Virtual Reality (VR) is an artificially simulated space created using advanced computer technologies, replicating various real-life environments or even fantastical worlds.
When it comes to how VR works, the technology affects the user’s visual and auditory perception, inducing a sense of immersion in the computer-generated environment. Innovative VR concepts continually incorporate new technological solutions, such as enhancing graphics, developing new control devices, or applying artificial intelligence for more realistic interactions.
When Was VR Invented?
The term “virtual reality” was first coined in the mid-1980s when Jaron Lanier, the founder of VPL Research, began developing the equipment, including goggles and gloves, necessary to experience what he called “virtual reality.” Today’s VR equipment owes much to innovators of the last six decades who paved the way for affordable, high-quality devices.
How to Start a VR Company
Here you can find a detailed explanation of the steps that need to be taken to create a VR startup:
- Market Research and Innovative Idea Generation. Comprehensive market research is essential for developing innovative concepts. This will help you understand current trends, audience needs, and the competitive landscape, crucial for creating successful and in-demand VR products and services.
- Develop a Solid Business Plan. A comprehensive business plan helps define how your organization will grow, achieve its goals, and ensure long-term success. It helps outline the company’s ultimate goals and objectives in the medium and long term.
- Acquire Necessary Technical Skills and Equipment. Developing VR requires professional technical skills in programming, 3D graphics, modeling, and the ability to choose VR engines wisely.
- Legal aspects. Legal Formalities and Business Structure. The development and sale of virtual reality involve various legal aspects. Register your company according to your country’s legislation, ensure compliance with all licensing requirements for VR product development and sales, and protect your intellectual property if you have unique VR developments or content.
- Initial costs and financing options. Funding and Financing. Determining VR startup costs and exploring financing options are essential steps when launching a virtual reality business. Consider expenses for acquiring VR headsets, computers, controllers, and other necessary equipment. Develop a budget for marketing and advertising to attract customers and users.
Calculate employee salaries if you have a team of developers, designers, and marketers. Set aside funds for unforeseen expenses and a reserve fund to ensure financial stability.
Top VR Startups
Companies in the field of virtual reality continue to reshape our interaction with the digital world. Here are some of the most successful virtual reality startups:
| Alloverse | This Swedish startup has developed an open-source platform to enhance virtual collaboration. The Alloverse allows teams to create virtual workspaces for multiple users simultaneously, using a universal application programming interface (API). |
| Surgical Theater | Based in Ohio, Surgical Theater has developed a VR platform that combines patient scans and other data into a 3D brain model. This enables neurosurgeons to practice procedures on a virtual brain created by the VR platform before performing actual surgeries. |
| Lightricks | An Israeli startup, Lightricks, creates photo editing applications that have outperformed many competitors and gained worldwide popularity. Among them, Facetune, a selfie editing app, and Enlight, a comprehensive image editing application, are the two top-selling ones. |
This table will help you understand the main features of Top VR Startups. Afterward, it will become easier to decide on an option.
What Are the Applications of Virtual Reality
Thanks to a range of advantages of virtual reality, it is actively employed in various business segments to effectively engage consumers with companies’ products and services.
- Tourism. Modern travel agencies offer customers the option of experiencing tours or hotels through virtual reality presentations during the selection process.
- Product and services. Augmented reality systems are used to create virtual storefronts with product customization options, allowing customers to model their desired items.
- Architectural design and Interior/exterior design. Innovative development environments enable the creation of voluminous project presentations in real estate and interior/exterior design.
- Medical field. Augmented reality applications are already being used in medical rehabilitation and to assist patients with various phobias and limited social adaptability.
Therefore, it is gaining popularity every day.
Summary
The development and implementation of VR technologies can be quite costly due to the need for extensive research and development. Startups are also required to invest in marketing and promotion. Furthermore, founders of VR startups must possess deep knowledge of virtual reality, which may require time and effort to acquire.
In conclusion, virtual reality is a challenging but incredibly attractive field for startups due to its potential to transform various industries and create unique user experiences.