Everything You Wanted To Know About Virtual Reality Startups
What do you get when you cross reality with imagination and throw in a dash of technology? You get a reality that is not really real, but almost…you get Virtual Reality.
If you haven’t been living under a rock, you must have at least heard about the term and something known as Google Cardboard (well, if you haven’t, it’s high time you crawled out from under the rock and Google it). Like everything else, the cyber world is evolving, and evolving at a much faster rate. Mix that with startups and you have a revolution.
The startup world, known for its restlessness, is following the trend and jumping ships. Your good old software tech startups are so last decade, the e-tailers are so passé, and Dropboxes and Snapchats are losing their sheen. The new kid on the block is Virtual Reality.
Virtual Reality (VR) was a long time dream come true and was first used in the aviation industry to ensure that pilots could train and even crash without a billion dollar loss or killing hundreds of people. However, trust the techies to come up with multiple uses of the same technology. Who had thought we would use phones to listen to music or take photographs?
The scope of VR
Virtual reality could be used for everything, right from medical research to entertainment, gaming, construction and (hold your breath…the adult entertainment industry…!). Now if this has got your imaginative juices flowing, you know that sky is only the limit for Virtual Reality. Just like the internet, soon, everyone who has something to offer, would have to enter the VR arena. Startups know this and are quick to take advantage of this inflection point.
Is there money in it?
If you think that VR is something that a few geeks are experimenting with in their garage, think again!. The mid wives of VR are the who’s who of silicon valley. Google is leading the band with Apple, Amazon, Facebook, Microsoft, Sony, Samsung marching towards the road to VR. They know that this is going to be the biggest thing after the Internet, much bigger than even e-tailing. They are willing to invest. For the record, Google-backed Magic Leap has raised $800 million so far and it is yet to release a prototype. Got any doubts now?
Do startups have anything to gain?
Facebook brought a VR company for $2 Billion. The low cost of a tech start-up, huge scope for creativity and a flow of funds promise the next gold rush in this field. Startups would be cheap to set in and the right ones would sell in millions, if not billions.
Where does India Stand?
At the heart of it. Bangalore is rumored to have 80+ tech startups based in the AR/VR space, Hyderabad 75+, and there are more coming in everyday. Cheap technical labor and a widely connected young generation have put India in a unique space where the Indians can make the most of it.
Are all the uses going to be ethical?
Come on…! It is technology that can be as noble and evil as any other. But it can be used for everything from education to aviation and much more in between.
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