Harvard i-lab | Building and Growing an AR/VR startup | Summary and Q&A

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March 3, 2017
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Harvard Innovation Labs
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Harvard i-lab | Building and Growing an AR/VR startup

TL;DR

A panel discussion on the challenges and opportunities in building and growing start-ups in the emerging VR/AR industry.

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Key Insights

  • 👶 VR/AR is a new and emerging industry where pioneers are innovating in an industry that is being created as they innovate.
  • ❓ The industry is currently focused on both sustaining and disruptive innovation, with opportunities in various sectors.
  • 👶 Price and budget constraints are significant barriers to adoption, as organizations are hesitant to invest in a new and unproven technology.

Transcript

so I'm really excited to moderate this upcoming panel on building and growing a start-up in this space and you know you've seen a bunch of the startups out here showcasing and demoing and you heard from Roni one of the founders of quite a big startup in the space but you know let's really dig deep and and and try to understand what it's like in the... Read More

Questions & Answers

Q: What are the major challenges in convincing organizations to invest in VR/AR technology?

The main challenge is the perceived high price and the uncertainty of ROI. Largely viewed as a novelty, organizations need to see tangible benefits and use cases for VR/AR before committing. Budget constraints also play a role in decision-making.

Q: What are some potential applications of VR/AR in different industries?

VR/AR can be used in sports training to improve performance, in marketing and fan experiences to engage consumers, in corporate training to enhance employee skills, and even in educational settings to provide novel learning experiences.

Q: How do you see the VR/AR market evolving in the coming years?

Mobile VR is expected to become more prevalent, and the cost of hardware will decrease, making VR/AR more accessible to consumers. The focus will be on identifying killer consumer use cases to drive adoption and engagement.

Q: What are the key factors for success in the VR/AR industry?

Perseverance, a strong team, and the ability to adapt are crucial for start-ups in this industry. Building partnerships with content providers and distribution platforms is also important for validation and reaching the mass market.

Summary & Key Takeaways

  • The panelists discuss their experiences and innovations in the VR/AR industry, highlighting the opportunities for growth and the challenges they face.

  • VR/AR holds potential for both sustaining and disruptive innovation, with applications in various industries such as sports, entertainment, education, and tourism.

  • Price and budget constraints are significant hurdles, as convincing organizations to invest in VR/AR technology can be challenging due to its newness and perceived clunkiness.

  • The future of the industry lies in the development of killer consumer use cases and the evolution of hardware to make VR/AR more accessible and affordable.

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