T-Hub in partnership with Facebook kickstarts India Innovation Hub Accelerator Program
Hyderabad, 23rd January 2017: In a first move of its kind to foster innovation in AR/VR space, T-Hub in partnership with Facebook has kick-started "India Innovation Hub Accelerator Program" in the city today. The main agenda behind this program is to discover amazing startups that are working in the field of AR/VR in India. T-Hub and Facebook will aid the start-ups with cutting edge technology to scale using innovation programs, global outreach and technology depth.
Start-ups,which are in the space of AR/VR application to Healthtech, IndustrialManufacturing, Education, Corporate Learning & Development, Hardware andAccessories Positioning, Gesture and Eye tracking, mobile hardware andenablement, video processing, developer tools, camera, capture technology, canparticipate in this program. The start-ups selected as part of this programwill have an opportunity to work and scale up under the aegis of Facebook. Thestart-ups will be given an opportunity to develop Proof of Concept (PoC) on theprioritized solution and showcase their PoC to key executives of Facebook &T-Hub during the ‘Demo Day’ at T-Hub Hyderabad. Also, the qualified start-upswill be directly accepted to the Fb Start program and could access T-Hub’snetwork of mentors, industry experts, investors, service providers, andcommunity/ecosystem.
Speaking onthe occasion, Jay Krishnan, CEO, T-Hub, said, "AR/VR today has started togain traction in industries ranging from - entertainment, gaming, communicationand industry. The Indian AR/VR market yet nascent is expected to grow at acompound annual growth rate (CAGR) of 76 per cent over the next five years,fuelled by demand from business and consumer sectors. Our intent, as anecosystem enabler is to partner with pioneers like Facebook and explore newfrontiers that are relevant for India like Healthcare, education etc with AR/VR and XR. We are extremely excited to be playing a part in enabling andaccelerating innovation in this space for India with Hyderabad as the epicenter."
According toGrowthEnabler’s estimates, there are close to 1,500 start-ups in the AR/VRsegment worldwide, with the US accounting for nearly 45 per cent, followed bythe UK, Israel and Canada. Globally, from 2013 to 2017, the AR segment hasreceived $2.5 billion and VR $2.7 billion in funding.
“Weunderstand the challenges start-ups face to get their ideas off the ground andwe are committed to paving the way for the next generation of startup successin the country. Through our Accelerator Program with T-Hub, we want to providethe right support, training and mentorship they need to explore the potentialof emerging technologies” said, Satyajeet Singh, Head of Platform Partnerships,Facebook India and South Asia.
In India, ofthe 100 AR start-ups, only 5 per cent have received any form of capitalinvestment of $1-1.5 million. Of the 70 VR start-ups, only a handful haveraised any seed/angel capital. Even the top 15 AR/VR start-ups that GrowthEnabler has identified based on over 50 parameters, have collectively raisedunder $3 million in funding. But all that is going to change in the next fiveyears.
The IndiaInnovation Hub Accelerator Program kicks off today and will be open forstartups across India to apply. Promotional activities will be organizedthroughout the applications phase, followed by shortlisting of startups inHyderabad. The finalists will be invited to participate in a 3-monthaccelerator program at T-Hub, where they will be mentored by subject matterexperts and industry experts to help shape the startup ideas.
To register,visit - https://t-hub.co/innovation-hub/.