Oculus Rift and the Future of Startups

In the latest tech multi-billion dollar acquisition, virtual reality startup Oculus Rift recently signed a deal to be bought by Facebook for $2 billion. While some have been debating whether or not Facebook’s purchase was a good move, the purchase of Oculus Rift has more impact for startups than big business.

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  •  68% want to play games through a VR headset
  • 27% think technology will help humans live forever

When Oculus Rift first debuted on Kickstarter, the initial crowdfunding campaign earned a whopping $2.4 million dollars. Before being bought by Facebook, Oculus raised a total of $91 million dollars in investment capital. Clearly, Palmer Luckey, the founder of Oculus, hit an untapped market segment with very few competitors. Currently, Oculus’s main competition is Sony’s Morpheus, another head mounted display.

We asked the 1World community if they would want to play games through a VR headset, and over 2/3 said they were definitely interested. Of course, while Oculus was designed primarily for entertainment software, NASA, and the US Navy have also found ways to utilize the VR interface.

The Future of Startup Innovation

Consumers have come to expect a lot from technology, and while truly innovative devices like the Oculus Rift will likely succeed, it takes a lot to get to the front of the pack. So what should future startups think about when they develop their next big idea? Here are three tips for future entrepreneurs.

Be Original

Future tech startups need to focus on how their product stands apart from the competition. You might not be making something that will solve all the world’s problems, but consumers have a high expectation of their devices. In fact, a recent poll run by 1World shows 27% of people believe technology will help humans live forever.

Make it Easy

When 1World asked its members if technology has improved their life, 89% report it has made a positive impact.  As the Internet of Things continues to develop more complex connections to our everyday life, the options for innovation are endless. Smart thermostats and smart coffee makers have already hit the market, but there are still tons of ways to streamline our day with technology.

Crowdsource, Crowdsource, Crowdsource!

Oculus may have succeeded through traditional investment, but the fact they went to Kickstarter for their initial funding gave them a lot of leeway with their initial development cycle. Crowdfunding allows entrepreneurs to develop a mini-business plan and identify an initial customer base. A successful crowdfunding campaign can also be used to leverage more traditional investors who worry about the risks of investing in a new company.

We are interested in what you think about Oculus Rift?

About the Author

Chris Wawra is currently living in Los Angeles, CA. He graduated from UC Santa Cruz in 2011 with a degree in Anthropology and is currently working as Content Manager for 1WorldOnline. Chris also enjoys mountain biking, dance, and other fitness activities.

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