“Innovation is the ability to see change as an opportunity, not a threat.” Steve Jobs
An innovative mindset ignites the spark of entrepreneurship and leads to an enterprising generation. Engaging in entrepreneurship within the realm of Metaverse, which is a simulation of the physical world in the virtual space, holds tremendous potential. The Metaverse realm is an aggregation of online gaming, virtual reality (VR), augmented reality (AR), and social media channels. As students immerse themselves in this area, they not only navigate digital environments but also have the chance to apply entrepreneurial skills and unleash their creativity. Students need to be aware of the diverse and novel opportunities available in this world.
Universities and higher education institutions (HEIs) can establish start-up incubators or host competitions specifically focused on Metaverse entrepreneurship. These platforms will provide students with opportunities to showcase their ideas, receive mentorship, and potentially secure funding. Participation in the Metaverse necessitates the development and enhancement of various digital skills, including 3D modelling, coding, VR, AR, and digital marketing. These skills are also applicable and valuable in the broader digital landscape. Therefore, it is imperative that HEIs help students develop them.
New learnings
Venturing into the Metaverse also helps promote adaptability, creativity and a willingness to explore new frontiers. Students can learn to identify gaps or opportunities within the realm and devise solutions to address them. All this also helps nurture an entrepreneurial mindset.
Establishment of virtual businesses involving the creation and sale of virtual goods, services or even the acquisition of virtual real estate can be explored. Metaverse can be used to provide services such as immersive training, interactive learning and virtual classrooms and one can look for ways to demonstrate new products or a novel business idea and pursue branding plans in the virtual space with a whole new customer experience.
Building a presence and visibility in the Metaverse, through networking and collaboration with like-minded individuals will establish a meaningful relationship with several mentors and investors in the virtual world. The Metaverse is as a valuable asset in the emerging business world and provides competitive advantage in the job market. Attending webinars, networking with like-minded professionals, and joining forums and communities dedicated to the understanding and growth of Metaverse will help learn this technology on the go.
The Metaverse offers a dynamic landscape for students to explore entrepreneurial pursuits, blending digital skills, creativity and business acumen. As this space evolves, students have the chance to shape and contribute to the future of digital innovation.
The writers are Assistant Professors in the Department of Business Administration, Madras Christian College, Chennai.
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