Nasscom, the IT industry's apex body, has teamed up with Meta (formerly Facebook) to introduce the 'Open-Source Generative AI Grand Challenge'. This initiative aims to create opportunities for Indian startups and developers to build innovative Generative AI (GenAI) solutions. 

The Centre for Development of Advanced Computing (C-DAC), under the Ministry of Electronics and IT (MeitY), will serve as the technology partner, providing essential computing infrastructure support.

The challenge invites GenAI startups and developers to craft impactful solutions across various domains including education, enterprise, and e-governance. Winners in each category will receive prize money up to Rs 4 lakh, while runners-up will be awarded up to Rs 1 lakh each.

Ankit Bose, Head of Nasscom AI, emphasized the potential of open-source tools to drive socio-economic impact: "Empowering developers with these tools can lead to significant advancements and real-world problem-solving, contributing to the broader AI ecosystem".

Shivnath Thukral, Vice President and Head of Public Policy (India) at Meta, highlighted the importance of open innovation: "This initiative will not only advance India’s AI capabilities but also foster safe and innovative economic growth".

Participants will be required to submit a proof-of-concept detailing their technology stack and eventually present a working demo of their solution. Notably, investment in India's GenAI startups doubled in the first half of 2024 compared to the latter half of 2023, underscoring the growing interest and potential in this sector.