On Tuesday, Meta and MeitY Startup Hub (MSH), a project of the Ministry of Electronics and Information Technology, announced the beginning of an accelerator program to help and accelerate XR technology entrepreneurs around India.
The XR startup program will put an emphasis on developing technological skills for the metaverse and will assist form the ecosystem for these cutting-edge technologies, such as augmented reality (AR) and virtual reality (VR), in the nation.
Rajeev Chandrasekhar, the Minister of State for Electronics & Information Technology, spoke at the event and noted that it is a significant day for realizing the Prime Minister’s goal of creating the following ten years of India’s Techade—full of chances for Indian youth.
The minister continued by saying that this is a significant turning point for the Metaverse, a vital component of the internet’s future. “I hope it offers the required impetus toward supporting the expansion of investments in future technologies in keeping with the government objective for making India a trillion-dollar economy by 2025,” he added.
The minister emphasized the potential of young Indian startups from Tier 2 and Tier 3 cities, and he stated that these companies will be essential in shaping the future of technology and the internet for both India and the rest of the world in fields like Web 3.0, blockchain, AI, and Metaverse.
40 early-stage start-ups working on XR technology will receive grants totaling 20 lakhs from the Accelerator Program. Additionally, the Grand Challenge will support early-stage innovators in industries like healthcare, gaming and entertainment, agritech & climate action, tourism & sustainability, and education, learning, and skills.
The innovators will receive assistance as they go from the R&D stage to the creation of functional products and services. 80 innovators will initially be shortlisted to attend a Bootcamp, and 16 of those innovators will receive grants of 20 lakh apiece as well as additional support to help them create Minimum Viable Products (MVPs) or prototypes.