Program Details
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 one full-time founder.
- The startup should be in the prototype, minimum viable product (MVP), or 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 four 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 these, 16 innovators will be supported with grants worth ₹20,00,000 to help them develop MVPs/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 one implementation partner and apply. Participants are required to visit the facility/campus of the selected partner; therefore, it is advisable to choose a partner located in or near your region.
Grand Challenge – Depending on your innovation focus area, you can select any one implementation partner and apply.
How to Apply
To apply, eligible businesses must visit one of the partners’ sites, agree to these Terms, and complete the application form ("Application"). Each business that completes these steps is referred to as an "Applicant." Applicants can submit their applications during the Application Period. Only one (1) application per business is permitted.
Applicants must provide the following information:
- Startup details.
- A pitch deck (indicative format mentioned in the application form).
- Funds raised as of the application date.
The XR Startup Program Accelerators reserve the right, at their sole discretion, to disqualify any applicant whose submission refers to, depicts, or reflects negatively upon a Released Party, the Program, or any other person or entity, or otherwise fails to comply with these Terms and Submission Requirements.
Selection
Each Accelerator/Partner will establish a three-member evaluation panel (including two members who are not affiliated with that Partner) to evaluate applications and select participants.
At the end of the Application Period, eligible applications will be evaluated by the applicable Partner and then reviewed with the steering committee established by Meta in collaboration with MSH using the following criteria:
| Criteria | Weight |
|---|---|
| Degree of innovation and novelty compared to existing products or solutions. | 33.3% |
| Potential societal, economic, 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 as Shortlisted Applicants, subject to verification and compliance with all Program requirements. These shortlisted applicants will be reviewed by the Meta steering committee, which will work with each Partner to select ten (10) final Participants for each Partner.
Program Benefits
Each selected Participant will receive the following Program Benefits:
- A grant of ₹20,00,000 provided during the six-month accelerator program.
- Mentorship from industry experts.
- Access to established industry experts, strategic partners, and investors.
- Opportunities to participate in and present at events and roundtables.
- Access to relevant technology and infrastructure, subject to availability.
