MeitY Startup Hub, an initiative of the ministry of electronics and information technology (MeitY), and Meta on Tuesday announced the launch of an accelerator programme to support extended reality (XR) technology startups across India.
The initiative, XR Startup Program, will focus on skilling and building technological capabilities for the metaverse and help shape the ecosystem for these emerging technologies, including augmented reality (AR) and virtual reality (VR) in the country.
“It is an important milestone in area of metaverse which is an important part of emerging future of the internet. I look forward to the collaboration with Meta and I hope it provides the necessary impetus towards fuelling the growth of investments in future technologies in line with the government vision for making India a trillion-dollar economy by 2025,” said Rajeev Chandrasekhar, MoS for electronics & IT.
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He added that young Indian startups, especially from tier-II and III cities, will play a significant role in emerging tech areas like Web 3.0, blockchain, AI, Metaverse etc.
Joel Kaplan, vice-president (global policy), Meta, said: “India will play a pivotal role in defining future technologies. Decisions and investments made here in India now shape global discussions on how technology can deliver more economic opportunity and better outcomes for people. It is critical that we help to create an ecosystem that will enable India’s tech startups and innovators to build the foundations of the metaverse.”
The XR Startup Program is supported by Meta’s XR Programs and Research Fund, a two-year $50-million investment in programs and external research with industry partners, civil rights groups, governments, non-profits and academic institutions.
The XR Startup Program will be implemented by four institutions — International Institute of Information Technology – Hyderabad Foundation, Hyderabad, Telangana (CIE IIIT-H); AIC SMU Technology Business Incubation Foundation (AIC-SMUTBI), Rangpo, Sikkim; Gujarat University Startup and Entrepreneurship Council (GUSEC), Ahmedabad, Gujarat; and Foundation for Innovation and Technology Transfer (FITT), IIT Delhi, New Delhi.
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The accelerator programme will support 40 early-stage startups working in XR technologies with a grant of `20 lakh each. Further, the Grand Challenge will encourage early-stage innovators in sectors like education, learning and skills, healthcare, gaming and entertainment, agritech & climate action and tourism & sustainability.
The innovators will be provided support to upscale from the R&D phase to developing workable products and services. At first 80 innovators will be shortlisted to attend a bootcamp, out of which, a total of 16 innovators will be provided grants of `20 lakh each and further support to help them develop Minimum Viable Product (MVP)/ prototypes.
