Facebook said that they will work with the Korean government to guide local virtual reality and augmented reality business development and help it expand globally. This cooperation project is also a pilot program for Korea to help start-up companies expand globally.
Facebook will collaborate with Korea Innovation Center and Information & Communications Technology Promotion to find Korean digital content companies that can connect VR and AR services globally, and Facebook subsidiary Oculus Engineers will provide guidance for their R&D and business models.
These Korean start-up companies will also receive technical guidance from Stanford University and guidance from VR and AR accelerators in the United States.
Facebook and the Korean government will select 10 companies through an open competition, judged by Korean technology and marketing experts. The South Korea Science and Technology Development Center stated that there are currently 138 companies that are eligible and 30 of them are very interested. A demo day will be shown in July, and the selected company will become an official Facebook partner.
The social giant said that the current focus of the collaboration will focus on VR and AR, but will also provide machine learning technology in the future.
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