Context:

The Reality Lab leadership at Meta (formerly Facebook) identified a promising business opportunity in the increasing use of virtual reality (VR) headsets for collaboration and productivity in the work environment. This trend was further emphasized by the rise of post-COVID remote collaborations. With a focus on quick returns, the leadership was eager to acquire startups operating in this area, but they needed to identify the most lucrative opportunities. The main research question guiding this project was: "In what areas can augmented reality (AR) and VR provide significant value over existing 2D tools?".


Approach:

To tackle this question, a preliminary market study was conducted to narrow down the industry and focus area. The study identified architecture and building development as a promising sector due to the abundance of VR productivity apps available and the prevalence of existing 2D/3D software in this field. In-depth interviews were then conducted with professionals involved in various stages of the project lifecycle, including architects, construction project managers, and mechanical engineers.


Key Learnings:

Through this research, several important insights were uncovered:

1. A comprehensive process map was developed, providing a clear overview of the existing apps in the market.
2. "Moments that matter" for VR collaboration software were identified, highlighting the critical junctures where AR/VR technologies can provide significant value.
3. Adoption risks were analyzed, taking into account the unique challenges and realities of the architecture and building development industry.

Impact:

The findings from this project played a crucial role in informing Meta's investment strategy in VR productivity apps. Armed with a deep understanding of market potentials, integration opportunities, and adoption risks, Meta was able to make informed decisions and successfully acquire promising startups in this field. This investment has paved the way for Meta to establish a strong presence in the VR collaboration and productivity market, ensuring long-term growth and innovation.


Contributions:

Through this project, I made significant contributions to Meta's portfolio:

• I brought focus to the vast investment industry and market potentials in AR/VR technologies.
• By identifying value, integration opportunities, and adoption risks, I provided valuable insights that shaped Meta's investment decisions.
• Despite tight timelines, I managed to deliver results within a quick 3-week turnaround, setting the foundation for years of future investments.