Incubation program seeks to nurture innovative Virtual and Augmented Reality ideas and bring them to market via EON Reality’s worldwide sales, marketing, development, and support network.
IRVINE, CA, March 18, 2014 – EON Reality, the world’s leading interactive 3D software provider, has established the EON Innovation Program to foster Virtual and Augmented Reality entrepreneurship. With the 3D market estimated to reach 227 billion USD in 20171, innovative ideas and unique applications will be crucial to satisfy the growing worldwide demand for Virtual and Augmented Reality applications.
EON Innovation Program serves as an entrepreneurship incubator to build the Virtual and Augmented Reality applications of the future while using EON Reality’s software platform and integrated hardware solutions. The Program is based on the “Shakeout” methodology developed by Michael Yap, Chair of EON Reality’s International Advisory Board.
Mr. Yap has been deeply involved in shaping and nurturing startup ecosystem as well as emerging technology sectors at the national level. Most recently, he built up an incubation program that has funded some two hundred startups in Singapore. As a serial entrepreneur, Mr. Yap has successfully built up several startups and has wide ranging startup experience. We are privileged to have him as a leading mentor to the EON Innovation Program.
“The Virtual and Augmented Reality market is poised for exciting breakouts,” said Mr. Yap. “The underlying technology costs have been reduced by ninety percent in the last three years. Coupled with the maturing of technologies such as wearables and 3D, the sector has tremendous commercial potential for innovators. The EON Innovation Program will add to this vibrancy and will help ideas reach the global market more effectively. The Program will bring to bear the combined experience and knowledge of the entire EON’s network of partners with a footprint in more than twelve countries.”
The EON Innovation program is split into three distinct segments: selection, product development, and market testing. At each crucial step the entrepreneur will meet with EON Innovation Program mentors to receive critical feedback and direction as they mold their startup.
In addition to mentorship resources, EON Innovation Program participants will have access to EON Reality’s global sales, marketing, development, and support network allowing their ideas to quickly go from concept to a customer’s hands. EON Reality is committed to providing seed capital for up to eight startups at each of its global hubs
“EON Reality is currently experiencing significant growth and despite this growth there are still many markets and segments that are in need our Virtual and Augmented Reality technology,” said Dan Lejerskar, Chairman of EON Reality. “In order to address these significant untapped markets, we want to help entrepreneurs from around the world make their dreams a reality through this exciting program.”
EON Reality has already experienced success with this model with EON Sports VR. Brendan Reilly, now CEO of EON Sports, came to EON Reality with the idea to bring sports training to Virtual Reality. Initially EON Reality was skeptical about the prospects of such a product, but Brendan honed his pitch and was able to secure a high profile customer to invest in the project.
Using EON Reality’s development resources Brendan was able to create SIDEKIQ, a program that turns the diagramed plays of American Football into virtual reenactments. Today this is one of the most profitable companies in EON Reality’s family.
“I knew nothing about technology, nothing about Virtual Reality, and nothing about business,” said Brendan Reilly. “All I had was passion, an idea, and people willing to pay money for that idea. But no clue how to take it from idea to an operating business. This program has helped me hone and sharpen my entrepreneurial skills, and at the same time has given me a deep understanding of the technology that can make these ideas become real. Along the way I received advice and guidance along with real world training that prepared me to get EON Sports where it is today, and where we will take it in the years ahead. This is something that no MBA could have prepared me for.”
About EON Reality
EON Reality, Inc. is the world’s leading interactive 3D visual content management and Virtual Reality software provider. EON Reality provides state-of-the-art 3D display technology for immersive and stereoscopic viewing, from portable tablet PCs and glass free stereo display systems to curved-screen and immersive rooms consisting of multi-channel projection walls. The technology foundation for developing interactive digital content includes importing the most common 3D animation formats into EON’s authoring software and creating modules and applications that can be viewed on various display systems. EON’s technology solutions enable all organizations to more effectively visually communicate, collaborate and accelerate knowledge transfer. For further information, visit www.eonreality.com.