TONOMUS Venture Studio launches new metaverse-focused competition

TONOMUS Venture Studio has announced a new metaverse-focused venture competition—the Metaverse New Venture Competition.

The call for submission for the competition commenced on January 5 and will stay open for six weeks.

Through the competition, the studio aims to foster global entrepreneurship and give way to ventures and investments that enhance the overall entrepreneurial landscape, it said in a statement.

The Metaverse New Venture Competition is the first among a series of competitions.

With the competitions, the idea is to generate newer ways of community living and multi-sectorial cognitive technologies that empower humankind as well, the company said.

The venture competitions will be based on the cognitive ecosystem. This includes Web3, hyperconnectivity, hyperscale data centres, computing capability, data privacy, intelligent analytics, artificial intelligence (AI), robotics, networking equipment and cloud infrastructure, digital twin technology, gaming, and so on.

The aim of the competitions is to discover ideas that strengthen metaverse across industries ranging from tourism, and enterprise training to arts and culture, the company said.

Up to 20 semifinalist teams will receive personalised coaching by experts from the TONOMUS Venture Studio.

Additionally, up to four winning teams will be extended an invitation to a 12-week programme where their ideas will be incubated with the TONOMUS Venture Studio.

TONOMUS is the first subsidiary of NEOM and the studio is its venture-building and investing engine. It is also a multinational conglomerate of cognitive technologies that aid an ecosystem of cognitive technologies.

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