Center of Excellence for IPs inaugurated at Gambling, MoUs signed

MUMBAI: Center of Excellence (CoE), the country's first incubation center for IP-focused companies in Gaming, VFX, Artificial Intelligence, Computer Vision created by Software Technology Park of India and supported by MeitY and Telangana Government was inaugurated on Monday.

The Council of Europe also signed Memoranda of Understanding with 5 partners of TVAGA, Hyderabad Angles, HYSEA and IIIT-Hyderabad on the provision of resources such as guidance, technology support, infrastructure and funding.

The startups will be trained by a team of industry and academics, led by Mentor, a board (GC) and a project management team (PMG).

The 10,000 square foot CoE inside the existing STPI unit aims to incubate up to 25-30 new businesses per year for the next five years. A total investment of 19.68 Crore will be spent over a period of 5 years, in addition to the existing infrastructure of the STPI facility.

Startups for selection will be assisted with a seed fund of Rs. 5 lakhs after due diligence by PMG. In the first year, 20 start-ups will be selected to embark on this program.

TVAGA will provide financial support to start-up game developers and assist in strategic partnerships between start-up games developers and global gaming publishers. HYSEA will also provide sports financing, strategic guidance, market access, in addition to assisting startups in product definition issues,

Hyderabad Angels will provide strategy, guidance and fundraising assistance to start-ups. IIIT-H: will extend technology guidance support.

The state government intends to strengthen the CoE's business objectives with industry-friendly IMAGE policies.

Jayesh Ranjan, Secretary General of Industry & Commerce (I&C) and IT (IT) said "Hyderabad is fast emerging as the best global destination for Gaming and the AI ​​landscape. This is one of the main reasons why we believe that the STPI has chosen to establish the CoE in Hyderabad and, as partners, we are fully committed to this initiative. " "We have a strong ecosystem, as the city of Hyderabad hosts well-established global gaming companies, world-wide events such as IndiaJoy, the Indian Institute of Game Development (IGDC) and India's largest IMAGE towers."

Omkar Rai, Director General of STPI, said the CoE would help develop deep technological innovations in the country. "The CoE will bring an exemplary change in the revival of research and innovation in Gaming, VFX, Computer Vision & AI through a strong ecosystem in partnership with technology partners, industry, investors, industry associations and government, and will boost the evolution of domestic products while promoting the development of business technology in the country. "

Shashi Reddy, CEO of CoE and VP Engineering, told Qualcomm India: "Hyderabad has a lot of animation and gaming companies and the industry has matured over the years. This is a great opportunity for new startups to start up, foster innovation at STPI-IMAGE and accelerate the development of games and animation in the city. "