HTC Launches $100 Mln Fund To Invest In VR Startups
Even though it’s still in its nascent stages, there’s nothing doubting the fact that Virtual Reality (VR) is the next big thing in technology. Probably this is the reason that numerous tech giants, including the likes of Facebook, Microsoft, and Google are betting on it. HTC also has its Vive VR headset, and to further promote VR technology, the Taiwanese smartphone manufacturer has launched a $100 million accelerator programme.
Dubbed Vive X, it aims to help VR startups that want to use the company’s VR technology. The programme will also assist startups with a variety of things such as securing investment and offering mentorship. Other services will include education about VR technology, networking opportunities with entrepreneurs around the world, and generalized support.
Incidentally, the funding for this programme won’t strictly come from HTC. Instead, Vive X is supposed to be an ‘investment fund’ led by HTC. The company is, however, mum on the names of other investors.
According to HTC, the ultimate goal of the programme is to support a healthy and vibrant ecosystem for its Vive VR headset. Companies participating in the Vive X program will be offered funds in the range of $50,000-$200,000, in exchange for handing over a small amount of equity, in addition to other benefits. The startups interested in the Vive X program can start applying now, and the pilot program is expected to commence this May in Beijing.
HTC has been facing tough times for quite a while now, with disappointing sales and declining revenues. And even though its latest flagship HTC 10 packs in all the latest bells and whistles, it’s clear that the company needs a lot more to stay relevant.
With the launch of the Vive X program, HTC has shown that it’s committed towards Virtual Reality. Its Vive headset is also the only VR product in the market that comes with motion trackers. And if the company can deliver in the Virtual Reality space, it might just get its groove back.