Facebook Shakes Up VR Strategy

With the main-engine behind their efforts in the virtual reality space facing setback after setback, Facebook have changed up their approach to the market – specifically in South Korea.

Reports out of Korea’s Yonhap News Agency say that the social media giant is now looking to take VR-focused startups in the country under its wing.

“Under an agreement signed between Facebook and two institutions under the Ministry of Science, ICT and Future Planning, 10 AR and VR startups will be given an opportunity to pitch their business ideas and receive assistance from the global tech firm to advance in Silicon Valley,” the report says.

“Our mission is to make the world more open and connected,” Alex Stamos, chief security officer of Facebook, said.

“Facebook would like to help promising startups connect to the rest of the world,” Stamos said.

It’s possible but remains to be seen if Facebook will attempt similar initiatives in other countries like Australia.

According to a recent from Telsyte, 59% of Australian small and medium businesses are investigating or already have a strategy to develop VR applications as consumer demand increases.

Telsyte’s estimates say that a quarter of Australian households will own some form of VR headset by 2021 with industries like healthcare, transport and retail listed as potential commercial adopters of the tech.