Augmented and virtual reality firms thrive in Bellevue
Bellevue’s economic winning streak continues with the constant arrival of new augmented reality (AR) and virtual reality (VR) companies to the city. AR and VR will change the way we interact and the way we work over the next ten years, but it may have an even greater impact on Bellevue and the Seattle region.
Most people instinctively associate VR technologies with gaming—and rightly so, as many of the technologies developed for the gaming industry are the foundation on top of which augmented and virtual realities are built. And Bellevue has an incredibly deep bench of gaming studios and game developers. But these rapidly-advancing technologies have applications well outside the gaming industry. Much of the future demand will come from construction engineers, mental health providers, and educators looking for new ways to bring teaching to life. Imagine feeling the vibration of the lunar module Eagle as Neil Armstrong pilots it down to the surface of the moon, or physically standing inside a human heart in a biology class. Those types of compelling experiences will push AR/VR usage to the mainstream.
Over the next 5 years alone, global revenues are projected to multiply by nine times to more than $70 billion. Our region is in a particularly good position to benefit from that growth in spending, if we play our cards right.
This economic clustering — whereby firms from the same industry gather together in close proximity — has tremendous benefits. Local firms like Microsoft, Valve, Unity, and newer arrivals like Oculus and MagicLeap are hiring hundreds of engineers focused on VR-style technologies. As freshly-minted VR-oriented engineers decide in which area they want to live, they will naturally be attracted to Bellevue and the larger Seattle region. In turn that will attract more companies, then more engineers — continuing the virtuous cycle of economic growth that’s been fueling the Eastside’s rapid transformation into a global center of excellence for tech firms.
At some point, many of those engineers will have a paradigm-shifting idea that they will want to pursue on their own. The region’s strong startup ecosystem and healthy investor community will help nurture that idea until a new constellation of VR stars is born. Like natural stars, some will shine brightly for a short period before fizzling out, while others will go on to burn bright for generations. No matter the size or duration, each will alter the gravity of the local industry and leave a distinct mark on Bellevue as we continue to grow into the second sun of Seattle’s tech ecosystem.
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Want to learn more about Bellevue’s AR/VR scene? Join us at the BDA Breakfast Series on Tuesday, December 12. Jesse will join Michael Nassirian, Founder & CEO of ARVR Academy, for an overview of where the industry is heading, and why Bellevue is leading the way. More information and registration is available here.
