How VR Works in Economic Development

Virtual Reality is an immersive technology that allows for a person to interact with a virtual environment using special headsets and controllers. The fully immersive nature of VR is what makes it feel like ‘reality’. 360° video is similar to VR in that it uses the same hardware and is fully immersive, but the viewer is at the center of the video and can look up and down, and 360-degrees around their body.

Virtual Reality, 360-Degree Video and Virtual Meetings – What’s the Difference?

Virtual Reality allows a person to interact with a virtual environment using special headsets and controllers. The fully immersive nature of VR is what makes it feel like ‘reality’.

360-Degree Video is similar to VR and uses the same hardware, but the viewer is at the center of the video and can look around turning your head to look up, down, and in a complete circle – known as three degrees of freedom.

Virtual Meetings greatly reduce travel, eliminating flights, commute time, and travel expenses, allowing economic developers to have a national or international presence without a big carbon footprint.

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Why Virtual Reality Works

Neuroscience has proven that the activity that happens in your brain when you’re experiencing a 360° video using VR goggles is the same type of brain response that happens when you are in a new place. That means that your brain thinks that you’re actually in that place! The result is that you better understand and remember the message in the experience.

Up to 75% retention of information

In a National Training Laboratory study, retention rates for learning were 10% or less for traditional formats, while VR had a retention rate of 75%.

Source: Masie Center for Learning, Technology, and Innovation.

VR can ‘trick’ your brain into thinking that the experiences are actually happening.

How can it do this? 360-degree video triggers more memory-writing areas of the brain when interacting with a new environment than it does simply observing a familiar environment.

Source: Mashable

VR creates more empathy in viewers compared to other media.

According to Stanford research, the immersive and intense experience created through VR creates a feeling of empathy that can help people relate to each other better than novels, TV shows or films can.

Source: Stanford

VR and 360 video provides a real sense of presence.

Whether viewing a 360 video through a headset or meeting with someone in a virtual room there is a distinct feeling of being there. This feeling is enhanced with interactivity and 3D spatial sound.

Source: Interactive Architecture Lab

Do you like to think big? Are you committed to finding solutions to your community’s economic development challenges?

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Use Immersive Technology to Fuel Your Economic Development Vision

Your plate is full of challenges but your time and budget is limited. When you have VR in your economic development toolbelt, you can expand your reach and influence.

Here are some ways that you can get in front of more people with 360° Video and Virtual Reality:

Send VR goggles loaded with 360° Video and VR app anywhere in the world.
Bring the VR goggles with you to an in-person meeting.
Use 360° video in conjunction with an on-site visit to cover more ground.
Stand out at a trade show by offering participants a VR experience.
Give job candidates a VR tour at Career Fairs.
Embed videos on your website and promote through email and social media.
Give impromptu tours using your phone in place of goggles.
Stimulate engagement with your own community at fairs and events.

Make Technology Your Competitive Advantage

There’s a lot at stake if you fail in your mission to attract businesses, investors and people to your community, but there’s a lot to gain from your success – for everyone. It’s time to be an innovator.

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