Recently, under the guidance of the China Center for Information Industry Development, the Virtual Reality Industry Alliance, and the National Science Innovation Venture Capital Co., Ltd., the Chinese Organizing Committee Office launched the first China Virtual Reality Innovation and Entrepreneurship Competition in Beijing. This event marks a significant step forward in promoting technological innovation and entrepreneurship within the VR sector. As noted by Academician Zhao Puping, Chairman of the Virtual Reality Industry Alliance and a member of the Chinese Academy of Engineering, "Virtual reality has the potential to transform people's lives and open up new opportunities for industrial upgrades across various sectors. It could even drive national economic restructuring and create new growth points at the local level."
Virtual reality technology is no longer limited to military or aerospace applications. Over time, it has expanded into fields like medicine, education, tourism, and e-commerce—areas that directly impact daily life. With recent advancements in both hardware and software, the performance of VR systems has improved significantly, while costs have dropped, making these technologies more accessible to the general public.
The development of the VR industry also brings broader economic benefits. The virtual reality supply chain is extensive, covering everything from hardware components and core chips to software development and cross-industry applications. Moreover, it has the potential to create an entirely new service sector, further driving economic growth and job creation.
Zhao Qinping emphasized that while the VR industry is still emerging, its long-term success depends not only on technological progress but also on the availability of skilled professionals. In recent years, many investment firms have shown strong interest in this field, especially in 2016, which was considered the starting year for the VR industry. However, challenges remain.
One major issue is the shortage of qualified talent, which has become a key obstacle to industry growth. Another challenge is the lack of sustainable and innovative technologies. For the VR sector to thrive, continuous research and development, as well as a steady stream of creative content, are essential.
In response to these challenges, the competition was organized with the aim of fostering innovation and encouraging companies to take the lead in VR technology development. By creating a platform for collaboration and competition, the event also helps investors identify promising startups, cutting-edge technologies, and talented individuals. Ultimately, the contest is expected to accelerate the growth of the VR industry and contribute to the broader digital transformation of society.
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