Hyderabad: In order to support and foster innovation in the virtual reality and/or augmented reality space, T-Hub has joined hands with Facebook to kick start India Innovation Hub Accelerator Programme. The programme will provide startups working in the AR/VR space access to both – T-Hub and Facebook’s – services, experts, mentors and ecosystem and will help the startups scale up.
The programme which is open to startups from across India will start accepting applications from Tuesday till February 28 and the three month accelerator programme will begin in April. The startups will be given opportunity to develop and showcase proof of concept to key executives of Facebook and T-Hub during the demo day. And also qualified startups will be directly accepted to the FbStart programme.
“We have been in the business of helping startups for the last ten years and through our various programmes like FB developer platform, FbStart we have been able to connect with a lot of innovative startups. With the current programme we want to promote startups in the space of AR/VR as we are also betting big on this space. We are accepting applications from Tuesday and will start the programme in April,” said Satyajeet Singh, head of platform partnerships, Facebook India and South Asia.
Singh also mentioned that the programme will provide the startups with the right support, training and mentorship and will not be looking at any funding. When asked if any of the startups will be incorporated into Facebook, he said it was too early to comment on that. “We are clear that we are looking at early and growth stage startups in this space and not at just idea stage startups,” Singh added.
The programme will select 10 startups for the first batch of the programme out of the applicants that they receive in the next one month.
Speaking on the occasion, T-Hub CEO Jay Krishnan said, “The Indian AR/VR market though very nascent is expected to grow at a compounded annual growth rate of 76 per cent over the next five years. Our intent, as an ecosystem enabler is to partner with companies like Facebook to explore new frontiers that are relevant to India like healthcare, education with AR/VR and Extended Reality (XR).”
A report by GrowthEnabler shows that in India of the 100 AR startups, only 5 per cent have received any form of capital investment of $1-1.5 million. Of the 70 VR startups, only a handful has raised any seed/angel capital. Even the top 15 AR/VR startups have collectively raised under $3 million in funding. But all that is going to change in the next five years.
Telangana IT Minister tweeted about the partnership and said, “Another prestigious partner and yet another fabulous programme launched. VR and AR is an absolute game changer in the world of multimedia and entertainment.”