People still view virtual reality as a glorified entertainment platform. But it’s more than just games: enterprise VR is a quietly successful segment of this emerging industry that doesn’t get the attention it deserves. Building a successful enterprise VR venture is a complex undertaking with unique challenges that are often unexpected and counterintuitive. This article features the founders of successful enterprise VR companies and their tips on identifying opportunities and building products in this space.
Identifying enterprise VR opportunities
Despite positive growth in 2017, the VR industry has been plagued by a miniscule addressable market. This is due to the highly fragmented nature of its hardware and software offerings, as well as the exorbitant price of the gaming computers required to power high-end immersive experiences. Since the total cost of this setup can potentially exceed $2,000, it remains a tough sell for the average consumer. In contrast, if enterprise VR startups can prove to business customers that their solutions can save money and time, investing in a VR setup can be a shrewd investment.
Russell Varriale is the COO and cofounder of InsiteVR, a VR meeting platform for architects. He expands on this point, “founders need to be brutally honest with themselves while seeking product-market fit. Is what you’re building ten times better than what currently exists? In its current state, VR is inconvenient to set up in meetings and requires a large up-front investment of time, learning, and capital. Thus, the value that an enterprise VR solution provides has to be…