A virtual reality software development company has won three new contracts with support from the Innovate2Succeed (I2S) programme.
Invirt Reality (IR) designs bespoke interactive training systems for companies in highly regulated sectors, including aerospace, rail and nuclear sectors – where training staff in VR is both cost effective and compelling. IR is helping organisations to create a ‘real life’ training solution at a fraction of the cost.
IR uses Virtual Reality to place trainees into an interactive scenario which mirrors real life situations. This has enabled them to create a bespoke training system which takes all learning styles into account, saving a business both time and money.
Aware that Virtual Reality offers innovative ways to engage with new markets, and with the industry estimated to be worth £270 - £320 million by 2025, Invirt Reality was keen to use it to grow into new markets.
The company knew it had a good product – offering valuable bespoke training, but Invirt Reality struggled with their marketing strategy. It needed to gain a better understanding of potential customers and how best to sell to them.
And that’s where I2S was able to help. Invirt Reality contacted I2S for advice to move the company forward, including support with their customer segmentation for their sales and marketing.
I2S expert Phil Johnston helped Invirt Reality to review its market position and customer segmentation. This resulted in the company moving away from Ministry of Defence contracts due to their small nature. The shift in client focus resulted in IR securing three larger contracts with MTR Crossrail, the National College for Nuclear and the Transport Research Lab.
Moving forward, the company is continuing to review and develop its sales and marketing strategy in a more targeted way in line with its new customer segmentation approach.
Speaking of the help received from I2S, Chris Jones said:
“We needed to take a step back, look at our business and carry out a proper review of our business.
“The quality of advice we received was excellent and the support was completely free. It gave us good honest impartial advice about where the company stood.”
Through the Innovate2Succeed programme Invirt Reality was also given extensive support to help them review their business strategy, which included a business audit and strategy training. I2S experts Kim Howat and Phil Tellwright provided support to improve their understanding of innovation and investment readiness.
As a result of the financial audit and financial projection forecasting, one of the directors stepped back from his role allowing the company to ease its cashflow and become more financially stable. The director is still involved with the business but now works on a contractual basis – a situation which suited the director and the company.
Due to its rural location IR also faced difficulties in attracting and retaining graduate employees. Advisers provided the company with information on the Knowledge Transfer Partnership and how it supports businesses to access graduate and academic expertise. The company is currently in discussion and exploring this recruitment option.
I2S adviser, Ed Tellwright, said:
“It was fascinating to see how our specialisms in accessing both funding and finance were able to help Chris and the team to develop and grow their business successfully. They were great to work with and watching them implement our advice and recommendations with such success is testament to both the team at IR and the experts at I2S. IR clearly valued the support we provided and are continuing to use their learning to drive the business forward. I have no doubt that IR will continue to take the VR world by storm.”