Meta is planning to ship a VR headset in 2024 which the company wants to make as accessible as possible to consumers.
According to a report by The Verge, Meta’s VP of VR, Mark Rabki, told thousands of employees in a memo that it plans to release a consumer VR headset in 2024, codenamed Ventura.
“The goal for this headset is very simple: pack the biggest punch we can at the most attractive price point in the VR consumer market,” Rabki wrote in the memo.
Meta seems to be positioning Ventura as a ‘Quest 3 Lite’ of sorts. In the reported memo, the company announced its upcoming Quest 3 would be targeted at enthusiasts, which is said to be a “bit more money” than the current $400/$500 headset, while also including mixed reality capabilities similar to Quest Pro. The company has publicly confirmed Quest 3 will release at some point this year.
Additionally, the report maintains that any ‘Pro’ level headset will be “way out in the future” after Ventura is released in 2024.
This means Meta will be selling Quest 3 at the same time it releases Ventura in 2024, and likely within the life span of Quest Pro too, so the company will need to offer all of them at fitting price points as to not muddy the waters.
It’s uncertain where Meta hopes to cut corners with the ostensibly cheaper standalone. One thing the company can do is ship without motion controllers, which would cut down on overall price, although that would stymie consumer access to the back catalogue of VR games. Not all games make use of Quest hand-tracking.
With Ventura, the company could opt to essentially update Quest 2’s hardware with minor modifications, like replacing the Fresnel lenses with pancake optics to slim down the overall profile, and add a faster chipset.
Whatever the case, it seems the company is looking at capturing the low end of the VR market, which would better lock in a new generation of VR users into the Meta ecosystem—something the company needs if it hopes to increase user retention. Offering a cheaper headset could also potentially broaden Meta’s access to emerging markets, somewhere Chinese competitors like Pico Interactive may succeed given the chance.
A new €15 million fund has launched to help quantum technology research in the Netherlands transform into venture capital-investable startups.
Backed by Quantum Delta NL (QDNL), a foundation that seeks to boost and scale the Dutch quantum ecosystem, the so-called QDNL Participations fund has a twofold focus: early-stage startups in the sector and research teams working on promising quantum technologies before they incorporate as startups.
In the first case, the funding will reach up to €1.5 million — with the foundation typically leading the investment round. In the second case, the fund will offer €50,000 to researchers via a SAFE note agreement, meaning that the funding will be converted into an equity investment once the startup is ready to progress as a business.
“We get in early and provide objective and patient capital.
The fund expects to make around 10-15 SAFE note investments (of €50,000) and around 5-10 seed investments (of up to €1.5 million), Ton van ‘t Noordende, Managing Director of QDNL Participations, told TNW. “We get in early and we can provide objective and patient capital.”
The fund plans to invest in companies across the quantum sector, including hardware, sensors, entanglement, and superposition technologies, as well as communications and essential supply components.
According to QDNL’s proprietary data, 32.7% of sector funding has gone to software, while 64.4% has been invested in hardware, and almost 3% in hybrid hardware-software.“We expect to follow this trend,” said Van ’t Noordende.
As for the research teams that wish to enter the startup world, they’ll be primarily sourced from leading Dutch universities, including TU Delft, the Eindhoven University of Technology, the University of Tweente, Leiden University, and the University of Amsterdam.
“Spinning out of academia still a bottleneck for European researcher-driven entrepreneurship.
Alongside QDNL Participations, the foundation has also launched a support programme for emerging quantum tech founders, called Infinity. This is designed to help Dutch academic researchers navigate the university spin-out process and raise their first funding round, by providing them access to a network of more than 800 deeptech investors worldwide.
Infinity is offered as an “on-call” service for whenever it might be needed, and is free of charge.
“We believe there’s a massive untapped potential as billions of value in new innovations are left unshared and uncommercialised. Spinning out of academia remains a bottleneck for European researcher-driven entrepreneurship,” Van ‘t Noordende added.
Addressing the funding gap in quantum technology
Fundraising is “the number one challenge” for Dutch deep tech startups, Van ‘t Noordende told TNW. “The [funding] gap does not only exist in the Netherlands, but Europe-wide. Investments raised by US-, UK-, and Canada-headquartered startups account for circa 80% of the value of all private investments in quantum technology and circa 62% of all private rounds.”
As he further explained, the majority of funding “is directed at and above Series A stages,” while multiple factors lead to a lack of an early-stage funding. There’s not only a lack of investors specialised in early-stage investment, but it’s also challenging for investors outside of scientific communities to know “where to invest or how to provide longer term support.”
QDNL Participations aims to address this problem by incorporating a global network of leading quantum tech researchers in the process, who are actively involved in a startup’s early stages, and could later become scientific advisors or board members.
“Our fund removes the risks of what’s seen as a ‘wild bet’ and, through direct intervention, increases the likelihood of long-term impact and financial success,” Van ‘t Noordende added.
According to QDNL’s co-founder and Director of Ecosystem Development Freeke Heijman, the goal of Infinity and the new fund is to enable the sustainable growth of quantum startups in the Netherlands, so they can compete in the global market.
February is Black History Month and it’s not too late to honor through the magic of XR thanks to these activations from ROSE, TIME and Meta, and Virbela.
Walk Through Black History With ROSE
As a Black-owned company, ROSE makes an effort every year to create an immersive and educational experience for Black History Month, and this year the company delivered yet again. This year’s AR experience, with “resistance” as the highlight, is titled Marching Forward.
The experience, which you can visit here on your smartphone, takes the form of a double row of AR statues. You walk down the aisle and tap the statues to learn more about their inspiration.
“We really wanted to create balance within the experience with the solid bronze look of the statues and in turn, draw the users to explore the changing Black Lives Matter text on the ground,” explained ROSE Art Director Jourdan Johnson. “The text updates to display colorized images related to the moment to get a better understanding of what they are learning about.”
This involves physically moving down the aisle, which is a powerful experience but can be complicated for example in smaller spaces. If you need more room or have mobility issues, you can reposition the experience to make it easier.
The stories start with the roots of the Civil Rights Movement in the 1960s, moving up through the Black Panther Party, art and literature movements through the 1980s, and moving up into the current-day BLM movement. The story behind each statue is read by professional voice actress Joy Ofodu. You also have the option to read the information yourself.
“From a podium or a canvas, your voice can be heard and can make a difference. That is an important message for everyone going through this experience,” said Johnson. “We can use the knowledge of the past and get inspired, particularly for those who are not Black, to support and amplify Black voices in our communities in a multitude of ways.”
Experience the Struggle With TIME and Meta
Meta teamed up with TIME to create MLK: The Time is Now, a free experience exploring how ongoing issues like housing, voting rights, and law enforcement practices remain real issues facing the Black community 60 years after Dr. Martin Luther King Jr.’s “I Have a Dream” speech. The experience works comfortably while sitting and employs hand tracking.
Hand tracking is often an intimate part of the experience, bringing users into the different vignettes presented in the experiences. For example, the second experience, putting you in the seat of a Black man in a car that has just been pulled over, only progresses when you take your hands off of the steering wheel, escalating the situation with the four police officers.
The experience, available on Meta Quest, uses a combination of artistic and engaging virtual reality, moving voiceovers, recorded interviews with modern subjects, and archival footage and audio. Overall, the experience is a brief but powerful exploration of the fact that the Voting Rights Act did not bring complete equality.
This experience was not created specifically for Black History Month – it actually came out last month. But, if you’re looking for educational XR experiences to celebrate BHM, put this on your list. And, if you don’t get around to it in February, it isn’t going anywhere.
Step Into Virbela’s New and Improved Black History Library
For our final stop this Black History Month, we’re visiting Virbela. If you’ve celebrated Black History Month with ARPost in the past, you already know about Virbela’s Black History Library. It’s true, this isn’t the first time that the platform has hosted this initiative, but it is the first time since the platform got a major graphics update last spring.
The library is bigger, brighter, and better than ever in its new home. Inside, the library is divided into sections on musicians, authors, playwrights, programmers, and more. So, browse around or go straight to what interests you. The actual items in the library are links that take you to reading suggestions, music playlists, and other resources.
To find the library, enter the Virbela open campus. Then, click on the map icon in the upper right corner. At the top of the page, change the view from “Campus Map” to “World Map” and select the Black History Library from the menu on the right.
How Do You Honor Black History Month
Whether you’re walking through Black history with ROSE, putting your hands on it with TIME and Meta, or reading up on it with Virbela, we hope that you make the best of this Black History Month by diving into XR.
Ioanna is a writer at SHIFT. She likes the transition from old to modern, and she’s all about shifting perspectives. Ioanna is a writer at SHIFT. She likes the transition from old to modern, and she’s all about shifting perspectives.
Britishvolt, a prominent UK battery startup, had generated enthusiasm over its plans to build the country’s first battery gigafactory. But after filing for administration in January, it has now been bought by Australian firm Recharge Industries.
Launched in 2019, Britishvolt had planned a £3.8 billion battery plant near the Port of Blyth in Northumberland, promising 300,000 batteries per year, the creation of 3,000 direct jobs, as well as a significant boost to the region’s economy and the UK’s production of EV batteries.
Now, battery maker Recharge Industries has won the bid to buy Britishvolt out of administration. The Australian startup is owned and run by a New York-based investment fund, Scale Facilitation.
“Our proposal combined our financial, commercial, technology, and manufacturing capabilities, with a highly credible plan to put boots and equipment on the ground quickly,” David Collard, founder and CEO of Scale Facilitation, said in a statement.
As he told the BBC, Britishvolt will maintain its name, but will follow a different direction. It will now focus on batteries for energy storage with the aim to commercialise them by the end of 2025.
This leaves the UK with only one existing battery plant, next to the Nissan factory in Sunderland. The plant is owned by Chinese company Envision AESC.
But it’s not just takeovers by overseas companies that threaten the UK’s plans to build a competitive battery production sector. According to 2022 EU data, some 20 battery gigafactories are being developed across the bloc alongside 111 industrial battery projects.
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Ioanna is a writer at SHIFT. She likes the transition from old to modern, and she’s all about shifting perspectives. Ioanna is a writer at SHIFT. She likes the transition from old to modern, and she’s all about shifting perspectives.
What is happiness? And how can we be happy? These questions are integral to the human experience, but their answers can be elusive. We can apply several perspectives to approach them, through philosophy or psychology, for instance. We can also use our personal view of our feelings and goals as we navigate through life. But can we bring a scientific approach to happiness?
Meik Wiking, CEO of the Happiness Research Institute in Copenhagen, believes we can. The institute combines qualitative and quantitative methods to provide insights on well-being, happiness, and the quality of life.
Its mission? To inform decision-makers in companies and communities of the causes and effects of happiness, and, in turn, make subjective well-being part of the public policy debate on a local, national, and international level.
We caught up with Meik Wiking at TNW 2022 and asked him the big questions around happiness. If you’d like to get his insights in full, check out the video embedded at the top of this article. Alternatively, you can watch it right here.
“Happiness is a dish with many different ingredients on it,” Wiking told us. “It’s about experiencing positive emotions on a daily basis, being satisfied with life overall, and having a strong sense of purpose or meaning.”
Above all, happiness is an emotion, Wiking explained, and as such it’s subjective. This means that individual perceptions of it vary, making each person the only judgeof whether they’re happy or not.
So what can we do to cultivate this emotion and be happier? Wiking suggests there’s an ABC in happiness as well. A stands for “act,” B stands for “belong,” and C stands for “commit.” In other words, these are the three steps: doing something active, doing something together with other people, and doing something meaningful.
But is happiness only a matter of perception or do external circumstances also play a role? And is it possible for the whole world to be happier?
With 1.65 billion hours viewed, Squid Game is Netflix’s most-watched series. And soon, Squid Game fans will be able to do more than just watch their favorite show. Netflix has announced a partnership with Sandbox VR to create a fully immersive Squid Game VR experience. Thus, everyone will be able to become an actor and experience the action in the show in a premium location-based VR experience.
Squid Game Becomes a Top Location-Based Virtual Reality Experience
Sandbox VR focuses on building location-based immersive experiences using VR technology.
Using patented motion-tracking technology, the company lets players use their own bodies as controllers. This offers the most realistic and immersive experience – free of handheld devices, wires, and other physical limitations.
These are some of the reasons why Netflix chose Sandbox VR to develop the Squid Game VR experience. The players will find themselves in the well-known locations of the show and will engage in competitions with other players.
Become a Star in the Squid Game VR Experience
What is more exciting about this VR experience is the fact that you will leave with more than just memories. Each player will receive a personalized video showing the highlights of their actions in the game and a summary of their Squid Game storyline.
This is the next best thing to actually starring in the show, something that Sandbox VR considers important.
“Our mission is to bring people closer together through world-class immersive experiences. What could be a more perfect fit than Squid Game, the most widely shared and discussed television series of the past years?” said Steve Zhao, founder and CEO of Sandbox VR, in a press release shared with ARPost. “It’s an amazing opportunity to partner with Netflix to provide these fans the chance to transport themselves into the world of the show.”
Sandbox VR – the Right Choice for a Premium VR Experience
The choice made by Netflix for this partnership is fully justified. Sandbox VR is a fast-growing company. They are now operating in over 30 locations across five countries and expanding rapidly.
Sandbox VR – Chicago, IL
Sandbox VR currently offers six proprietary experiences: Deadwood Valley, Amber Sky 2088, Curse of Davy Jones, Deadwood Mansion, Star Trek: Discovery, and Unbound Fighting League (UFL). According to the company, “all Sandbox VR experiences are developed by an in-house AAA gaming studio led by game industry veterans and are specifically designed for groups to play as social experiences.”
As Zhao put it, adding Squid Game to their line-up of experiences is “a perfect fit”.
When Will Squid Game VR Experience Be Available and Where?
The Squid Game-based VR experience will open in late 2023. The US fans can enjoy this and other Sandbox VR experiences in more than 20 locations, and more than 15 states, including California, New Jersey, Texas, Minnesota, Nevada, Illinois, and Washington.
Sandbox VR – San Francisco, CA
More locations are set to open in the near future in Kentucky, Kansas, Pennsylvania, and Virginia.
Meta released the v50 update for Quest 2, bringing to the standalone some new experimental features that not only aim to make hand-tracked UI navigation a little more natural, but also bring 2D app multitasking to Quest 2 for the first time.
One of the headlining features of v50 is something Meta is calling ‘Direct Touch’, which lets you tap and swipe through the Home UI. Simply ‘touch’ the tile and manipulate the menu like you would on a phone or tablet, Meta says, something that sounds a little more natural than pinching tiles from a distance in mid-air.
Meta says in a blog post that Direct Touch brings Quest “closer to that more intuitive hands-on future” that it hoped to bring when it first integrated optical hand tracking in 2019. Check out how it works in the gif below:
“We’ve reworked the Meta Quest UI so that—once you enable Direct Touch—you can tap buttons with your index finger to adjust your Settings or select a game from your library, quickly type out messages on the virtual keyboard, and more,” Meta says.
You can opt-in by navigating to the ‘Experimental Settings’ tab in-headset and turning on the ‘Direct Touch’ toggle, of course provided v50 has already rolled out to your device.
Meta’s v50 update also includes a new Quest 2 feature previously exclusive to Quest Pro: in-game multitasking. This lets you navigate to 2D apps, such as a browser, without closing the VR app you currently have open. Effectively, this means you can stay in-headset while you browse game walkthroughs, check your email, or whatever else you can do in a 2D app, all while still in-game.
As for Quest Pro, Meta says v50 has also reduced the amount of time it takes for tracking to initialize on the Meta Quest Touch Pro controllers—something oft lamented by early adopters due to the controllers’ inside-out tracking capabilities, which need to find their bearings in the room first.
Meanwhile, v50 marks the last time Meta is shipping new features to Quest 1. The company says in the release notes that while Quest 1 owners will be able to use their headsets beyond 2024, users will no longer be able to create or join a party; Quest 1 users who currently have access to Meta Horizon Home social features will lose access to these features on March 5, 2023—which means you also won’t be able to invite others to your Home or visit someone else’s Home.
With Quest 1 seemingly in the dustbin, Meta appears to be focusing on unifying some of the feature sets between Quest 2 and Quest Pro while polishing the software experience before the release of its next headset, Quest 3.
Earlier this month, Meta affirmed plans to release a Quest 3 headset at some point this year, something the company calls a mixed reality headset, inviting comparisons to Quest Pro—albeit without the face-tracking of the latter due to its relative cost, Meta says.
Has Apple bitten more than it could chew? It appears that the long-awaited AR glasses won’t be hitting the shelves any time soon. A Bloomberg article published recently says that the Apple AR glasses are facing technical challenges, so their release has been delayed indefinitely and the project scope pared back. The report also revealed that Apple may instead opt to release a more affordable mixed reality headset.
Emma Ridderstad, CEO and Co-founder of Warpin Reality, shares her insights on the delayed release of the Apple AR glasses and the development of its mixed reality headset, probably to be called Reality Pro. She also shares her thoughts on what these developments mean for the industry, the consumers, and the future of AR/VR.
Apple AR Glasses Shelved to Make Way for an MR Headset
For a couple of years now, Apple has been developing AR glasses that resemble real eyeglasses. The design has already gone through several iterations but still, apparently, fails to meet expectations. While it is unclear where the real problem lies, it is clear that we won’t be seeing through the Apple AR glasses this year.
According to Bloomberg, what we may see soon are MR headsets that combine virtual and augmented reality elements. It was reported that Apple is shifting its focus towards developing a bulkier but less complicated MR headset with a projected price tag of $3,000. The company then plans to follow this with a more affordable version priced at just around $1,500, closer to Meta Quest Pro, though still with a higher price tag.
A Wise Move by Apple
When asked whether the delay of the Apple AR glasses will affect businesses that have already adopted the technology, Ridderstad believes that it would have little impact. Aside from the limited number of businesses currently using Apple’s AR technology, those that have adopted it are not fully reliant on it.
According to Ridderstad, AR/VR technology is still in its infancy. As immersive as these headsets are, they aren’t very convenient. The use cases are still quite limited, and the high cost of both hardware and software can be restrictive. “VR headsets need to become useful to people. Right now, they solve business-to-business problems but they’re still mostly just fun for the end consumer,” Ridderstad explained. So, Apple’s shift from AR glasses to MR headsets makes sense given the broader need to make immersive technology more accessible and affordable.
Ridderstad also believes that Apple will remain a key player in the industry, despite delays on its AR glasses. Consumers continue to trust Apple to produce well-researched and designed products. Considering the price, design, and content of these headsets, the market needs to see more affordable and functional headsets. “Since most people are just starting to see what these new technologies can do, we have to remind ourselves that this evolution is going to take time,” she said. “The real end consumer adoption will probably happen with Apple this time too.”
The True Value of XR Goes Beyond Gaming and Entertainment
XR technology has long been associated with gaming. But Ridderstad argues that the true value of XR lies in its potential in business, training, and education.
Her company, Warpin Reality, has developed a platform called Xelevate, which allows companies to launch customizable VR training courses for their employees. These courses range from safety drills to customer experience simulations and personality development workshops. Platforms like this have allowed construction companies to train their people on safety and equipment use and taught employees what to do during emergencies.
Ridderstad believes that VR/AR can optimize focus, learning, and training. She cites a PwC study that found that VR learners are more focused, learn more quickly, and are more emotionally engaged than e-learners. It could also create opportunities in remote work for those who struggle with in-person demands such as people with disabilities.
Diversity and Accessibility in Tech
For years, the tech industry has been known to be a boys’ club. This still remains true in the metaverse. A McKinsey report found that in organizations shaping metaverse standards, 90% of leadership roles are held by men. Ridderstad warns, “The metaverse is not going to be an environment that people want to be in unless everyone feels welcome and comfortable. I think it is safe to say that unless women play their part in building the metaverse, and take their place among its architects, it won’t be.”
These technologies have the potential to revolutionize the future, so it’s important that they are designed for both men and women to see a higher level of adoption.
When it comes to investing in innovation, certain industries have flourished over others. Those that haven’t are now facing a do or die situation to keep up with the demands of a modern society, the ever-prominent concern around the climate crisis, inflation issues, and an aging population.
Looking at the global stats Tracxn collected from 230+ sectors between 2013 and 2023, it’s clear which industries — education, hospitality, agriculture, industrial manufacturing, real estate and construction, and commercial airline — have fallen behind, received less funding and seen less successful startups being founded. Whether it’s been down to high costs, difficulty in securing funding due to risky innovation and uncertain ROI, or other financing issues, these industries will require more of a focus moving forward.
As our colleague Arno Nijhof, who leads the company’s innovation arm TNW Programs explained, the move towards more circular and transparent sustainability practices, plus recent supply and demand issues have put increased pressure on many of these industries to adopt new solutions now:
Corporate innovation is more and more focused on providing a positive impact on the world with many looking for new solutions to decarbonize and, at the same time, build a more resilient supply chain. TNW Programs works with a lot of parties, corporates, and companies to identify these opportunities by scouting and analyzing new technologies, startups, and markets. The world is asking for change and its new technological developments that will create the solutions we need to reach those goals.
Here’s a closer look at the industries in question, together with some of the startups challenging the status quo.
Education
Over the last few years, our lifestyles have changed significantly and so have the ways we work, interact, and communicate with each other. However, education has failed to adapt and align with people’s behaviors, tendencies, and society as a whole, with very few long-lasting technological disruptions over the last decade. For example, although 90% of students say they prefer learning online, rather than through traditional methods, the education sector only accounts for 21% of the global learning management systems (LMS) market.
Cloud-based platforms capable of engaging remote students globally are in greater demand. Equally, there is greater understanding that a one-size-fits-all approach doesn’t work when it comes to education, but there’s still so much more educators, parents, and policy makers need to understand to better tailor methods to different types of learners. Digital tools and advanced analytics are needed to assess and track learning progress for educators to have an ongoing insight into what methods are resonating well, and where there’s room for improvement.
Many companies are also starting to look at using VR/AR to enhance the learning process. Startups like Belgium-based Altheria provide VR training experiences that companies can use and tailor to their specific needs.
When it comes to edtech, according to Tracxn there are around 36,600 startups providing technology solutions to businesses and consumers in the education industry. Of that, only 5,500 companies have been funded over the last 10 years, receiving $31.9 billion in 5,850 rounds of funding. More is needed to allow these businesses to flourish and deliver the modern solutions our schools and educational institutions need.
Hospitality
The hospitality industry has been faced with a number of challenges in recent years, from the sudden loss of revenue during the pandemic to a shortage of staff to meet increasingly high demand. At the same time, hotels and vacation rentals are feeling the pressure to improve their sustainability practices as travelers’ preferences for eco-friendly accommodation grow.
Few hotels and vacation rentals are currently employing digital tools to their advantage, for example using AI to automate sharing information and answers with customers before and during their stay, or installing a smart in-room setup that connects to customers’ mobile devices can significantly enhance the customer experience.
Collecting and analyzing data at all touchpoints throughout the customer journey can help proprietors create a more detailed customer profile. Making use of a cloud-based property management system (PMS), such as Germany-based Apaleo, will help automate processes and allow staff to focus on the personalized, high-touch aspects of the customer journey.
With only 3,420 startups and just one unicorn launched in the last 10 years, the hospitality industry is in need of a sprucing up. There’s so much missed opportunity and need for a complete digital transformation, from both the customer experience side of things, as well as the proprietor’s side.
Agriculture
As the world’s population continues to grow, feeding everyone in a sustainable, affordable way is more challenging than ever. The global population and demand for food will increase 70% by 2050, which will continue to put a strain on agriculture and food production.
The biggest challenge we now face is how we can scale up global food production in a way that reaches the entire population, without causing irreparable damage to the planet. Of the 20,600 startups providing tech solutions to the agriculture and food industry in the last 10 years, 2,410 have unfortunately been deadpooled.
5,560 agritech startups, however, have received $52.4billion in funding, and 22 unicorns have been created. Investment is received from many sources: “For example, TNW is working with Rabobank to find innovative solutions that will help its agricultural sector clients to decarbonize,” says Nijhof.
One startup that’s created an interesting product, which is already available to the general public, is Beewise. Based in the Netherlands, the startup uses modern technology to monitor beehives and support healthy pollination and efficient honey harvesting. Anyone can order their own smart Beehome and easily track its progress using an app.
Industrial Manufacturing
Now more than ever the manufacturing industry needs to transform to increase operational efficiency, scale smart factory initiatives, improve supply chain resiliency, and improve sustainability with innovative new materials and processes. Within the next year, 62% of manufacturers plan to focus on robotics and automation, which will likely begin to address some of these needs.
Startups like Mecuris are pushing the boat out by reimagining traditional techniques into digital tools that are intuitive and easy for users to operate when designing orthotic & prosthetic products.
When it comes to developing and working with more sustainable materials, the industry can reduce its reliance on finite materials and energy. There is additionally greater potential for modern materials to allow manufacturers to create products with a longer lifespan, further improving efficiencies, and reducing the need for frequent upgrades and replacements. Finally, adopting a more circular economy allows materials and products to be repurposed, reducing production costs as well as reducing greenhouse gas emissions.
However, while manufacturing has seen some progress, there’s still a lot more potential for the industry to grow and develop. The industry has seen just 970 funded companies, and only 36 series C+ companies. Nevertheless, there is a lot of opportunity for development, and 61% of manufacturers are already planning to partner with specialized tech companies to help drive their growth strategy in the next year.
Real Estate and Construction
Similar to industrial manufacturing, stakeholders in real estate and construction are expecting to see more sustainable solutions being implemented.
However, to make the industry truly sustainable, more transparency is needed, with standardized grades across different countries, as well as accurate traceability of maintenance, analytics, and reporting.
The whole market, process of sales, and construction and renovation needs to evolve, innovate, and increase its digital maturity for professionals to be able to operate more efficiently. 41% of real estate firms admit that keeping up with technology is their biggest challenge, while 30% worry about competition from emerging virtual firms.
Making use of the tools provided by startups like EagleView, which enables greater accuracy and access to property data through the use of autonomous drones, is a good place to start.
In the last 10 years, the industry has had 5,410 startups receive $68.8billion in funding. A significant increase in digital innovation will ultimately be needed for the industry to become more efficient and reduce both monetary and environmental risks and costs.
Commercial Airline
Air and airport congestion continue to be a challenge, but smart technology could help to ease this and enable more user-friendly flight and luggage tracking. Equally, things like ML and AI have the potential to improve efficiencies within the aircraft, to spot faults quicker and help to maintain the health of its components and infrastructure. And, like most other industries, innovation is needed to improve the environmental standards of aviation, for example improving fuel efficiency, in the face of climate change.
Having received the lowest amount of funding since 2013, and $490million in aviation IT and $2.9billion in aerospace tech, the industry has only seen 1,380 startups developed. There’s a lot of opportunities, particularly for companies offering software solutions to the aviation industry and providing tech-based solutions to aircraft manufacturers to transform and improve the industry.
Startups like UK’s Hiiroc have already developed an efficient method for producing zero CO2 emission hydrogen through use of Thermal Plasma Electrolysis technology, which lowers both costs and emissions for commercial airlines.
As each of these industries continues to evolve, more investment, and innovation will be needed to give them a boost. For more insights, strategies, and tips on how to boost innovation within your organization, contact our team here.
València regularly tops rankingsof the best cities in the world, due to its stellar combo of 300-plus annual days of sun, the Med on your doorstep, and a lifestyle that values free time, exercise, and good food. But it’s not all paella and chill.
The Valèncian region’s startup scene — based mainly in its capital plus the smaller cities of Alicante and Castellón — has been revving up in recent years, and is now making its mark in everything from AI, fintech, and cybersecurity, to cleantech, healthtech, and industrial IoT.
With TNW’s first conference in València just around the corner, we rounded up a bunch of leading lights on the local tech scene who have helped to grow the ecosystem over the past decade. Our aim was to get their take on where València’s tech scene is at today, what it’s got going for it, and the challenges ahead.
“I always say that we are in adolescence,” Javier Megias, managing partner of the EMEA VC fund of Plug and Play Tech Center in València, told TNW. “This is a really important moment, where you create your beliefs and the foundations of your life.
“In the next few years everything is going to speed up quite a bit. We are at the tipping point of the change in the ecosystem, going from a regional, quite local ecosystem to something much more ambitious — and much faster.”
València by the numbers
Data shows a tech hub on the up-and-up. According to the Bankinter Foundation’s Startups Observatory, investment in València-based startups grew from €58.5m in 2021 to €73m in 2022. Ecosystem tracking platform Dealroom reports that the Valèncian region has the highest number of startups per capita in Spain.
Research by Startup Valencia found the number of registered startups in the region rose from 1,012 in 2021 to 1,212 in 2022; Dealroom, meanwhile, has an even higher estimate of over 1,500 startups.
València’s Fever recently bagged $227m (€212.6m) in a funding round — the largest amount of capital raised by a live-entertainment startup. Credit: Fever
València is still light on unicorns but can point to Flywire, the global payments enabler (now headquartered in Boston), as the first Spanish startup to go public on the Nasdaq in 2021, and live-entertainment platform Fever, which became a unicorn last year. Other noteworthy success stories include Jeff, Climate Trade, Voicemod, Sesame HR, and Sales Layer.
The investor scene skews towards local offices, with notable names including Draper B1, Angels Capital, private angel investor network BiGBAN, Demium, and GoHub Ventures, as well as Global Omnium, the world’s fourth-largest water utility. US-based Plug and Play also invests in Valèncian startups, including Climate Trade and Zeleros.
For Plug and Play’s Megias, the biggest difference between València and other startup scenes is the former’s bottom-up ecosystem.
“It was really built and connected by the founders,” he said. “We are really good at creating efficient companies from the ground up and scaling them to, let’s say, Series A — but we have a challenge to really scale that to the next level and build really big companies, like Flywire, for example.”
Megais cofounded two startups before joining Plug and Play.
More than 30% of all startups in València are two-years old or younger. Almost 30% of all the startups there are pre-seed, and another 30% are seed stage. Just under 10% of them have received Series A funding. Fewer than 1% have secured Series B financing, and the same goes for Series C.
“València’s international community is growing.
Megias says València is becoming a magnet for expats. The reasonable cost of living and the pleasant, manageable city are big attractions, but there are also more international jobs becoming available. Megias’ team, which looks after the EMEA region from central València, is made up of 30 different nationalities, all of whom speak English at work.
“There’s an international community that’s growing because of big companies, like Plug and Play, coming here and attracting them,” said Megias, a cofounder of Startup Valencia, a non-profit that promotes local startups.
One of the key areas for startups in the region is La Marina, which also happens to be the venue for TNW València. The accelerator Lanzadera, TNW’s strategic partner, pioneered the development of a tech strip on the seafront.
Founded in 2013 by Joan Roig, the billionaire owner of the Mercadona supermarket chain, the complex is now home to the EMEA business school, Lanzadera itself and its scaleup space Angels, the Insomnia accelerator, Biohub, and Sesame. Lanzadera, which works under the umbrella of the Marina de Empresas entrepreneurial hub, has accelerated over 1,000 startups so far, and recently took in its first batch of over 100 from Portugal.
This year, another building on the tech strip will open its doors: La Terminal startup hub. The site will provide startups and scaleups with a physical space to interact with each other, corporates, and investors.
La Terminal will become a new international tech hub for the Valèncian entrepreneurial ecosystem.
Connected for good
The speed of change in València is something that Bianca Dragomir, TNW València advisor and CEO of Avaesen, has witnessed first hand. Her pioneering cleantech cluster in the region is made up of 300 public and private stakeholders, 160 of which are companies in renewable energy, water cycle-and-waste management, and smart cities. Since Dragomir took over what was the first cleantech cluster in Spain in 2013, the organisation has accelerated more than 400 startups.
“When you come here, you get connected immediately.
“València is a very dynamic ecosystem, very diverse, and there are many different industrial sectors that are emerging, and traditional sectors that are shifting towards a new paradigm of sustainability,” Dragomir, a native of Romania, told TNW. “And the beauty of it — every single stakeholder that comes from beyond València says this — is that when you come here, you get connected immediately.”
Dragomir is the first woman that the European Commission appointed “Cluster Manager of the Year.”
According to Dragomir, the interconnected nature of the city really boosted the cleantech sector, as startups, corporates, the local government, and eight universities drove intense collaboration and innovation.
“‘Tech for good’ is very appropriate to describe what’s happening, and what has been happening for years already here… it’s a very good differentiation point,” she added.
Attracting the big bucks
Juan Vicén Balaguer, the co-founder and CMO of Zeleros Hyperloop and an advisor to TNW València, feels that the region’s youth brings advantages.
The Zeleros hyperloop is based on all-electric pods that power themselves. Credit: Zeleros
Vicén notes that while the Valèncian ecosystem is young compared to the likes of Paris and Berlin, it has a “freshness” that encourages an open exchange of knowledge and experience between startups.
“Something I think the entrepreneurship ecosystem in València has done well is basically taking advantage of the space [in the whole tech marina area],” he said. When investors come, they often get a tour of all the accelerators and incubators along the Marina.
Attracting large-scale investment, however, remains a challenge. “As of today, if you are thinking of València, you are not coming here to get investment, you are coming here because you find it a good place to start with low rates [for renting office space],” said Vicén.
“We are very good at entrepreneurs bringing new ideas to life but when it comes to investment, there is a gap. That is different in big financial hubs, like London or Paris, where you are in the capital city in the country, and it makes it much easier to do business.”
Vicén led Zeleros to the “Top Startup” prize at València Startup Awards.
Investment is also, of course, essential to attract the best talent — and Spain is not known for high salaries. According to Statista’s 2021 data on average full-time salaries in Europe, Spain is in 18th place in the continent. The Zeleros founders, says Vicén, have been “really transparent” with investors about the need to offer salaries that are compeitive with those in Northern European countries.
“Once we have those second-time founders, everything is going to be much faster.
Plug and Play’s Megias agrees, noting that companies in València need to “step up their game” on the salary front, but to do so they must connect with top investors in Europe. As is the case in many European ecosystems, the second generation of founders and employees, who stay and either invest or found new startups, will be essential to the maturation of València’s tech sector.
“Once we have those second-time founders that already have the connections, everything is going to be much, much faster,” said Megias.
From an outside observer’s view, one thing that needs to change is establishing English as a company language in scaleups, which would open up opportunities for international talent and investors. Zeleros, the Plug and Play Tech Center, and a few other organisations already do this. But in general, there is not a huge amount of English spoken here as a matter of course, and not all startups have an English version of their websites.
Nonetheless, the ecosystem has a bright future ahead.
Accelerating growth
Nacho Mas, the CEO of Startup València, predicts that the Valèncian community will become one of the top 10 tech hubs worldwide.
“Despite being smaller than Madrid, we are experiencing faster growth… and we still have room for more,” Mas told TNW.
“All members of our community are working towards a common goal, which gives us a significant advantage,” he added.
Mas says La Terminal will house more than 500 highly qualified jobs.
Mas noted that the La Terminal project in the Marina, where TNW València will take place, is expected to help attract further investment, talent, and projects into the ecosystem.
“We are ambitious because we have the potential and resources to achieve success,” he said.
Whether or not it end ups as a top 10 global tech hub remains to be seen, but València is definitely powering through its adolescence. If it can attract big investment going forward, the region’s startup sector looks set to explode.
If you want to experience València’s ecosystem for yourself, we’ve got something special for our loyal readers. Use the promo code TNWVAL30 and get a 30% discount on your conference business pass for TNW València.
Cover letters are something many job candidates really struggle with. Lots of people aren’t even convinced they’re necessary. With so many job applications happening these days via websites and apps –– surely that online form you filled out is all that’s needed?
A recent survey from Cultivated Culture found that, while 53% of employers prefer candidates who add cover letters with their CVs, only 10% of hiring managers actually take time to read them, which further adds to job applicants’ frustration. And if you’re job hunting and want to send out as many applications as possible, does writing an individualized cover letter for each job actually make a difference, or does it just make the process of finding a new job that much longer?
Now, with the advent of AI tools like ChatGPT, created by Open.ai and the recipient of $10 billion in funding from Microsoft, a new era of automation has arrived.
The question is, can you simply get a robot to write a tricky cover letter for you?
Using AI to write your cover letters
UK communications company Schwa decided to test the tool’s capabilities. Founder and owner Neil Taylor wanted to see how ChatGPT would fare when it came to a standard writing test, which the company sets for all prospective hires.
In a blog post, Taylor revealed that he asked ChatGPT to write 300 words on the secret of good writing. The process wasn’t quite as simple as it sounds. “I had to cheat a bit,” he said.
“I could tell it wasn’t good enough. So I tweaked the brief, and asked it to write in the voice of one of my colleagues. This made it a bit friendlier, but still not great. So then I asked it to write in the voice of copywriting guru Dave Trott. The result didn’t sound anything like Dave, but it was punchier.”
Taylor submitted three ChatGPT writing samples into the pool, and one made the cut. In fact, it came in the top 20% of all candidates shortlisted. Not a bad result, so when it comes to something even less complicated, like a fairly standard cover letter, should you be using ChatGPT?
We tested the tool to see how it would fare writing a cover letter for a software engineering job. Here’s the result:
Dear Hiring Manager,
I am writing to express my interest in the software engineering position at your company. With a passion for programming and a strong background in software development, I believe I would be a valuable addition to your team.
I have a Bachelor’s degree in Computer Science and over three years of professional experience in the industry. During my time at XYZ Corporation, I developed a wide range of software applications, from desktop applications to mobile apps, and have honed my skills in several programming languages including Java, Python, and C++. Additionally, I have experience working with databases, software architecture, and Agile methodologies, making me well-rounded in all aspects of software development.
In my most recent role, I was part of a team that developed a complex web-based system for a client. I was responsible for designing and implementing the server-side logic, ensuring its scalability and performance. Through this project, I demonstrated my ability to work effectively in a team and my dedication to delivering high-quality work on time.
I am excited about the opportunity to bring my skills and experience to your company and contribute to the development of innovative software solutions. I am particularly drawn to your company’s commitment to creating products that have a positive impact on people’s lives, and I believe my passion for technology and problem-solving would be a great fit for your team.
Thank you for considering my application. I am eager to discuss my qualifications further and am available for an interview at your convenience.
Sincerely,
[Your Name]
The verdict
Even a quick scan of ChatGPT’s effort shows that the AI has nailed the format––something that can be a really tricky thing to get right. The language flows, it’s a readable, coherent piece of copy.
But because it knows nothing about the individual who wants to use this letter, all the details supplied are generic. A careful edit is required to add in your actual educational and job details, as well as skills and results.
Where ChatGPT can really help a job applicant is around the structure of creating a cover letter offering a very usable framework or template to add onto and personalize. It’s a great starting point.
However, as Taylor found, “AIs are brilliant at being average.” That additional level of human interaction is utterly necessary to get a ChatGPT-generated cover letter to a place where it’s ready to send. Taylor agrees: “If you’re writing something that actually needs to stand out, like a job application […] it’s not going to cut the mustard.”
There’s no doubt this new tool is immensely popular. It took Instagram and Spotify around 10 weeks and five months, respectively, to reach one million users, according to a report from CB Insights. ChatGPT reached a million users just five days after launching at the end of November 2022. By January of this year, it had reached 100 million monthly active users. By contrast, it took TikTok nine months to hit the same numbers.
That acceleration into mainstream adoption has had positive knock-on benefits. Employers predict that productivity will increase by 74%. And ChatGPT’s output will only improve through use, as the AI learns more about what users are looking for. This means the tool will only get better at creating cover letters that meet recruiters’ expectations.
To bring the metaverse to life, Mayor Buddy Dyer announced the opening of 2,500 new jobs in Orlando. Over the years, Orlando has become a leading hub for tech companies that want to innovate and explore the capabilities of emerging technologies.
Orlando as a Growing Hub for Tech Talent
“The density of talent, investment, industry, and creativity in Orlando has made the city ground zero for metaverse development, making Orlando the MetaCenter,” shared David Adelson, Orlando Economic Partnership Chief Innovation Officer.
Adelson explained that the initiative to transform Orlando into the MetaCenter stemmed from decades of innovation, which started with increased activity around the Cape Canaveral rocket launch site in 1957. This was further supported by the founding of the University of Central Florida (UCF) to create a workforce capable of supporting the US space program.
“Orlando then became the epicenter of experiential entertainment when Walt Disney came to town. This collision of creative entertainment and technological advancements formed the foundation of the innovative ecosystem that exists here today,” he adds.
Since 2015, Orlando has seen a 46% growth in the number of tech companies in the area, with over 1,600 companies now calling it home. The city also houses tech centers such as Lake Nona and the Creative Village, as well as tech talent from educational institutions like UCF and Full Sail University.
Mayor Buddy Dyer Opens 2,500 Jobs to Build the Metaverse
On December 7, 2022, Mayor Dyer gave his annual State of Downtown Address both in person and in the metaverse, making him the first person to give a mayoral address in the digital space. During his 2022 address, Mayor Dyer shared his vision for Orlando’s future, proclaiming the city as the metaverse’s MetaCenter.
“Mayor Dyer said that his address was an open invitation for anyone to come to Orlando and apply for these positions. We are echoing that call,” said Adelson.
These job opportunities, which include in-demand roles such as software developers, systems engineers, and metwork architects, will help build the metaverse and solidify Orlando’s position as one of the nation’s fastest-growing hubs for tech talent and technological innovation.
Several organizations like the Orlando Economic Partnership, the VR/AR Association (Florida Chapter), and the Orlando Tech Community are some of the champions bringing the metaverse to life in the MetaCenter.
“The list of execs from our next-gen gaming, entertainment, AI, AR/VR, IoT, and simulation training companies joining this effort continues to grow,” Adelson told us. Local governments in Orlando and Orange County have also expressed their support.
Orlando Leveraging the Capabilities of a Digital Twin
To encourage more tech investments in Orlando, the city has been using a digital twin of the entire region to show investors and other stakeholders what the city has to offer. Available at the marketing center in downtown Orlando, users can access immersive experiences via an experience-based platform to explore the region in a more convenient way.
During the recent Unity Fireside Chat, Laureen Martinez, Orlando Economic Partnership Vice President of Marketing and Communications, shared that the digital twin has provided an imaginative and convenient way to showcase the city to guests. It also helps position the city as more than just a tourist destination.
“Our vision is to have more and more companies come to Orlando for us to be able to change their perceptions, just simply through the act of them coming and experiencing this and learning more about Orlando – things that they probably could have never imagined,” Martinez said.
Building the Metaverse in Orlando
Many businesses in the city are developing their own metaverse products and services.
Disney is working with local companies to develop AR/VR technology. Red 6 is using AR headsets to enhance training for pilots. BrandXR is also building AR experiences for some of the world’s biggest brands and institutions, including NASA and Microsoft.
“With buy-in and collaboration from private partners, educational institutions, and the public sector, we have good reason to be so optimistic about the MetaCenter. With these partners, we will continue to illuminate the benefits of the MetaCenter on a global scale,” said Adelson.
Orlando and its MetaCenter champions are working to position the city as the ideal destination for innovative businesses to scale and succeed. They’re determined to attract companies and individuals who share the same vision in building the metaverse.
“We work to attract the companies and people that are looking to build the metaverse and do everything we can to facilitate their growth; our ecosystem of companies in gaming, AR/VR, AI, 3D reconstruction, IoT, and modeling and simulation is unparalleled,” Adelson added.
Future Plans for the City’s MetaCenter
What can the world expect from Orlando’s MetaCenter?
Orlando is gearing up to reinvent its downtown area, with the goal of advancing “Broad-based Prosperity®” for the region.
“We define this as creating a region whose residents live a meaningful life in a place where equal access to resources and pathways to success allows opportunities for all,” explained Adelson. Partnerships between the local government, higher education institutions, and the local industry helped launch the Creative Village, a 68-acre innovation district. It’s home to UCF, the Electronic Arts HQ, Valencia College, and affordable housing and establishments.
David Adelson shared more insights on what the future holds for the metaverse’s development.
“We expect to use our digital twin technology for more than just virtual tours to attract businesses to the area. With this technology, we will be able to preview how different investments, like a transit system upgrade, might affect the environment and its residents,” he told us. “This is a tool that can allow us to run simulations of new policies or infrastructure projects and preview their potential impacts before planning in the real world.”
