Empowering the XR Revolution: MeitY Startup Hub and Meta’s Collaborative Leap
In an exciting collaboration, MeitY Startup Hub and Meta have chosen IIIT Hyderabad Foundation (CIE) as their trusted partner for implementing the XR Startup Program in the southern region.
The esteemed Union Minister of State, Shri. Rajeev Chandrasekhar, proudly inaugurated this groundbreaking program.
Diving into the details, the XR Startup Program comprises both an Accelerator and a Grand Challenge, focusing on nurturing startups in the realms of gaming and entertainment leveraging XR technologies.
A select group of 10 early-stage startups will be awarded INR 20 Lakhs each as a grant through the accelerator component.
Additionally, 20 innovative minds will receive INR 50K each, with the top 4 among them securing a grant of INR 20 Lakhs each through the grand challenge.
Set against the vibrant backdrop of HYDERABAD, India, on Sept. 16, 2022, MeitY Startup Hub (MSH) and Meta joined forces to introduce the XR Startup Program, an initiative aimed at empowering and propelling XR technology startups across India. This initiative is poised to cultivate skills and foster technological prowess for the metaverse, shaping the landscape for emerging technologies such as Augmented Reality (AR) and Virtual Reality (VR) nationwide.
IIIT Hyderabad Foundation (CIE) stands tall as one of the 4 implementation partners selected for this pioneering program nationwide.
The Accelerator Program is geared to assist 40 early-stage startups delving into XR technologies with a generous grant of Rs 20 lakhs each. Meanwhile, the Grand Challenge beckons early-stage innovators in sectors spanning Education, Healthcare, Gaming & Entertainment, Agritech & Climate Action, and Tourism & Sustainability. Participants in the grand challenge will receive support to transition from the R&D phase to crafting viable products and services. Initially, 80 innovators will be handpicked to attend a boot camp, from which 16 will be chosen to receive grants of Rs 20 lakhs each, along with further support to develop Minimum Viable Products (MVPs)/prototypes.
Expressing his enthusiasm, Union Minister of State for Electronics & Information Technology, and Skill Development & Entrepreneurship, Shri Rajeev Chandrasekhar, remarked, “Today marks a significant milestone in realizing Prime Minister Shri Narendra Modi’s vision of catapulting India into a tech-adept era, brimming with opportunities for our youth. This also marks a pivotal moment in the realm of the Metaverse, an integral facet of the future of the internet. I eagerly anticipate the collaboration with Meta and trust it will provide the necessary momentum to bolster investments in future technologies, aligning with the government’s vision of propelling India into a trillion-dollar economy by 2025.”
Reflecting on how the Digital India Programme, launched in 2015, has revolutionized citizens’ lives, governance, democracy, and catalyzed India’s digital economy, the Minister emphasized, “Under the aegis of PM’s Digital India vision, it is evident that India is poised to transition from a technology consumer to a technology leader.”
Underlining the potential of Indian startups from tier 2/3 cities and the commitment of the Narendra Modi government to nurture them, the Minister added, “Young Indian startups, particularly those from tier 2/3 cities, will play a pivotal role in burgeoning tech domains like Web 3.0, blockchain, AI, Metaverse, etc., shaping the future of technology and the internet, not just for India but the world.”
Echoing these sentiments, Mr. Joel Kaplan, Vice President, Global Policy, Meta, stated, “India’s role in shaping future technologies cannot be overstated. The decisions and investments made here in India today will reverberate globally, influencing discussions on how technology can foster greater economic opportunities and improve outcomes for people. It is imperative that we cultivate an ecosystem that empowers India’s tech startups and innovators to lay the groundwork for the metaverse.”
IIITH will concentrate on gaming and entertainment domains, offering startups mentorship from industry experts, technological support, research connections, and opportunities to showcase at industry events. Extended Reality (XR) amalgamates AR, VR, and MR technologies. Gaming in the metaverse enhances user experiences by enabling real-time gameplay and fostering better interactions among gamers in a multiplayer environment. VR enhances gamers’ control over playable characters, unlocking gaming’s full potential.
“The XR Startup Program could catalyze the rapid integration of AR and VR technologies into the entertainment and gaming industry. This infusion of support from established counterparts through funding and mentorship will significantly bolster early-stage companies,” remarked Anubhav Tiwari (Head DeepTech and MedTech Incubator, CIE, IIIT Hyderabad Foundation).
XR technologies are poised to revolutionize the entertainment industry, enabling users to partake in virtual concerts or host virtual gatherings. Films can achieve heightened immersion through XR technologies. Sports broadcasting stands to undergo a complete transformation, allowing audiences to virtually attend stadiums. The applications of this technology extend far beyond imagination. Classrooms can be transformed through simulations, bringing learning to life, while social media could facilitate first-person interactions in virtual spaces.
Joining IIITH Foundation (CIE) as implementation partners for the XR Startup Program are 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.
About CIE@IIITH:
CIE@IIITH, also known as CIE (Centre of Innovation and Entrepreneurship), has been a DST-approved incubator since 2009. CIE@IIITH has supported approximately 160 startups to date and has seeded 18 startups, with 80% of them achieving positive cash flow. CIE@IIITH played a pivotal role in the initiatives that led to the establishment of T-Hub. Alongside advancements in AVISHKAR, CIE@IIITH is focusing on enhancing infrastructure facilities, programs, and startup engagements to foster a deep-tech startup ecosystem. New working spaces have been launched, alongside seed funding programs, structured workshops, mentoring opportunities, and technology transfer facilitation.