Lessons from Canadian Businesses | Bit Space Development (Industry Perspective)

“As entrepreneurs we’re going through this together.
No one is immune to this; it’s all about how we adapt.”
Dan Blair, Founder & CEO, Bit Space Development

The Business

Bit Space Development Ltd. is an interactive digital media studio that specializes in creating innovative learning experiences for the classroom and workplace. We work with educators and industry professionals from around the world to develop effective solutions for education and training using cutting-edge digital media technologies.

The Challenges

  • There is increased interest in virtual reality to augment spaces and put people who are in isolation in training environments; however, while the interest is high, this is not transferring to sales due to an uncertainty with income and cash flow.
  • Sales are difficult to make during this time.

The Opportunity

  • The world is hungry for innovation; traditional markets are open to using virtual reality and augmented reality tools.
  • Virtual and augmented reality products provide a safe and physically distanced learning experience. Any space can be augmented to create a realistic training environment.
  • The pandemic is serving as a wake-up call for traditional businesses when it comes to their ability to adapt to using digital tools.
  • In the long term, overall sales will increase and the use of virtual and augmented reality will become more mainstream.

The Advice – What We Learned

  • Some industries will be negatively impacted by the pandemic, but the industries that survive will come back even stronger.
  • If you have an idea, now is the time to push it forward.
  • Take advantage of the support programs that are available from the government to support your business. Everyone is struggling with payroll right now.
  • It can be hard to be open and share ideas and have honest conversations with other entrepreneurs, but it is important to do this. Find others in similar situations and talk about your challenges.
  • Regardless of the type of business you are in, continue to strive for milestones, to work toward a goal, to work toward something. When we all return to “life after”, we all need to have hit milestones during this time and not just to have engaged in speculation without goals.

Bit Space Development

bitspacedevelopment.com

Chambers Plan

Chambers Plan

Chambers of Commerce Group Insurance Plan is Canada’s #1 employee benefits plan for small business. Chambers Plan has been protecting Canadian firms for over 40 years. As a not-for-profit, any surpluses are reinvested to the Plan to support industry-leading stability. That's why more than 30,000 small to midsize businesses trust Chambers Plan to protect their employees.