The extended reality (XR) industry is gaining the required legislation from US government bodies for extensive research and development (R&D). The opportunities come amid three years of campaigning among lawmakers and the XR Association, with Elizabeth Hyman, the group’s President and COO, hoping to establish capital and support for emerging immersive technologies.
Speaking at the first-ever XR Summit, Hyman, alongside Lee Kebler, the Director of Journey, joined XR Today to discuss the impact of immersive technologies on business.
The XRA is a trade organisation which supports global augmented, virtual, and mixed reality (AR/VR/MR) firms. Also, the XRA builds its company vision on three pillars — Community, Advocacy, and Leadership — to ensure the success of the emerging marketplace.
- Elizabeth Hyman and Lee Kebler are speaking at the first-ever XR Summit on September 22 to discuss unlocking business potential with XR.
Journey is a Web3 and Metaverse solutions provider that builds bespoke immersive environments to connect global businesses.
The CHIPS Act
The news comes after President Joe Biden passed the CHIPS Act in July to boost US microchip development. Additionally, it secures many emerging technology firms with fresh capital and resources.
Elizabeth explained how the CHIPS Act, which started as the “Endless Frontier Act,” also supports XR technologies such as artificial intelligence (AI), machine learning (ML), quantum computing, and robotics, adding the Endless Frontier Act morphed over time and ultimately became the CHIPS Act.
During the conversation, she explained,
“We were able to get immersive technologies included in the suite of technologies that are now eligible for hundreds of billions of dollars, potentially of R&D funding that would go through the National Science Foundation”
The CHIPS Act presents a real opportunity to scale immersive hardware and software production, Hyman said, adding that “we’ll have to see” how the US government appropriate the funds.
During the chat, Hyman expressed that XR exists as part of the future and how The CHIPS Act was a “watershed moment” for the XR industry.
Humanising the Metaverse
As XR technology raises and secures more support, firms like Journey aim to provide businesses with bespoke immersive live events and environments via inoperable Web3 services.
During the conversation, Kebler spoke on humanising the Metaverse to create an inclusive immersive space for space for brands, businesses, and clients.
The company director explains how users inside a Metaverse platform interact with each other in “a pure form of their identity.”
- Elizabeth Hyman and Lee Kebler are speaking at the first-ever XR Summit on September 22 to discuss unlocking business potential with XR.
He concluded how digital worlds put a user’s personality front and centre, leading to a more forthcoming perception of others online.
The inaugural XR Summit will take place from 20 to 22 September, and joining the event will be numerous XR representatives speaking at roundtables on emerging technology and XR trends such as the Metaverse, immersive collaboration, and NFTs.
