Recently Oculus Rift, famous for developing a virtual reality helmet, was acquired by Facebook for $2 billion. There are various meanings as to whether this acquisition is good for Facebook or not. The very fact has some important implications for start-ups than for huge corporations.
When Oculus debuted on Kickstarter, the first crowdfunding campaign resulted in an unbelievable amount of $2.4 million. Before being bought by Facebook, Oculus owned $91 million of invested capital. It became clear that Palmer Luckey, the Oculus founder, came across a new, little-known market niche, with almost no competition. Currently, the main Oculus competitor is Morpheus developed by Sony.
According to different social surveys up to 70% of gamers would like to play games in virtual reality. Originally Oculus Rift was developed specially for gaming but NASA and the American Navy apply the technology in their activities.
Modern consumers are accustomed to expect more from the technologies. When a truly new device, like Oculus Rift, conquers the market it’s not easy for other ideas to reach the top of the world recognition. So what should the creators of new ideas think about first and foremost? We’ll try to make it clear on the examle of Oculus.
Commandment № 1: Be different!
Technology start-ups of the future must concentrate their efforts to make their product as different from the competition as possible. Your product may not offer a solution to all the world’s problems, but remember that consumers expect a lot from the new device. Almost a third of respondents of a survey conducted by 1World company believes that high technologies will help mankind exist forever.
Commandment № 2: New technologies must improve the everyday life
When 1World company asked people from different countries whether technoglogies improved their lives, 89% answered positively. As the information technologies continue to introduce more and more innovations in our routine, countless opportunities for improvement appear. Though smart devices have already occupied an appropriate place on the market, the technology still hides an enormous potential to change our lives even more.
Commandment №3: Don’t hesitate to use crowdfunding
Oculus application to crowdfunding on Kickstarter saved them a lot of time and efforts for the first cycle of product development. Crowdfunding allows entrepreneurs develop a certain business plan and identify the primary circle of consumers. Successful experience of crowdunding may also be used as an alternative approach by traditional investors who are afraid to risk their capital investing in new companies.