The Research and Entrepreneurship Park IIT Bhubaneswar (IITBBS-Rep) will host an open challenge program in Augmented Reality-Virtual Reality (AR-VR) related to the Indian Central Technology Park (STPI) and state government.
The purpose of this program is to help create an entrepreneurial ecosystem in the AR-VR in this country, especially in Odisha with onboarding start-up both in physical and virtual mode.
It will choose up to 20 of the best submissions run by start-ups involved in research, development, and application activities related to AR-VR.
IIT Bhubaneswar has begun to accept proposals for open challenges from Monday and it will receive a proposal until January 26.
The screening of the proposal will begin on February 1 and the final selection will be announced on March 1 after the presentation by the selected team.
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The selected start-up will have an onboarding opportunity at the Varcoe place from the IIT Bhubaneswar campus with a seed grant / investment support until Rs 10 Lakh.
They will also have access to other funding / investments from government organizations to RS 25 lakh tones with access to private investment.
They will get mentoring support from Varcoe team members.
RG Raja Kumar, Director of the institution, said the AR-VR was experiencing sharp growth with the estimated global market which is expected to increase from 30 billion USD currently up to 300 billion USD in the next three years and continue to rise afterwards.
“It has strong economic implications for our country too and we need to take advantage of this opportunity to realize Make In India Dream proposed by the Prime Minister,” he added.
The National Institute has established the AR-VR Center of Excellence (VarcoE) in 2019 with the aim of helping to create ecosystems in the AR-VR in this country with the focus of growth in Odisha.