Introduction
A program to discover, nurture, and accelerate XR technology startups across India, the 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 metaverse is the next generation of the internet. It will be a set of digital spaces, including 3D experiences that are all interconnected so people can easily move between them and will let people do things they could not do in the physical world. While the defining quality of the metaverse will be a feeling of presence, the defining technologies of the metaverse will be Extended Reality (XR), including Augmented Reality (AR), Virtual Reality (VR) and Mixed Reality (MR).
About the Accelerator – FITT
The Accelerator will nurture and foster 10 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.
Eligibility
- Startups formed or associated with a legal entity formed under the laws of India
- Early-stage startups building products or solutions (software applications, services, or hardware) based on XR technologies
- The startup should have at least 1 full-time founder
- The startup should be in the prototype/ minimal viable product/ pre-revenue stage
- Startups registered with the Department for Promotion of Industry and Internal Trade (DPIIT) or eligible and willing to be registered with DPIIT
About the Grand Challenge
The Grand Challenge aims to support 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 boot camp. 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.
Applying for the Program
Accelerator – An eligible entrepreneur can select any 1 of the implementation partners and apply. Participants are required to visit the facility/ campus of the partner; hence, it is best to choose the partner situated in or closer to your region.
Grand Challenge – Depending on your focus area of innovation, you can select any 1 of the implementation partners and apply.
How to Apply
To apply, eligible Businesses must visit one of the partners’ sites to agree to these Terms and fill out an application form (“Application”). Each Business who completes these steps is referred to herein as an “Applicant.” Applicants can fill out and submit the Program Application during the Application Period. Businesses are allowed to submit one (1) Application only.
Applicants will be required to submit Applications and provide the required information including:
- Startup Details
- A pitch deck (indicative format is mentioned in the Application form)
- Funds raised as of the Application date
The XR Startup Program Accelerators reserve the right in their sole discretion to disqualify from the Program any Applicant whose Application refers, depicts, or in any way reflects negatively upon a Released Party, the Program, or any other person or entity or does not comply with these Terms, including any of the above Submission Requirements.
Selection
Each Accelerator /Partner will establish a three (3)-member panel (including two (2) members who are not affiliated with that Partner) to evaluate the applications and select the Participants. At the end of the Application Period, eligible Applications will be evaluated by the applicable Partner and then discussed with the steering committee established by Meta in collaboration with MSH using the criteria (the “Criteria”) listed below.
| Criteria |
Weight |
| Does the product/solution have a high degree of innovation/novelty, compared to any existing products/solutions? |
33.3% |
| Will the product, if commercialized, achieve a positive societal, economic, and environmental impact and business opportunity at scale? |
33.3% |
| Capability and potential of the team in XR technology |
33.3% |
Each Partner will evaluate and select up to fifteen (15) eligible Applicants according to the Criteria to be “Shortlist Applicants” subject to verification and compliance with any and all of Program Entities’ requirements. Partners will send the Shortlist Applicants to the steering committee established by Meta. The steering committee established by Meta will work with each Partner to evaluate and Shortlist Applicants according to the Criteria and select ten (10) “Participants” for each Partner to receive the Program Benefits (described below), subject to verification.
Program Benefits
The ten (10) Participants selected by each Partner, subject to verification, will each receive benefits which consist solely of the following (“Program Benefits”):
- A grant of INR 20,00,000 provided during the course of a 6-month accelerator program
- Mentorship by industry experts.
- Access to established industry experts as well as potential strategic partners, and investors
- Opportunities to participate, and make presentations during various events/roundtables
- Possible access to appropriate technology and infrastructure (subject to availability)
