3 WAYS VR WILL CHANGE YOUR FUNDING PITCH
I’m Head of Marketing at Strata and although VR is relatively new to me, I’ve been in a VC environment for a couple of years now. You’re right, no veteran by any means, but familiar enough to be able to perceive the impact VR can and will have on VC funding.
You see, recently, Strata released a VR app called inStudio VR. inStudio VR is a way for you to export and play with your 3D designs in a more immersive environment, and share your creations with others who either own a VR kit or a much more affordable viewer like Google Cardboard.
SO WHAT DOES THIS HAVE TO DO WITH RAISING VENTURE CAPITAL…?
An essential part of a good funding pitch is the “pitch deck” — a short presentation used to raise money for a business idea or startup. There are dozens of articles and even entire websites dedicated to the idea of creating the perfect pitch to help you raise money for your business or idea. Makes sense, after all — it’s your best, if not only real shot at gaining super unicorn status like an Uber or Airbnb.
The pitch deck has remained relatively unchanged for some time, but with the introduction of inStudio VR, we think a lot of that could change. Let’s take a look at a few of Forbe’s suggested slides for the “Ultimate Pitch Deck” and see what our latest VR app might mean for each one.
Imagine being able to place a new car design in the hands of investors in Dubai from the comfort of your living room — allowing them to zoom in on its every detail and see it in a custom designed setting. VR can do that, effectually making the elevator pitch less expensive, more time efficient, and more practical — allowing entrepreneurs to reach more investors easier and in less time.
With inStudio VR’s screenshot feature, investors don’t even have to own a VR headset — with a phone and a cardboard viewer — they’ll be able to experience your designs in a more immersive way regardless of their technical know-how or access to a fully powered VR kit.
It’s no secret that startups with proof of product, a track record with sales and customer feedback all add up to a more viable pitch. I don’t think that’s going to change anytime soon (or perhaps ever). But that doesn’t mean you can’t sell investors on an idea alone. Jet.com raised $55 million in a round A, and Clinkle raised $25 million before launching.
Of course, these startups are the aberration. The way most “conceptual” startups get funding, has less to do with the idea, and more to do with a founder’s CV and who they know. The truth is, concepts are hard to sell, but with apps like inStudio VR, they just got a whole lot easier. Perhaps VR will help tip the scales just a little bit more in favor of the infamous “pre-revenue” startup?
With inStudio VR, you can import various 3D models into a single environment. That means you can place your prospective product directly next to a competitor’s on a retail shelf. Investors can then see how your product looks next to others, and you can show in-depth comparisons of competitor’s designs as well as your own. Investors are going to have a much easier time seeing how your product might stand out from others.