Ministry of SMEs and Startups Declares Incubation of Augmented Reality-Based Metaverse Startups
Published2021.04.24 11:59Fostering AR, VR, and XR-related ventures and startups
On the 23rd, Minister Kwon Chil-seung of the Ministry of SMEs and Startups visited Maxst, a company specializing in augmented reality technology, to experience the technology firsthand and listen to feedback from the field.
Listening to an explanation from an employee [Photo = Ministry of SMEs and Startups]
Extended Reality (XR) is a technology that encompasses Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR), and is the core of implementing the metaverse. DigiCapital projected that the size of the domestic XR market would grow from $590 million (approximately 660 billion won) in 2019 to $2.63 billion (approximately 3 trillion won) in 2024.
Metaverse is a compound word formed from virtual and transcendent (meta) and world and universe, referring to a three-dimensional virtual world. Recently, it has come to be used to mean a life-and-game type virtual world where reality and unreality coexist across all aspects of politics, economy, society, and culture.
Maxst is an AR specialized venture that has developed and supplied business AR solutions applicable to actual industrial sites to companies such as Samsung Electronics and Daewoo Shipbuilding & Marine Engineering, and recently is developing technology to provide immersive services based on real-world spaces. In the early stages of the company's establishment, it began commercialization through the Ministry of SMEs and Startups' pre-startup nurturing program and grew through the TIPS program in 2016.
During the visit, Minister Kwon Chil-seung of the Ministry of SMEs and Startups stated, “We are intensively fostering innovative ventures and startups in non-face-to-face sectors such as AR and VR to accelerate the growth of the XR economy.” He added, “Taking this visit as an opportunity, we plan to strengthen necessary policies to enable ventures and startups to accelerate innovation in daily life and industry, and expand our economic activity spaces.”
On this day, a Maxst official requested Minister Kwon to address the difficulties experienced in the field and to expand government support so that domestic ventures and startups can lead the XR era.
Meanwhile, the Ministry of SMEs and Startups established a dedicated '5G millimeter wave (28 GHz) testbed' for startups at the Pangyo Startup Campus in Gyeonggi-do last February to provide a demonstration environment for AR and VR content. In addition, it announced that it is fostering content and companies utilizing AR and VR technologies by promoting the 'Promising Startup Nurturing Project in the Non-Face-to-Face Sector,' investing 60 billion won this year alone.
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