Thu. Oct 6th, 2022
MeitY Startup Hub and Meta launch XR Startup Program, will create next generation startups in Extended Reality technologies

The Ministry of Electronics and Information Technology (MeitY) Startup Hub and Meta, launched an accelerator XR Startup programme in New Delhi on Tuesday. It will create next generation startups in extended reality technologies across the country.

XR Startup Program will focus on skilling and building technological capabilities for the metaverse. It will help shape the ecosystem for these emerging technologies, including Augmented Reality (AR) and Virtual Reality (VR) in the country.

Emphasising on the potential of Indian Startups from tier 2/3 cities & how the Narendra Modi government is committed in encouraging them, Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said, “Young Indian Startups, especially from tier 2/3 cities, will play a significant role in emerging tech areas like Web 3.0, blockchain, AI, Metaverse etc. and will shape the future of Technology and the internet for India and the world.

The Accelerator Program will support 40 early-stage start-ups working in XR technologies with a grant of 20 lakhs rupees each. Further, the Grand Challenge will encourage early-stage innovators in sectors like Education, Learning and Skills, Healthcare, Gaming and Entertainment, Agritech and Climate Action, and Tourism and Sustainability. The innovators will be provided support to upscale from the Research and development 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 lakhs rupees each and further support to help them develop Minimum Viable Product or prototypes.

Speaking on the occasion, the minister further added, “It is an important day in terms of achieving Prime Minister Shri Narendra Modi ji’s vision of making the next 10 years as India’s Techade- full of opportunities for young Indians. It is also an important milestone in the area of Metaverse which is an important part of the emerging future of the internet. I look forward to the collaboration with Meta and I hope it provides the necessary impetus towards fueling the growth of investments in future technologies in line with the government vision for making India a trillion-dollar economy by 2025.”

Sharing his views on the collaboration, 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, nonprofits and academic institutions.

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