The Potential of Virtual Reality for SMEs – Tech Talk at ZEW

What is virtual reality, what challenges does it pose for society, and how can small and medium-sized enterprises (SMEs) make the most of this new technology? These are just some of the questions that were discussed by experts from the worlds of business and research in front of an audience of around 90 guests invited to ZEW in Mannheim on 15 November 2017. This was the second ever Tech Talk organised by the Volksbank Weinheim and mittelstand-rhein-neckar.de. The topic of this year’s event was “Virtual Reality – Trends and Practical Solutions for SMEs”.

Following a brief welcoming address from the spokesman of the board of the Volksbank Weinheim, Manfred Soßong, Professor Irene Bertschek, head of the ZEW Research Department “Digital Economy”, kicked off the Tech Talk by underlining the increasing economic and social significance of digitalisation. She described how the world of work is in a constant state of flux as a result of increasing levels of automation and greater flexibility in the workplace due to new digital technologies. More and more companies are taking advantage of the many opportunities presented by “Industry 4.0” and many of these innovative technologies have great potential for application in small and medium-sized enterprises as well, according to Bertschek. These claims were supported by results from the Monitoring Report DIGITAL Economy 2017, a report produced by ZEW and Kantar TNS on behalf of the German Federal Ministry for Economic Affairs and Energy.

From reality to virtual reality

The remarks from ZEW economist Bertscheck were followed by a talk with Holger Steffentorweihen, chief innovation officer at LK AG, who, in response to questions from Dr. Michael Peschke, executive director of emivo, gave the audience an outline of the history of virtual reality (VR) since 1967 as well as a glimpse into our digital future. Within a decade, for instance, the global market for VR applications is predicted to be as large as the current market for personal computers. The uses of virtual reality go far beyond entertainment, with the significance of the technology in the industrial, logistics and service sectors continually growing. For companies, the possibilities for incorporating virtual reality into their operations are seemingly endless.

What does virtual reality feel like?

Following the round table discussion, audience members had the opportunity to join in the debate surrounding the potential uses and associated risks of virtual reality. Curious participants also had the chance to experience virtual reality for themselves by testing a number of VR glasses provided at the venue.