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Oculus VR News | May 29, 2017

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Facebook's Oculus to Help South Korea VR and AR Startups Expand Globally

Facebook's Oculus to Help South Korea VR and AR Startups Expand Globally

Image courtesy of: Oculus

Staff Writer

Facebook, the parent company of Oculus, has announced that it has signed a partnership with the South Korean government to help promising virtual reality and augmented reality startups in the region expand throughout the global market.

According to the Korean Herald, Facebook will work with the Korea Innovation Center (KIC) and the Institute for Information & Communications Technology Promotion (IITP) to identify 10 startups that are working on VR and AR. Once the 10 startups are selected, the employees of those companies will be sent to Silicon Valley to collaborate on their ideas and learn about related technologies and business development from engineers at Oculus. This marks the first time Oculus has partnered with a foreign government to mentor companies, noted the report.

“Korean companies have a fantastic advantage due to the technical and intellectual infrastructure in these areas, and we are extremely excited to partner with both large and small Korean enterprises as we work to bring VR and AR to the world,” said Alex Stamos, chief security officer of Facebook, is reported saying.

Currently, there are about 30 out of 138 eligible firms that have shown interest and willing to apply for the program.

“Outstanding technologies and companies may be considered by the Facebook headquarters for future M&A or supply pool,” said Park Dae-sung, head of policy at Facebook Korea. “We hope to see some very innovative products from killer content to hardware through this program.”

The program is set to run for 10-weeks from May through July, at the end of which the startups will demonstrate their progress at an event in late July 2017.

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