Creating a Business Impact with AR and VR

By Ryan Wang, Co-Founder & General Partner, Outpost Capital

Ryan Wang, Co-Founder & General Partner, Outpost Capital

In a world where technological evolution has become the order of the day, neoteric technologies like Augmented Reality (AR) and Virtual Reality (VR) are not leaving the audience spellbound anymore. It is their manifestation, implementation, and application that make all the difference. In a nutshell, how practical is it to adopt these immersive visual technologies?

Given the ability of these inventions to redefine the perception of reality, it goes without saying that AR and VR have created a new pathway for businesses and consumers to witness and share immersive data. By paving a way to experience real-life impressions of artificial environments, these technologies have set the tone for real-time scenarios which are the calculated outcomes of the permutations and combinations of various assumed parameters. From gaming and entertainment to education and health, the AR and VR technologies have the potential to enhance the capabilities of all of the industry verticals globally.

If AR and VR are this disruptive, why don’t we leverage it?

The answer to this question has been a rhetorical ‘it is in the development phase,’ for many years now. Being associated with the industry for decades, I can certainly pinpoint areas that create obstacles for their fast adoption. First, it is true that developments and investments are rampant in the AR and VR world. However, we can’t ignore the fact that the AR and VR ecosystem comprises the aspects of VR devices, content, and consumer behavior. The issue with the whole system is its inability to resolve all the issues that are associated with any one of these entities. The issues being co-related, the solution for a particular problem, in turn, gives birth to a new problem, and this endless loop continues in the AR and VR ecosystem.

"Given the ability of these inventions to redefine the perception of reality, it goes without saying that AR and VR has created a new pathway for businesses and consumers to witness and share immersive data"

Although AR and VR are enabling organizations to solve the persistent challenges and create synergy between companies so that they can collectively strengthen the industry and drive the usage of data, there exists a more significant problem which the associated companies fail to recognize. There is this inevitable need to tackle all the issues at once and in one go. Therefore, we have been investing in several platforms that can be blended to turn the concept of AR and VR into an implemented reality.

For instance, with dedicated platforms such as WaveVR, which enables people to view, host, and socialize in shows worldwide, and SuperMedium, which allows users to navigate and visit websites that have VR content, the immersive browsing experience is not a distant dream anymore. These AR and VR-driven solutions can be extended to the manufacturing sector as well. The manufacturers can provide entrepreneurs with a better understanding of who the big players in the market are, who they should talk to, and with whom they should collaborate.

Fueling AR and VR Innovation

Our approach to working with companies is unique. We partner with entrepreneurs and provide them with a horizontal vision about the industry, and also advise them on how to build a better execution plan to boost their market strategy.

Just like any other type of investment, we look at the fundamentals of startups. We look into the team, the product, and other critical areas including business plans, and the aim. What’s unique to AR and VR investment has been something else in addition to these fundamental attributes. As risk-taking investors, we consider AR and VR as new media. There are times where we have helped new generation leaders to obtain the right outcomes, and we have been in the trenches with them to make sure they take their business to the next level.

The New Dawn in the world of AR and VR

The AR and VR industry is evolving at a rapid pace, and there are many new developments taking place in the industry. There has been a major transfiguration in the public’s perception of the AR and VR. There is much focus on the content and the various use cases of these technologies. What’s essential for any VR content is the requisite of social features that can provide a new experience for users to meet and interact with other users.

Today’s media is witnessing the impact of AR and VR globally as it is being adopted in different ways across the globe. The adoption is varying in terms of culture, consumer behavior, and user requirements. Organizations are identifying new opportunities to bolster modern business developments and execute key marketing strategies through AR and VR.

As an industry, AR and VR has come a long way from where it started, but despite all the developments, it is still far behind serving the purpose of its inception. Although at the cutting edge of technological innovations, the AR and VR ecosystem is still brand new and seeks a lot of investment concerning development. There is a need to be creative and to perform experiments to develop new experiences that would satisfy the users that would, in turn, lead to its massive adoption. The industry has enormous potential, and time is the secret sauce which would make the industry taste success in the future.

Weekly Brief

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