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Launch Academy Announces New Facility for Virtual Reality (VR) and Immersive Technology Companies
Tuesday, October 23, 2018Company Profile | Follow Company
Vancouver, BC, October 23, 2018--(T-Net)--Vancouver technology incubator Launch Academy today announced a new facility for virtual reality (VR) and immersive technology companies.
Partnering up with VR/AR Association Vancouver, Launch Academy will create a local hub "VR/AR Hub" to support the city's burgeoning industry. Offering training and education programs, VR and AR equipment rental, mentorship, events, and workshops, the 12,000 square foot facility will provide everything necessary for entrepreneurs to get their startup off the ground.
"The reason why Launch Academy is successful is because we believe in community first," says Ray Walia, CEO of Launch Academy. "In a nascent industry like VR/AR, it is especially important to cultivate early-stage entrepreneurs, cross pollinate their networks with other existing emerging tech communities and provide them with the resources they need to tackle their audacious visions. VR/AR Association Vancouver and Launch Academy share the same passion to help these entrepreneurs succeed."
Mentors of the new initiative include Silicon Valley-based investors from the most active VR/AR seed-stage funds, including Super Ventures, The VR Fund, WXR Fund, Outpost Capital, and The GFR Fund.
In addition, over 25 local mentors have expressed their support, including founders and experts from Microsoft, Blueprint Reality, Cognitive3D, Vancouver Economic Commission, YDreams, Archiact, Finger Food, LlamaZOO, LNG Studio and many more..
"We have all the right ingredients to make Vancouver number one," says Dan Burgar, Vancouver Chapter President of the VR/AR Association. "We believe it's extremely important to keep the momentum up and build the support infrastructure now for companies to accelerate their growth. Launch Academy has a proven track record of incubating over 600 companies and we're thrilled to work with them on this."
Vancouver is currently the second largest VR/AR ecosystem in the world, and is well positioned to become a leading hub for immersive technology internationally, according to Launch Academy.
Vancouver's fast emerging VR/AR sector benefits from a longstanding legacy in the film, video game, and tech industries. In 2015, there were only 15 companies working in VR/AR, while today over 220 organizations are actively pursuing the medium as the next frontier of their business.
The growth of the local sector shows little signs of slowing. 3D development enterprises have already created 17,000 jobs and driven more than $2.3 billion in revenue for the province. As mobile AR adoption hits one billion installs by end of this year, the expected global market size for the technology by 2021 is $108 billion. AR is expected to take the lion's share at $83 billion, while VR will account for $25 billion.
A limited number of spots are still open for companies interested in joining the VR/AR hub at Launch Academy. To learn more please visit: launchacademy.ca/launchpad
About VR/AR Association Vancouver
The VR/AR Association (VRARA) is an international organization designed to foster collaboration between innovative companies and people in the virtual reality and augmented reality ecosystem. It accelerates growth, promotes research and education, and develops industry standards.
The Vancouver chapter has been pivotal in helping shape the growth of B.C.'s VR and AR ecosystem, and elevate it to a world leader. Learn more about the VRARA at http://vraravan.com
About Launch Academy
Launch Academy is an early-stage tech incubator that provides entrepreneurs with the mentorship, resources, network, and environment they need to launch, fund, and grow their Startups.
Since 2012, Launch Academy has incubated over 600 companies that have collectively raised over $150 million and created more than 1,000 jobs. As a nonprofit leader that's focused on community impact, Launch Academy aims to train and support more than 100,000 entrepreneurs by 2025. For more about Launch Academy go to www.launchacademy.ca
Contact:
Ray Walia
ray@launchacademy.ca
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