Virtual Reality: New Technology for Entrepreneurs

Virtual Reality: New Technology for Entrepreneurs
National Bank Innovate Innovate

Just as we no longer refer to digital communication as “new media,” many businesses have moved on from the notion of “going digital” in favour of firmly embedding these technologies within their operations and processes.


These are often innovative, forward-looking companies that constantly explore new IT opportunities and incorporate the notion of trial and error within their practices. Virtual reality is one such opportunity.


What is it?

What is virtual reality? Virtual reality is a technology that replicates an environment (real or imaginary) and simulates the user’s physical presence so they can interact with the setting. The user is usually equipped with goggles and headphones for a completely immersive audiovisual experience.

Potential uses

Virtual reality has many uses in a wide range of fields. In tourism, for example, it allows potential clients to experience a destination before buying their tickets. In real estate, potential buyers can visit a property virtually, while extremely realistic training programs and simulations can be created for industrial purposes. In short, there are many different types of environments that can be replicated through virtual reality.

Production costs

At first glance, production costs can be a deterrent when it comes to experimenting with cutting‑edge technologies like virtual reality, but many are surprised to learn the types of affordable environments and experiences that can be created.


Virtual reality is a relatively new technology and its potential remains to be fully exploited. However, this is the perfect time to experiment, test and develop various environments and experiences, and discover its uses within a wide range of sectors and industries.

Edited on 3 May 2018

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