We all have read about the likely recessionary environment coming in 2023. Inflation, interest rates, continued worries about the war in Ukraine and a general resetting of the global economy are all strongly pushing the narrative of a recessionary environment. Is there anything businesses can do to avoid being hurt by this? The answer is yes, but it takes a giant leap into the digital future.
When COVID-19 was beginning to show its ugly face, millions flocked to Zoom out of a need to continue meetings at any cost. Zoom initially worked well at first. Video conferencing was new to most people and the tech was pretty good at bringing people together. Technology has grown since Covid and we now have alternatives to Zoom. Most directly, the digital universes that are popping up bring people together one at a time, or as larger groups. Application software like Second Life and Virbela have been somewhat successful at offering a digital universe to subscribers in which they can conduct meetings, conferences, seminars, and more. The promise of the digital universe is in three areas:
1. Cost Savings
a. Like Zoom, Digital meetings eliminate travel
b. Digital Universes, however put a personal touch on the digital
2. Productivity Improvement
a. Education, Training & Mass meetings
b. High Impact Networking
3. Low-Cost Scalability
a. With Digital, the world is on your PC or Phone
b. Customized applications are readily available
There are four fundamental weaknesses to most of the SaaS companies competing in this space which in combination have made it hard to scale adoption by “regular non-tech and non-gaming people.” Simply stated, first, digital universes like Meta that are based on cartoons will not be accepted by non-tech people. Yes, Avatar acceptance is growing, but the goal must be to create a real-world “feel” to the digital universes. Secondly, the digital universes must be web-based, not downloads as people don’t like the cumbersome nature of a download and the update process needed to keep sizeable numbers of computers updated is messy, at best. Third, digital universes need scalability. You cannot run a company either B2B or B2C if you have a scale problem that will shut your company’s digital universe down if it is exceeded. And fourth and finally, the digital universes must be transaction friendly, meaning that the movement of money (or token, or crypto) from one person to another, or company to another, must be frictionless, safe, and secure.
Elevare Technologies is the first Virtual as a Service (VAAS) company providing scalable, real-world, web-based and transaction-friendly digital universes to businesses. Think of as the GoDaddy of Web 3.0. Custom integrated systems are provided to our clients to help them migrate into the new world and begin holding meetings, seminars, conferences, and personal meetings all in the digital space. The future is here.
Steve Beaman is the chairman and CEO of Elevare Technologies, a VaaS company providing digital solutions to businesses.
