By: Mohamed Elwani
Before we clarify how the metaverse impacts entrepreneurship, we must first investigate what the metaverse is and its roots. This is because the novelist Neal Stephenson was the first to use this term in his novel Snow Crash in 1992. However, this main concept was mentioned by some other authors and scholars before then.
Neal Stephenson envisions a world set in virtual reality where people, using digital avatars of themselves, explore a means of escaping a dystopian reality.
Of course, some of the elements mentioned and imagined in this novel are ahead of their time. This is the case with virtual reality devices and digital currencies, which have become a living reality today.
Since we are talking about the impact of a metaverse in entrepreneurship, we should also stand on the linguistic roots of this word, as it is a mixture of the two words “meta” (which means beyond) and “universe” that refer to shared and immersive virtual worlds; where humans can work, live, transact, and socialize.
Fortunately, this world that Neal Stephenson imagined has become reality. Through a practical combination of Virtual Reality (VR) and Augmented Reality (AR). And it is the same world that is considered, at present, the next stage of the Internet age; where the distinction between the physical and digital worlds has been blurred.
The Impact of the Metaverse on entrepreneurship
We try to clarify the impact of the metaverse on entrepreneurship as follows:
● Growth & Innovation
Innovation leads to growth in the markets, and many companies have already been born as a result of being innovative in providing services in the business world.
But the question is: how to achieve this innovation? This is exactly the key to knowing what the impact of the metaverse on entrepreneurship is.
Metaverse technology will impact the business world because there are many ways in which it can be used. In addition, ultimately the benefits can be magnified if this technology is applied properly.
● Improved Business Training
AI, along with Augmented Reality (AR), Extended Reality (XR), and Virtual Reality (VR), is already making a huge impact on e-skills training and development, which is helpful for businesses and perhaps another key to understanding the impact of the metaverse on entrepreneurship.
However, many predict that there will be serious consequences for using this technology. Projections indicate that this upcoming process will disrupt 23 million jobs by 2030, which is currently worth $1.5 trillion to the global economy.
● Work Remotely
Dependence on remote work is increasing, whether in whole or in part, as many entrepreneurial companies mix the two styles, i.e., work remotely and from the office.
Here, too, the impact of the metaverse is evident in entrepreneurship, especially since the latter is about flexibility and creating more innovative ways of doing things.
Remote work and virtualization indeed have many advantages, and they are close to the essence of entrepreneurship, but one significant disadvantage is that they lead to less communication between colleagues, as the dearth of real-time personal conversations hinders interaction.
The Metaverse may be the key to maintaining both ends of communication without putting remote teams at risk of being separated from colleagues in other regions.
This is achieved by shaping VR-optimized work environments and processes to encourage employee interaction and chat, promote collaborative activities, and more.
Thus, we note the potential positive impact of the metaverse on entrepreneurship.
● Marketing & Gaining Customer Loyalty
Another area where the impact of the metaverse on entrepreneurship is evident. This technology will improve the shopping experience by providing companies with an exclusive and profitable space to communicate effectively with their target audience.
This transformation will require a more in-depth examination of digital insights and audience communication mechanisms, but it is certainly beneficial.
This virtual world will require companies to develop more creative strategies to reach a more specialized target audience that suits them, as they will be better able to understand and use advertising statistics, search engine optimization (SEO), and successful modeling of virtual avatars and buying patterns of that audience.
With the Metaverse, companies will need to be flexible and use an ongoing digital strategy, to stay at the forefront of upcoming developments and uncover all possible opportunities.