Augmented and Virtual Reality (AR/VR) for Startups
Technology rapidly improves and the price of computing power continues to plummet, it’s only a matter of time before virtual reality and augmented reality become commonplace in our everyday lives. AR/VR tech does not only bring value, accessibility, mobility, or convenience but addresses pain points and solves critical problems. And with this new reality and demand, AR/VR startups have received more funding, elevating the platform to the next level. It is gaining traction, becoming more disruptive, and thriving in the coming years.
Are you planning to launch an AR/VR startup? Do you have an idea but need more insights? We’ll give some tips on launching one and uncover the current trends.
LaunchING an AR/VR Startup
VCs and other investors are keeping their eyes on AR/VR startups that are worth investing in. This technology is still at infancy. Meaning, the great need for solutions and development opens new doors for startups, but still the competition is stiff. If you already have an idea brewing and want to check if this idea is worth pursuing or want to convert this idea to a product or solution, then let us help you succeed just by answering these questions:
- What do you want to create? What problem do you want to solve? Product definition is the starting point before developing anything. This helps you avoid any pitfalls during the actual development. Critically analyzing this part makes your startup easier to manage and succeed.
- Do you have a better understanding of the industry and the AR/VR technology? As a tech startup founder, you need to have a solid grasp of the chosen industry and know how to apply or shape AR/VR technology to address critical problems and create more value.
- What are the latest development or technology trends? It is a must to validate if there are existing AR/VR development updates related to your product to take advantage of, or if you are in an unexplored territory. Your answer to this question kicks off a solid and strategic business positioning.
- Who are your end-users? Mostly, getting the number of potential users requires in-depth, comprehensive research. Knowing this information could boost your chance to get funded and succeed.
- Who are your competitors? What are they doing? Knowing the direction of your competitor does not only help you create a blue ocean but makes sure you are on the top of the game. An even better idea is acquiring AR/VR industry reports, analysis, and forecast, and then integrating these into your decision-making process.
- Where and how can you get your funds? Angel investors, business accelerators, and VC firms are closely watching for those startups with a lot of potential and promise of disruptive growth. Make sure to prepare a well-thought-out business plan and showcase your MVP.
- Where can you get resources quickly and affordably? Of course, you need not look elsewhere. Here at Full Scale, we can provide you with the resources you need. With our Guided Development process and software experts, we can support you and help you win it. Once you have established your company structure and made your resources available (budget and development team), establish your priorities and build your MVP immediately.
Virtual and Augmented Reality Rising Trends
AR/VR has so much more to offer. AR/VR tech startups have continued to grow with the help and dedicated support of VC firms. To understand and expand your options in building a product, these are the rising trends that are capturing the attention of those very selective investors:
- Entertainment ― With the rapidly evolving development in this area, consumers get more immersive experiences, very impressive realism, a more natural feel, and improved mobility. Think about interacting with realistic representations of our colleagues, friends, and families.
- Virtual Spaces (Real Estate, Home Design, and Shopping) ― The convenience of viewing a real estate property for potential purchase, checking how a piece of furniture or paint for your office would look like, or just virtually trying on clothes builds excitement and speeds up the processing of closing a sale. Ring the cash register!
- Healthcare ― AR/VR technologies have become more important in this industry. Medical breakthroughs to simulate neurology and cardiac surgeries, and early detection for cancerous tumor growth and neurological diseases such as Alzheimer’s disease are now attainable. Precision is the key.
- Automotive ― As you can see, there is an endless possibility of embracing AR/VR in automotive. Aside from navigation and voice assistants, there are improved features for lane identification, preventive maintenance, and hazard detection.
- Manufacturing ― The technology has changed how businesses operate. Companies are integrating this technology in their strategies, and more than 400 AR/VR startups support this industry. AR/VR helped accelerate productivity, improve processes and efficiency, enhance precision during product development, and provide highly accurate real-time data.
- Training and Education ― Now, how-to videos are deemed outdated and learning real-life skills is becoming more effective with AR/VR. As an example, the US Army uses AR/VR tech to get real-time data for heart and breathing rates, as well as mission planning of soldiers in training.
Looking Forward with Virtual Reality and Augmented Reality
Virtual reality and augmented reality technologies are poised to change the way we interact, imagine, view, and engage with the world around us.
Companies like Microsoft, Google, and Facebook are investing billions of dollars into these technologies. There are countless use cases for virtual reality and augmented reality, and we’ve just begun to scratch the surface of possibilities. What an exciting time to be alive!
If are you interested to know more about virtual reality and augmented reality or want to create experiences, feel free to contact us here. We have the talent and the tools to help you turn your cutting-edge, innovative ideas into reality quickly and affordably as possible.