In the morning of November 17, the opening day of International Game Exhibition 'G-STAR 2016,' in BEXCO, Busan, 'Busan Virtual Augmented Reality Convergence Center Business Cooperation Memorandum of Understanding(MOU) Agreement Ceremony' was held.

The ceremony was prepared for informing that Busan Metropolitan City, Busan IT Industry Promotion Agency and HTC establish 'Busan Virtual Augmented Reality Convergence Center' and cooperate for VR, AR industry development. It was progressed with officials, such as Seo Tae-geon who is a director of Busan IT Industry Promotion Agency, Raymond Pao from HTC and a vice-president of VR, attending.

Seo Byeong-su, a mayor of Busan, said, "I am glad that this cooperation event is held on the day when G-STAR begins. Busan is making an effort on new technology ecosystems like VR, and it is going to create advanced ecosystem with HTC." And, "I hope today's agreement serves as a momentum of startups' global expansion."



According to the announcement, 1.3-billion-won from city budget is put into 'Busan Virtual Augmented Reality Convergence Center,' being constructed on the first floor of BEXCO, Haeundae-gu. In this place, various VR, AR exhibition and experience spaces, develop bed for supporting and producing contents, and place of education will be organized, and it is going to be opened in March next year.

HTC is a representative VR corporation that recorded 66% for SteamVR game market share through VR device 'VIVE'. Based on space and location recognition technology 'Lighthouse,' the corporation is extending its application range in various industries such as manufacture, tourism, education and simulator.

Through this agreement, Busan city and HTC will promote cooperation in joint constructing and managing 'Busan Virtual Augmented Reality Convergence Center,' supporting B2B business through construction of VR, AR contents showroom, supporting domestic VR-contents businesses' global expansion through joint management of Busan VR incubation program based on 'VIVE X,' training experts through ‘Vive VR Academy’, and progressing business matching and sharing information for development of VR industry.

Due to this agreement, Busan city became the first in the country, which is the fifth in the world, to introduce VR incubation program based on 'VIVE X,' HTC's own nurturing program for discovering VR startups. It is hereby expected that discovering and supporting outstanding startups and contents, which satisfy virtual augmented reality market, will be achieved.

'VIVE X' is a program managed for establishing VR ecosystem through startup supports from HTC. It has various VR-related support programs including $10 million accelerator fund. Through 'VIVE X,' based on $10 million fund, the startups can receive mentoring, technology, financial supports related to business, and the supports related to the product release.

Operated in Beijing, Taiwan, San Francisco and Shenzhen, 'VIVE X' will be supported in Busan, South Korea in March 2017 through VR incubation program.



Especially, if a domestic VR company participates the VR incubation program and passes initial screening, it will be qualified to the secondary screening of 'VIVE X' program in Taiwan HTC. After this agreement, the business fair about VR incubation program will be opened in the capital area and Busan.

In addition, before the official opening in March 2017, Busan Virtual Augmented Reality Convergence Center will operate a pilot exhibition space in BEXCO from November 17 to 20, G-STAR period. Through the pilot exhibition space opened at the same time with G-STAR, it is possible to experience various VR-related contents and hardware.

At the event, Seo Tae-geon, a director of Busan IT Industry Promotion Agency, said, " Busan IT Industry Promotion Agency and Busan City started collaboration consultation with HTC from this June. A permanent space for Busan VR incubating program, which used 'VIVE X' program, and manpower training, technology supporting business will be established in BEXCO. This place will be used as space for giving supports to the companies throughout the country that have interest in VR. Thanks to HTC for giving a great opportunity."

Moreover, a vice-president of VR New Technology, Raymond Pao from HTC said, "Through this agreement, I will do my best to deliver HTC VIVE's professional competency to Busan Virtual Augmented Reality Convergence Center for vitalization of VR, AR industries in Busan." And, "With Busan City and Busan IT Industry Promotion Agency, I will work for supporting high-quality VR content production technology to Busan VR companies."




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