup, this would be in the sphere of data protection. Especially, after the major data leak earlier this year. This is not the case. However, it is a good sign that the governmentally owned innovation complex Sofia Tech Park has started doing more consistent steps towards working with the startup ecosystem. Sofia Tech Park will be an early adopter of event platform Evedo that aims to bring together all the stakeholders involved in event organization in one place. To make this process more transparent the company will be also using blockchain technology soon.
The technology park event management sees its role as an early adopter, who will provide the young company with the needed feedback to further develop its product. The state-owned park organizes up to 100 events yearly, which is also a major revenue source.
Events on the blockchain
The event organization platform Evedo indeed consists of B2B and B2C marketplaces that unify all businesses and participants involved in conducting events. While venues, artists, catering firms, technique rental companies, sponsors etc., are part of the B2B marketplace, the main players in the B2C area will be organizers, promoters and attendees. The main functions in the consumer space will be to buy and sell tickets and market events to new audiences.
At the beginning of September Evedo launched its b2b platform and has already started onboarding stakeholders. “So far, in ten days, we’ve attracted 300 registrations from all over the world. This in a way is an initial validation. Our goal is to have 10k registered users by the end of the year,” says Stoyan Angelov, founder of Evedo. By the end of the month, he hopes to be able to launch the ticket platform.
After the IEO
Actually, Evedo was created with the idea to run on blockchain and thus bring more trust and transparency in the event industry, regulating the relations between stakeholders through smart contracts. In this first phase, there’s no blockchain component, but it will soon be implemented, tells us Angelov.
Last year Evedo was the first Bulgarian company that tried to fund its product through an Initial Exchange Offering (IEO), a type of crypto fundraising similar to an ICO, which basically means that token sales are happening through cryptocurrency exchange platforms. The exchange acts as a guarantor and conducts a project due diligence check on the project. Evedo launched its campaign aiming to raise $2M to develop its product. After raising significantly smaller financing of approximately $185k, the team continued developing the platform.
Partnering with a startup and supporting it in finetuning its product is a step forward for Sofia Tech Park which has often been criticized for not pursuing its initial goal of stimulating innovation.