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Houston expert: Is virtual reality just trendy tech or a viable business solution?

Virtual reality is a buzzword, but used correctly it can also be a pivotal business tool for external and internal uses. Photo via Getty Images

Due to the pandemic, various technologies have accelerated into the spotlight – one of which being virtual reality. As many begin to decipher the unique ways to connect with audiences, the question becomes: is virtual reality just a shiny toy to have, or is it a practical business opportunity?

The VR experience

Virtual Reality (VR), which most confuse with augmented reality (AR), is a digital, immersive environment a user can place themselves into as opposed to a digital reality that is based on a real-world environment. VR requires a wearable headset to immerse the user in a 3-D environment.

True VR is built digitally and to room scale. The environments people are placed in are constructed entirely in 3-D and are then brought into a program application. Once everything is entered into the system, the technology begins "talking to" the headset and sensors. These devices track where users are in relation to the environment – and allow them to interact with their digital surroundings. This VR programming "tells" the headset what it needs to show in order to trick the eyes and brain into believing a user is "there".

The role VR plays

Often times, my company, VISION Production Group, receives requests and interest from businesses inquiring about a VR project. These conversations involve a deeper dive into understanding the purpose behind the want for the technology, the target audience and the intended deployment strategy. People commonly mistake VR for other technologies or simply are interested in it for its curb appeal.

Yes, virtual reality is a buzzword, but used correctly it can also be a pivotal business tool for external and internal uses.

External facing VR not only allows companies to take advantage of VR's charm, but also creates a one of kind experience for customers. VISION was tasked by an offshore oil and gas company to create a VR experience that lives at the bottom of the sea floor. This would allow the oil and gas company's customer to see a part of the process that would otherwise be extremely difficult to facilitate. The experience took users into a guided submarine tour where they were accompanied by others using the headsets. The environment not only showcased a faraway destination but also incorporated important details such as textures of the submarine that allows it to feel like they are truly there.

In addition to the promising use of VR externally, VR can also be used as training tools internally. Many scenario-based onboarding tasks can be difficult to facilitate such as: active shooter trainings, offshore emergency drills, and other safety simulations. Many corporate companies are turning to VR to allow for safe, cost effective and transportable safety trainings. This is an excellent application that allows companies to create situations that would otherwise be difficult to arrange.

Understanding VR's value proposition

VR is different than most technologies. It's not something that can be shared on the web or can be downloaded on an app – it requires deployment and gear. That said, VR is a commonly misunderstood tactic that without the proper strategic thinking can be a limited investment. However, those who are able to take advantage of the distinctive characteristics of VR and apply them correctly are in an ideal position to succeed. Not only can VR create a special experience it can also be a fiscally savvy option for those not looking to take submarine trips every day to the bottom of the sea or facilitate a dangerous training scenario.

The future of VR

As mentioned, most technology has accelerated due to the pandemic, but VR has actually been limited due to the idea of sharing a headset and gathering people together for an experience. Although, the pandemic has suppressed VR's uses, the technology advancements continue to grow rapidly.

Those who can comprehend VR for what it is and see it as more than just a buzzword will have the opportunity to be on the cutting edge of a new reality.

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Dan Pratt is the creative director at Houston-based Vision Production Group.

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Building Houston

 
 

A new report says Houston “is poised for further growth” in life sciences. Photo via Getty Images

Houston is receiving more kudos for its robust life sciences sector.

Bayou City lands at No. 13 in JLL’s 2022 ranking of the country’s top 15 metro areas for life sciences. JLL says Houston “is poised for further growth” in life sciences.

Here’s how Houston fares in each of the ranking’s three categories:

  • No. 12 for supply of life sciences-oriented commercial real estate
  • No. 14 for access to life sciences talent
  • No. 15 for life sciences grant funding and venture capital

Earlier this year, Houston scored a 13th-place ranking on a list released by JLL competitor CBRE of the country’s top 25 life sciences markets. Meanwhile, commercial real estate platform CommercialCafe recently placed Houston at No. 10 among the top U.S. metros for life sciences.

JLL applauds Houston for strong growth in the amount of life sciences talent along with “an impressive base of research institutions and medical centers.” But it faults Houston for limited VC interest in life sciences startups and a small inventory of lab space.

“Houston is getting a boost [in life sciences] from the growing Texas Medical Center and an influx of venture capital earmarked for life sciences research,” the Greater Houston Partnership recently noted.

Boston appears at No. 1 in this year’s JLL ranking, followed by the San Francisco Bay Area, San Diego, Washington, D.C./Baltimore, and Philadelphia.

Last year’s JLL list included only 10 life sciences markets; Houston wasn’t among them.

“The long-term potential of the sector remains materially unchanged since 2021,” Travis McCready, head of life sciences for JLL’s Americas markets, says in a news release.

“Innovation is happening at a more rapid pace than ever before, the fruits of research into cell and gene therapy are just now being harvested, and revenue growth has taken off in the past five years as the sector becomes larger, an atypical growth track.”

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