Future Visual - mapping the market for Virtual Reality
“As well as their experience with research, design and testing, GMV have a keen eye for innovation, commercialisation and the development of new business models.” Tim Fleming, Founder
After helping Future Visual win Innovate UK funding, we designed and delivered Proof of Market research demonstrating the value of VR in aviation and ophthalmology.
In order for VR to move from hype to reality, it must deliver value in specific sectors and use cases – and have that value recognised by potential customers. When Future Visual founder Tim Fleming wanted to prove the demand for VR as a pedagogic and operational development tool across multiple verticals, he enlisted the expertise of Golant Media Ventures.
We helped him shape and write a successful bid for Proof of Market funding from Innovate UK, drawing on our experience co-directing R&D for similar collaborative applied research projects and delivering product strategies for innovative start-ups.
The project focused on the needs of professionals who operate in high-risk environments – and therefore require training for rare, unusual and/or hazardous scenarios. It focused specifically on the aviation and ophthalmology sectors.
Our design of user and market research enabled us to deliver a comprehensive picture of the market and potential for VR in these sectors.
If you’re able to provide access to scenarios that people don’t normally have access to, you’re providing a higher level of safety, preparing them for unusual occurrences in a more authentic way, improving reaction times in high-risk situations.
With VR, it’s possible to create a very specific technical scenario at centralised information and learning hubs, thereby minimising the costs and outlay of time required for training.
As a result Future Visual now is able to:
- Understand the key product attributes necessary for success
- Make the case for the potential transformation of business models – including detailed use cases
- Understand and protect IP in the product(s) it creates
The research has helped contribute towards momentum and industry understanding essential to unlocking a rapid timeline to commercialisation in this high-growth sector.
As a result of the project Future Visual has formed industry partnerships – and developed finance opportunities – that will allow it to take its work to proof of concept stage and beyond.
Future Visual’s current project with IATA, developing training for airline ground crew, puts the research insights into practice. Further opportunities exist within the transportation sector, in particular with rail companies, where VR can be employed in a localised set-up to provide high-risk, high-value exposure for effective training.