Deadline: 13-Oct-22
Applicants are invited to submit their applications for XR Startup Program to accelerate India’s contribution towards building the foundations of the metaverse and nurturing the development of Extended Reality (XR) technologies in India. XR Startup Program is a collaboration between Meta and MeitY Startup Hub (MSH).
The program aims to accelerate India’s contribution towards building the foundations of the metaverse and nurturing the development of Extended Reality (XR) technologies in India.
The XR Startup Program includes an Accelerator and a Grand Challenge, which will be run and managed by four partners – Foundation for Innovation and Technology Transfer (FITT), International Institute of Information Technology – Hyderabad Foundation (CIE IIIT-H), Gujarat University Startup and Entrepreneurship Council (GUSEC) and AIC-SMU Technology Business Incubation Foundation (AIC-SMUTBI).
The Accelerator will nurture and foster 40 early-stage startups working with XR technologies through a well-designed 6-month program. Each startup will get access to a number of benefits, including a grant of ₹ 20,00,000, mentorship by industry experts and researchers, access to a network of potential strategic partners and investors, technology and infrastructure support, and opportunities to participate and present at relevant industry events.
The Grand Challenge is aimed at supporting early-stage innovators to upscale from the R&D phase to developing workable prototypes and Minimum Viable Products (MVPs). It will include 4 sector-specific challenges to advance the XR technology ecosystem in India. A total of 80 shortlisted innovators will receive a grant of ₹ 50,000 and an opportunity to attend the bootcamp. Of the 80 shortlisted innovators, 16 innovators will be supported with grants worth ₹ 20,00,000 to help them develop MVP(s)/ prototypes. Benefits include mentorship by industry experts and researchers, access to a network of potential strategic partners and investors, technology and infrastructure support, and opportunities to participate and present at industry events.
Benefits
- Under the Accelerator, 40 selected startups will receive the following benefits:
- Grant of ₹ 20,00,000
- Mentorship by industry experts and researchers
- Access to a network of potential strategic partners and investors, along with technology and infrastructure support
- Opportunities to participate and present at industry events
- Under the Grand Challenge, 80 shortlisted innovators will receive the following benefits:
- Opportunity to attend the bootcamp
- Shortlist grant of ₹ 50,000 on successful completion of the bootcamp
- Of the 80 shortlisted innovators, 16 will receive the following benefits:
- Grant of ₹ 20,00,000 to be utilized solely for conversion of idea/ proof of concept to MVP(s)/ prototype
- Mentorship by industry experts and researchers
- Access to a network of potential strategic partners and investors, along with technology and infrastructure support
- Opportunities to participate and present at industry events.
Eligibility Criteria
Accelerator
- This Program is open only to start-up businesses formed or associated with a legal entity formed under the laws of India (“Businesses”) that:
- Build products or solutions (software applications, services, hardware etc.) based on XR technologies;
- Have at least one full-time founder;
- Are early-stage startups in prototype/minimal viable product/pre-revenue stage; and
- Are registered with Department for Promotion of Industry and Internal Trade
- (“DPIIT”) or eligible and willing to be DPIIT registered. See DPIIT eligibility conditions here:
- Applications must be filled out by the founder, owner, or person in a leadership position at the Business. Such individuals must be at least eighteen (18) years of age and authorized to act on behalf of the Business.
- Limit one (1) Application per Business. In addition, employees, officers, directors, members, managers, agents, and representatives of the Program Entities, MSH, any other entities participating in the design, promotion, marketing, administration, or fulfillment of this Program, or any of their respective corporate partners, parent companies, divisions, subsidiaries, affiliates, successors in interest, and advertising, promotion, and public relations agencies, members of steering committee, judges and their employers, employees, managers, agents and representatives (collectively, the “Released Parties”) and any family member or member of the same household (whether or not related) of any such persons are not eligible to apply or receive benefits in this Program.
- For purposes of this Program, the term “family members” is defined as any spouse, partner, parent, legal guardian, child, sibling, grandparent, grandchild, or in-law. Application to this Program constitutes Businesses’ full and unconditional agreement to and acceptance of these Terms and the decisions of Program Entities, which are final and binding in all matters.
Grand Challenge
- This Program is open only to individuals and businesses during the Program Period who meet the following criteria:
- Individuals must be natural persons who are a legal resident of India (the “Territory”) who are, as of the date of submitting an Application at least eighteen (18) years old and
- Are students in good standing at their university,
- Working professionals,
- Faculty or
- Researchers
- entrepreneurs (each and any, an “Individual”); and (b) business entities that are, as of the date of submitting an Application, at the ideation and pre-minimum viable Products (MVP) and pre-prototype stage of development, legally formed or recognized by a jurisdiction within the Territory, and have a principal place of business in the Territory and where each person participating for, with, or on behalf of such business entity meets all requirements of an Individual (“Startup Business”). Individuals may participate collectively in a group of up to four (4) Individuals, collectively referred to as a “Team”.
- Each Individual may only participate one time in the Program as either an Individual, as part of a Team or as an employee of a Startup Business. All requirements set for in these Terms are applicable to each individual member of a Team. Any natural person completing any portion of the participation process described in these Terms on behalf of a Team must be authorized to legally bind that Team. By participating on behalf of a Team you represent and warrant that you are the Representative authorized to act on behalf of your Team.
For more information, visit https://meitystartuphub.in/public/xr-startup-program/