MIT – one of the most respected educational institutions in the world, is advancing acceptance of virtual reality as a viable business through their establishment of Play Labs, an incubation program for new ventures.
Any MIT student – past and present – can take advantage of this program to progress their ideas from back-of-napkin to actual product on shelves. MIT has a long tradition of bolstering its students’ ideas to achieve viability, often through grants and investments. MIT is going one further with this program; cooperating with a venture capitalist company headed by an MIT alumnus – Bayview Labs, as well as tapping investment houses such as the Seraph Group.
An initial investment of $20,000 will be supplemented with even more valuable mentoring from advisors and lectures from experts, as well as introductions to industry heads. Applications from MIT-affiliated groups will be accepted up to February 20 of this year.