We were invited to speak at Google’s Campus London this week (via Skype), joining a panel to discuss the current state of the virtual reality industry and what it means for those hoping to launch companies in VR.
Here are some insights we shared with the assembled audience of entrepreneurs:
1. It's Not Too Late — While it may seem like the industry is crowded by entrenched competitors, over half of all companies publicly offering products and services in the virtual reality industry are less than one year old. For VR/AR to mature into the $150B industry some analysts anticipate, it will take the participation of thousands of new entrepreneurs ready to innovate. The takeaway: If you think it’s too late to jump into a virtual reality start-up, just remember that most of your counterparts are just as inexperienced as you are.
2. Investment is Happening — Greenlight VR will publish its full annual report on the virtual reality industry later this month and there’s one clear trend we’ve spotted: venture capital investments have matched the pace of VR company starts. While there are rumors that investors may be hesitant to commit significant capital to a VR startup, our data proves otherwise. In 2015, there are already record levels of VC investment on display:
3. Opportunities Abound in Education and Healthcare — Some of the most under-funded sectors in virtual reality are within healthcare and education. While both sectors seem like obvious choices for virtual reality application, less money has been invested into these sectors than predicted. Since much of the $1B invested into the industry has gone into gaming and cinematic entertainment, these sectors are now highly competitive. Venturing into less invested fields may prove to be financially rewarding down the road.