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.
- 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 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.