MeitY Startup Hub and Meta launches Grant for XR Tech Startups

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MeitY Startup Hub and Meta launches Grant for XR Tech Startups

MeitY Startup Hub (MSH) of the Ministry of Electronics and Information Technology in India and Meta (NASDAQ: META) have announced a new grant! This grant is the introduction of an accelerator programme to help and accelerate XR technology entrepreneurs in India.

The XR startup programme will focus on training and developing technological capabilities for the Metaverse and will assist form the ecosystem for these emerging technologies, such as Augmented Reality (AR) and Virtual Reality (VR), in the country.

The Minister of State for Electronics & Information Technology, Rajeev Chandrasekhar, stated that a significant milestone in realizing the Prime Minister’s objective of making the next ten years of India’s Techade a time of great opportunity for young Indians.

The minister noted that this is an important milestone in the field of Metaverse, which is an integral aspect of the Internet’s growing future. Following the government’s ambition for India to become a trillion-dollar economy by 2025, he expects that it would also give the required momentum to fuel the expansion of investments in future technology.

MeitY Startup Hub and Meta launches Grant for XR Tech Startups_1
Source: Press Information Bureau, Government of India

Chandrasekhar added that it is obvious India will cease to be a consumer of technology and instead become a leader in the production of developing technologies. Young Indian startups will play a big role in developing tech sectors such as Web 3.0, blockchain, AI, Metaverse, etc., and help shape the future of technology and the internet for India and the rest of the globe.

Vice President, Global Policy, Meta, Joel Kaplan, stated that India would play a crucial role in determining future technology. India’s decisions and investments increasingly drive worldwide discussions on how technology may increase economic opportunities and improve human outcomes. Meta must provide an ecosystem that enables India’s IT companies and innovators to develop the Metaverse‘s basis.

Kaplan stated that Meta is dedicated to engaging with the Indian Government to help next-generation entrepreneurs in Tier 2/3 cities. India is among the most dynamic markets because of its tech skill, entrepreneurial enthusiasm, and rapidly expanding startup environment. Indian technologists from Tier 2 and Tier 3 cities will shape the future of the Metaverse.

MeitY Startup Hub (MSH) and Meta, via this accelerator program, would grant 20 lakhs to each of forty early-stage XR technology firms. In addition, the Grand Challenge will support early-stage entrepreneurs in industries such as Education, Learning, and Skills, Healthcare, Gaming and Entertainment, Agritech & Climate Action, and Tourism & Sustainability.

The innovators will receive assistance to transition from the research and development phase to the product and service development phase. Initially, 80 innovators will be selected to attend a bootcamp, out of which 16 will receive grants of 20 lakhs and further support to enable them to construct Minimum Viable Product (MVP)/prototypes. XR Startups can apply here.♦

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