2017 is seeing the rise of virtual and augmented reality industries. Everyone sees VR as the “next big thing” because AR while potentially bigger will take a lot longer. More and more startups have risen in this new and promising industry, and Korea is joining in on the action. The momentum is strong with mobile AR having the most potential. VR/AR software and hardware startups have set up the blueprint for the bigger companies like Facebook and Samsung to start getting into VR/AR.
Facebook now is partnering with South Korean startups in the VR/AR industry by being their mentor for 10 weeks in Silicon Valley. Korean startups have a hard time going global and Facebook could be their bridge to possible global investments and partnerships. This agreement with Facebook as well as with the Korean Innovation Center of the Ministry of Science, ICT, and Future Planning and the Institute for Information & Communications Technology Promotion calls for picking the top 10 most promising VR/AR startups in Korea. The 10 startups and their team will then travel to Silicon Valley to learn about the latest tech and business practices from the leader in VR, Oculus. VR engineers at Oculus will mentor these startups to help them in all aspects from research, to development, to marketing, and most importantly finding partnerships.
Through this experience, the hope is that the Korean startups can find something new and innovative which Facebook might be interested in. This could be innovations in hardware or software since Korea is known for their high technical skills.