29A – Venture Concept No. 2

1) Opportunity

      Everyone has the need for VR many people just don't know it. As VR and AR improve it could revolutionize the way we are presented information.

What are the forces or changes in the environment creating this opportunity?

Changing technology is the biggest change in the environment. We are finally getting to the point where soon this technology will be possible.
How is this market defined geographically and demographically?
Well my original idea was to focus on historic sites. I believe that the true value of this technology is in the technology to allow realistic renderings on top of objects. The demographic this appeals to is younger people who are open to the idea of VR and AR. Once this technology is invented the possibilities are endless.
How are customers currently satisfying this need?  And how loyal are they to whatever they use now?  
Currently their are some limited VR and AR solutions like the HTC Vive, Oculus Rift, and Google Cardboard. These are all fairly new products that people don't have a sense of loyalty to. They also are pure VR and do not do AR with realistic rendering mixed with views from real life.
How big is this opportunity?
This opportunity is huge. If things could be realistically rendered along side and with real life objects the possibilities would be endless. For example when driving your car a rendering pops up over the a business your driving by displaying some deal. Or something like my original idea to use this technology for tourism purposes.
How long will the “window of opportunity” be open?
This window will be open until someone comes to dominate the VR and AR market. It is a race to develop the technology to make this possible before anyone else. Even once the technology is created depending on how it is licensed it may be possible to pursue opportunities within this field using someone else technology.

     Innovation

The innovation here is new and advanced VR and AR technology. VR technology obviously already exists but it currently requires a very powerful computer to run it well. There are still massive strides to be taken in the field. Especially with AR which is augmented reality. We can create awesome virtual worlds but mixing the real world and the digital world with a smooth transition between the two has proven very difficult.

Venture Concept

People will buy my AR/VR solution simply because there is nothing like it out their yet. My goal is to try to create something brand new. I want to create my own market not enter an already existing one. This means that if I were successful with inventing this technology I believe it would not be very difficult to convince people to use it.

2) Feedback

Based on the feedback I received I became less attached to my business idea and more attached to the technology as a whole. I realized I was thinking to small. This technology if invented could have many possibilities.

3) Change

Because of my feedback I have pretty much stopped focusing on my original idea. I want to completely focus on the technology behind making this product possible. That technology is what builds the value of this company. Once that technology is invented products and services can be built off it in any direction.

4)