IIT Bhubaneswar Research Park to Host Open Challenge For Incubating Startups In AR‐VR
Bhubaneswar: The Research and Entrepreneurship Park of IIT Bhubaneswar is all set to host an Open Challenge Programme (OCP) in AR‐VR.
Aimed at creating an entrepreneurial ecosystem in AR‐VR in the country, especially in Odisha by onboarding start‐ups both in
physical and virtual mode, it is being organised in association with STPI, Ministry of Micro, Small and Medium Enterprises (MSME), Start‐up Odisha and Ministry of Electronics and Information Technology.
The objective of OCP is to select upto 20 best submissions led and executed by start‐ups, actively involved in research, development and application activities related to AR‐VR.
The open call is divided into four participation tracks: Augmented Reality platform for Medical Planning, Tourism, Cultural Heritage and Education and Skilling.
The submission of proposals to OCP commenced on Monday and will continue till January 26. Screening of proposals will start on February 1 and final selection will be announced on March 1 after presentation by the shortlisted teams.
The selected start‐ups will have a hands-on opportunity of onboarding in VARCoE premises of IIT Bhubaneswar campus (in campus mode and virtual mode) with seed grants/investment
support upto Rs 10 lakh. They will also have access to other funding/investment from government organisations upto the tune of Rs 25 lakh with access to private investment for creation of a suitable ecosystem for organisational visibility centred towards new partnerships, business opportunities followed by mentoring support from VARCoE Team members.
Speaking on this occasion, IIT-Bhubaneswar Director Prof RV Raja Kumar, said the area of AR‐VR is experiencing a steep growth with the global market estimates expected to rise from the current 30 billion to 300 billion USD in the coming three years and continue to rise thereafter.
The AR‐VR center of Excellence (VARCoE) was set up at IITBBS‐REP in 2019 with the objective to help create an ecosystem in AR‐VR in the country with growth focus in Odisha by giving impetus to R&D, technology incubation and entrepreneurship, human resource generation and innovative education, Prof Kumar.
While Susmita Bagchi and Subroto Bagchi have provided philanthropic support with matching grants from Odisha Skill Development Authority and MSME, STPI and IIT Bhubaneswar have joined hands to take this endeavour forward, he said.
Dr PK Sahu, professor‐in‐charge of the center said “The institute hopes to ignite the innovation passion of start‐ups, budding entrepreneurs, and innovators based out of India and thereby paving the path towards transforming India as a software product nation.”