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April 27, 2016updated 05 Sep 2016 10:44am

HTC launches $100m VR startup accelerator

News: The Vive X programme will provide expertise and mentorship to help grow the VR ecosystem.

By CBR Staff Writer

HTC has launched a $100m global accelerator programme for virtual reality (VR) startups.

The programme, dubbed Vive, will help increase the worldwide VR ecosystem providing startups with expertise, access to advanced VR technology, financial investment, office space, mentorship, and go-to-market support.

It will initially be started in the cities of Beijing, Taipei and San Francisco, with plans to roll out to other worldwide hubs in the near future.

Vive X will provide start-ups the opportunity to start their business in one of the three cities for the initial growth period.

During this time, the start-ups will have access to funding, leading VR expertise , hands-on coaching and office space.

The start-ups will also be invited to demo days and to HTC’s offices with the first-party development studios.They can also meet key members of the Vive engineering and management teams.

The programme will be launched in Beijing next month. A selected number of start-ups from around Asia will be invited to apply for the programme.

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Vive X in Beijing is targeted at speeding up entrance and growth for companies with proven success in the VR industry. Each participating start-up will receive cash investment in return for a small amount of equity.

HTC also said that the programme has no restrictions and is open for companies that belong to any industry which create content, tools, applications and accessories for the VR ecosystem..

HTC chairwoman and CEO Cher Wang said: "Virtual reality is changing the world, yet to do that effectively it needs a healthy eco-system to expand into the mass market.

"Through HTC Vive, we look forward to enabling global talent to create interesting and compelling content and to help shape the future of this industry."

The VR industry is set for an uptake in 2016, as almost all tech giants enter the game, from Samsung, to Facebook, Microsoft and Google. The VR market is set to be worth $70bn by 2020 propelled by consumers’ increasing interest in new audiovisual experiences.

Researchers predict VR hardware will account for $20bn while software will hit $50bn.

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