This XR Startup Program initiative focuses on building skills and technological capabilities for meta-versions and will help shape the ecosystem for these emerging technologies, including Augmented Reality (AR) and Virtual Reality (VR) in the country.MeitY Startup Hub (MSH), an initiative of the Ministry of Electronics and Information Technology (MeitY) and Meta, here today announced the launch of an accelerator program to support and accelerate XR startups across India.
Speaking on the occasion, Minister of State for Electronics and Information Technology and Skill Development and Entrepreneurship Shri Rajeev Chandrasekhar said, “It is an important day in terms of fulfilling the vision of Prime Minister Shri Narendra Modiji to be achieved in the next 10 years. like Indian Techade – full of opportunities for young Indians. It is also an important milestone in the Metaverse, an important part of the emerging future of the Internet. I look forward to working with Meta and hope it will provide the necessary impetus to support growth in investment in future technologies in line with the government’s vision to make India a trillion dollar economy by 2025.”
Talking about how the Digital India program launched in 2015 has transformed citizens’ lives, governance and democracy, accelerated India’s digital economy and created significant new technology capabilities, the minister said, “Under the Prime Minister’s Digital India vision, it is clear that India will no longer be a consumer of technology, but will become a leader in the production of new technologies”.
Highlighting the potential of Indian startups from Tier 2/3 cities and how the Narendra Modi government is committed to supporting them, the Minister further added, “Young Indian startups, especially from Tier 2/3 cities, will play a significant role in emerging technologies. areas like Web 3.0, blockchain, AI, Metaverse etc. and will shape the future of technology and internet for India and the world.
Mr. Joel Kaplan, Vice President Global Policy, Meta, shared his thoughts on the collaboration: “India will play a key role in defining future technologies. Decisions and investments made here in India are now shaping global discussions about how technology can bring more economic opportunities and better outcomes for people. It is very important that we help create an ecosystem that will enable Indian tech startups and innovators to build the foundations of the meta space.”
Noting the significant strides India has made under the Digital India programme, Mr Kaplan said Meta is committed to working with the Government of India to support next generation startups in tier 2/3 cities. “India is one of the most vibrant markets due to its technological talent, entrepreneurial spirit and fast-growing startup ecosystem. Technologists from Tier 2/3 cities in India will shape the future of Metaverse.
The Accelerator program will support 40 startups working in XR technologies with a subsidy of Rs 20 crore each. The Grand Challenge will further encourage early-stage innovators in sectors such as education, learning and skills, healthcare, games and entertainment, agri-tech and climate action, and tourism and sustainability. Innovators will be supported in the transition from the research and development phase to the development of functional products and services. Initially, 80 innovators will be selected to participate in the bootcamp, out of which a total of 16 innovators will receive a grant of Rs 20 crore and additional support to help them develop prototypes/Minimum Viable Product (MVP).
The Accelerator and Grand Challenge events will also support start-ups and innovators through customer connections, partnership opportunities and fundraising, among others. 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. These institutions will strategically enable startups across and across the country to create a pan-India movement in the XR technology space. 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, human rights groups, governments, nonprofits, and academic institutions.
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