There is also a number of VR companies specialising in training, education and workshops designed to familiarise and introduce this technology through structured programs which result in the fostering of ideas and development of valid business opportunities worth pursuing. I can guarantee if there's an ounce of entrepreneurial DNA in any of your team, you’ll have a number of great ideas for implementation of this technology throughout your business. Get your team into a room with a few Samsung Gear VR headsets and start playing with the technology. An understanding of Virtual Reality, in itself being the most experiential medium of all time, comes down to getting hands on and demoing the technology. Hedging against this internal ignorance is vital. ‘VR will be the next big social platform’ - Mark Zuckerberg. The fact that tens of millions of your current and potential customers are on these social platforms matters- a lot. Just because you don’t understand something, doesn’t mean it should be disregarded. Social platforms such as Instagram and Snapchat are examples of this naivety. It’s disheartening to think that established corporates are slower to move into these new technology shifts purely, I feel, due to a lack of understanding of the technology. Once AR technology matures and starts to enter the mainstream market properly - the combined market size of AR/VR is set to be about 150 Billion. As we move to 2020 - that figure is set to rise to about 30 Billion. Note - economic value as these established businesses have thousands of stakeholders to attend to who are all usually focused purely on a short-term profit gain. Within each firm's value network, their pre-established competitive strategy, and choice of market(s) determine the perception of economic value in pursuing a new technology. In laymen terms the metaphorical 'whips' that restrain internal corporate tech innovation. It all comes back to understanding established corporate value networks. Which firms will triumph in the face of a looming new technological frontier like Virtual Reality? The biggest impact will start to move outside of gaming and significantly spread further into education, training, enterprise communication, team collaboration, travel, health, aged care, construction, real estate and advertising/marketing. VR will rapidly change the dynamic of nearly every single industry. It wasn’t until I became privy to the technology, tried it out and instantly began to understand it’s huge potential. This is where I find Virtual Reality so fascinating.Īdmittedly I too had the preconceived notion that VR was for bedroom nerds with no real application beyond playing a more immersive version of World of Warcraft. Companies listen and respond attentively to the current and near-term needs, without investing in the future needs of their customers as the market landscape inevitably changes. In the book, The Innovators Dilemma, Clayton Christensen describes the increasingly difficult decisions managers are forced to make as technological innovations rapidly change the landscape of the market they're operating within.Ĭlay describes an interesting paradox businesses succeed because they listen responsively to their customers and invest aggressively in the technology products and manufacturing capabilities that satisfy their customer's needs.īusinesses also fail for much the same reason.
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