FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT SPEAKER: Brought to you by Accenture Thank you so much for having me. I’m doing Extended Reality. This is Field of View. very well, excited to be here. Yeah, let's get into it. DANIEL COLAIANNI: Hello everyone. My name is Daniel Colaianni. NICK: Fantastic.

NICK ROSA: Hey, my name is Nick Rosa from DANIEL: No, no, you go first. Accenture. NICK: Okay, perfect. So we usually ask a DANIEL: And welcome to a very special little bit of a background to our guests like a episode again on Field of View. Today, we're sort of origin story of where they - how they joined by a really interesting individual in the arrive to be part of this immersive world and XR investment space, someone who I’ve immersive technologies world? But, first and always bumped in at every single XR event foremost, would you like to give us a little bit that I’ve ever been to and someone that I of an overview of your role in the venture really look up to when I look at the financing reality found? What is your day-by-day job of some really interesting XR experiences that and what do you do in in the funding, in even yourself may have tried. particular?

NICK: Yes, we're going to talk about ARCore TIPATAT: Sure, sure. So the fund is really my gaming. We're going to talk about VR partner, Marco DeMiroz and I. So we're co- development. We're going to talk about the general partners and we do everything. So, early days of this new renaissance of as a venture fund, you really do three main immersive technologies but, in particular, things. It's you source deals, you invest in we're going to talk about how to invest in VR companies and then give them support and companies and what is the secret sauce in then, of course, you find more investors for order to raise money eventually to become your fund. Like those are the three and you, unicorns in the VR space. of course, work with your investors, right. So It's a pleasure and an honor to have the I guess four things really, but that's the main venture reality co-founder, Tipatat of what we do. But, honestly, most of my Chennavasin. Hi, Tipatat. How you doing? day-to-day is talking to founders and helping them, whether they're in our portfolio or not, TIPATAT CHENNAVASIN: Hi, Nick. Hi, Daniel. FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT we kind of view ourselves as one of the major PlayStation. They're on PlayStation VR, but funds in this sector. So we try to be also on regular PlayStation, on Xbox and supportive and helpful for everyone, try to also, on iOS. And it's really great like in give open and honest feedback at every terms of the creator community and how stage, try to connect, try to problem solve. much interesting things they've done. And me and my partner both have been And we've also invested in one of the most founders ourselves and we know how tough it successful VR game studio, Beat Games who is. And when I was on my entrepreneurial created Beat Saber. They recently journey, there were a handful of VCs that announced they made over $180 million in really were super helpful, even if they didn't revenue, which is crazy considering it's been invest. And I try to model myself after some of three years since they launched. And they those folks who really like showed me how to were acquired by Facebook over like a year be a proper VC. and a half ago, Job Simulator or the creator of Job Simulator, Alchemy Labs, they're one NICK: And you invested already in more than of the very first VR hits as well. 40 companies in the XR space. Would you like But, again, consumer and gaming is just a to give us a little bit of - drop some names small part of our portfolio. We've done a lot about the companies, the most successful of other investments with Wave, they are a ones that you invested on? We know that you pioneer in virtual concerts. But also, we've have a unicorn in your catalog of companies. done health care. We've done education and training. We've done data science, life TIPATAT: Yeah, so we've been doing this for science. almost 5.5 years now as a fund. And we focus One of our companies, Apprentice. They're on early-stage succeed in Series A and we do an AR solution for bio life sciences. They virtual reality, augmented reality and artificial became critical during the pandemic intelligence investing. And, yeah, like you because what they do is allow collaborative alluded to, the first software unicorn in VR, a work and remote work for biopharma company called Rec Room. We were one of laboratories essentially. And so, this is the first checks in. They're one of the amazing, but they helped accelerate some pioneers of the metaverse. And it started with of the COVID vaccines. And the founder's VRFocus was one of the first like viable VR mom actually got to take the vaccine that social platforms and then, really expanded the company had actually helped accelerate beyond that. They're now on console, like and get to the market in record time. FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT So those are some of the things, again, where got Unity. Started playing with that, built my it's just amazing to see the impact that these own game company and really fell in love technologies can have not just on the way we with this idea of like, oh, gosh, like we can play, but the way that we work, the way that create anything. We can do anything with we live, the way that we heal. It's really these tools and that they were pretty much exciting to support founders in this category like freely available and it was just amazing. doing profound work. And then, really it was, you know, flash forward, I see the kick starter for Oculus and DANIEL: That's amazing. Like that's where John Carmack was backing it. And anything you are today, I guess, and that's the kind of John Carmack says I will listen to, right. And like companies you've done. But I’m so, I bought the DK1. I tried it. It was a little interested, what's the story to how you get to rough, but it showed the promise of like, oh, someone like or take me back to the very my gosh, like something around the corner beginning, I’m really interested. is going to be so profound. And then, it was really the DK2 that showed like the TIPATAT: Sure, sure. I mean as a kid, I kind of positional tracking and how powerful that always grew up - born a kid of the 80s and was to engage that extra like sense. And 90s and I always had this love of magic and that's when I was like, oh, my gosh, this is for me, like animation was the first magic I just incredible. I started building more saw where you could take paper and images demos. and create life, right. And then, video games One of the early demos I built with some came out and I was like, oh, my gosh, and friends, Eric Bale and John Dudley. It was now you can make it interactive. And so, I’ve trying to recreate scenes from the movie the always loved this like intersection of Matrix, but instead of watching the movie, technology and creativity to create magic. you live the movie. And really early on, I saw this potential in what like would eventually lead me on this NICK: That’s interesting. path of like VR, AR. I was animating just for fun. I learned computer graphics and like to TIPATAT: You get to be Neo talking to 3D model. As soon as I could, I started like Morpheus when explains to you that the scripting little basic games on my calculator, world's an illusion and that you're really just then in the browser, then using Flash. I was a battery. And then, you get to do some of really into like new grounds back in the day the cool scenes like dodging bullets on the submitting animation there and, eventually, FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT rooftop or the jump program. And so, making worked, and that allowed me to speak to the jump program, you see Morpheus. So investors, but also speak to game you're in the construct, then you get developers, early VR/AR developers and teleported onto the rooftop, Morpheus talks really speak the language and be that bridge to you, he does the jump and then, you have between the two. to free your mind. So then you like - this is still And so, then I helped set up the first VR/AR controller based on the DK2, but you push incubator. I was involved with the first forward, you kind of move forward, you press cohort and then, I helped pick some of the the button, you jump. And then, if you look companies in the second cohort. And then, down, you actually fall down 40 stories and left, had the opportunity to join forces with then, you kind of bounce off the floor like in my good friend, Marco. And then, we the movie, right. And creating that created the Venture Reality Fund and we're experience - and this was just a nights and $50 million fund based out of Silicon Valley, weekends project that we didn't spend that investing in early-stage VR/AR AI. much time on, but I somehow accidentally We just recently announced we have a hacked my brain and cured myself with my second fund and, yeah, it's just been real-life fear of heights. And so, that kind of amazing to be on this kind of journey and showed me that was my aha moment where I supporting these founders. saw, oh, my gosh, this is not just the next Nintendo. This is a new profound new NICK: How do you see the industry changed medium that has the ability to do something across the years? Because right now, we are unique, profound, unseen before in terms of not yet at the big bang moments of VR. how we experience the world. We're really, really close, but we are not And so, my aha moment of this is going to there yet. But it seems that the pot is started change everything, right. And so, I wanted to boiling in in a certain sense. How do you feel be more than just a game developer. I wanted the sentiment has changed when you talk to to really do something more impactful for the your investors about VR when you started space and I realized like my super power at and right now? Has anything changed since that time was, I was technical, I was creative, then? but I was also an entrepreneur. I had started my own mobile game company. I worked with TIPATAT: Sure. For us and a lot of the investors. I got an M&A for it, so I knew how people that were like seriously putting in the startup, especially early-stage startup FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT work, we knew this was going to be a long But clearly, we found those use cases, both journey. We knew this wasn't going to be in consumer and in the enterprise. And now, three years and everyone's going to have a we're starting to kind of see it like it has to VR headset, right. Like we knew this was be a combination of use case and going to have to be - we were starting at the combination of hardware at the right price beginning of like the cell phone revolution or and right function and feature set. And I the PC desktop revolution, right. Like it took a think we finally have gotten there, like I think long time for us to get there and we thought it took a while. When we first started, we're this would be at least a 5-to-10-year journey like what is VR? Is cardboard VR? Is 3 DoF to get to where we need to go. And what's mobile VR? Is that valuable? Is 360 video been really interesting is it got overhyped, valuable? people were expecting this to be the next And we've kind of like paired away all of iPhone next year and it's like when it gets that, like sifted through all of that and now, overhyped, then you have that big dip when it it's clearly defined. Okay, six degrees of doesn't happen overnight. freedom, head tracking, hand tracking, on But what's really interesting is during the VR an all-in-one headset, like that's going to be winter, that's when companies like Beat the mobile consumer play. The clear winners Games made Beat Saber and they're making of the category. It's not just experiencing tens of millions when people are like, oh, my things in 360, it's actually interacting with gosh, VR is dead. And it's like no, no, like things and moving around and having that clearly people are finding a lot of joy and kind of spatial interaction, engaging your fulfillment from this. And also, this was one visual memory, your spatial memory, like all on the enterprise side, like companies were of those things are really what makes VR putting in the work, doing the POCs, really unique. finding the return on investment for these VR And once companies have figured that out, use cases. And we have to start from scratch then they're able to find that success. And because again this is a whole brand new really what's been interesting to me is like medium. We can't just say, oh, this is what kind of just seeing like the waves of where it works and let's just port it. And it's like, no, we goes. I'll give you an example on the have to develop from scratch and kind of find enterprise side. Like the very first successful out what's really unique about it. And it was big VR use case was training. That's what VR going to take some time to figure these things was originally developed for, right, like out. FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT training in the Air Force and we've kind of TIPATAT: On the operational side. seen that come to fruition. Like it like Striver, Tailspin, Interplay Learning. They're doing NICK: Okay, yeah. great stuff in terms of like training people to do their real job better. TIPATAT: Operate like so surgical navigation during the operation. Like so, this is very NICK: And Accenture. specific, using the tools to do the work, not just training and then putting the tools aside TIPATAT: At Accenture, yes, of course. I and then doing the work, but actually doing mean, honestly, Accenture is like powering a the work in the tools. So to me, that's like lot of this and doing the studies that get the really powerful, really impactful, it reduces real ROI out. But what's really interesting the training time, augments the person, I though is like the next wave was when people think. And we're going to see a lot more of are productive inside VR and AR and doing that. Ford, they've been designing cars in VR the work in these tools and that's what we're using a program called Gravity Sketch and starting to see. Ad so, it's like I'll give you an it's not just training now. They're actually example on healthcare. So it's really being productive and that's the real value. powerful, of course, to train surgeons, to And kind of how this translates also into make them better, to reduce the risk, but what we see with Rec Room and the what's even more impactful in my mind is metaverse. Fundamentally, I think what one doing things like augmented surgery. of VR superpowers is, is it really We have a company called Proprio. And what democratizes 3D creation. So not just 3D they do is you put on the headset, they have a visualization, but working in 3D, creating 3D, pretty much like a depth camera, like a light whether that's designing a car for Ford or field camera, that captures the surgical site in designing a game level on Rec Room. And 3D, like three dimensions. Then that fuses so, when we saw the creator tools that Rec with the 3D scan data and lets people - lets Room put out, where people are creating surgeons do their work faster, more effective, inside the program, in VR, it's been much less errors. more accessible. And so, they have a much higher ratio of creators to players than like NICK: You talking more about the operational Roblox or like non-VR solutions. And so, side or the training side? that's kind of showing off, oh, some of that FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT being productive, creating, doing stuff inside Publishing and PowerPoint, like no one knew VR. what a font was, no one cared about these things. Now everyone knows and thinks DANIEL: And, Tipatat, that 3D creation side of about these things because they have to things has always been, I guess, a passion of give these presentations and they have to yours. use these tools. And in that same way, I do think that VR and AR like spatial computing TIPATAT: Yeah, absolutely. So like I will democratize 3D design and 3D mentioned, as a kid, I loved animation. And I communication in a meaningful way. used to do the drawing with my parent’s camcorder, taking pictures and creating like NICK: There is an interesting topic that stop-motion film animation that way. But as comes up very often during the soon as I got like a Mac and the early tools conversation that I have with my clients at back then, but fell in love with 3D animation Accenture, which is, yeah, we tried XR, but and started modeling. And I did that you know we've done a POC and we never professionally. That was my job for a while, been able to scale. What do you think it but then, as I kind of switched careers, I kind takes for any company to be able to scale of hadn't really done much 3D modeling, 3D XR? Because we've seen a lot of tactical animation. And then, Skillman & Hackett put experiences, but very little strategy behind out Tilt Brush with Google and there's a whole immersive and 3D and XR in general. What is slew of other amazing VR art programs, like your take on that? Oculus Medium, which was acquired by Adobe and then Google Blocks and that really TIPATAT: That's a great question. And I'll tell just opened my eyes to being like, oh, yeah, you what we've seen from the companies like gosh, 3D animation or 3D modeling is fun that have been able to get over that hump. again and interesting and I could see this And, essentially, it's a combination of two being more approachable, more accessible. things. It's one, solving the right problem, And kind of like how desktop computers, making sure that the problem is big enough, when they had a GUI and a windows interface valuable enough. And then, two, it is a keyboard and mouse? It really revolutionized combination of like the right hardware and 2D communication, 2D design, like Desktop the right infrastructure software like Publishing with like Adobe, but also, even business support for it to make it more with PowerPoint. Like before Desktop frictionless. I think when the value FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT proposition was, okay, they have to buy a new the feedback I get when I talk to these PC, IT has to support, manage and update a companies that are like, oh, my gosh, like new windows device and then, there's the VR these are not right. headset itself and it's kind of unwieldy and expensive. And then, you're like, okay, if you NICK: We have other competitors coming to can get an all-in-one system, that self- the market, Pico announced the Neo 3 very manages itself, that you can like relatively recently. There is an announcement that is easy in terms of device management and coming very soon from HTC and things are making sure it's up to date and making sure heating up on that sense. We know though there's no issues. Like if it can be more of like that's the true Holy Grail of XR is to have an appliance and less like a computer, then I something that is completely agnostic from think you can get a lot faster in terms or lower the hardware and eventually something that that friction in terms of the bar. will create a sort of capital of knowledge for So I think the combination of the right use companies that are creating assets in 3D case and then, the right like hardware and and experiences in 3D. First of all, it's hardware infrastructure supporting it. Like it's important to create a sort of an optimized definitely one of those things where we've pipeline for three-dimensional product and seen it, but the quest has been amazing for assets. So from design to training, to consumers, but it's been a little harder to connected worker, to marketing and sales deploy in the enterprise. Like I think it's clear, and post-sales, so you can use all those 3D Oculus is doing what they can or Facebook is data across all the different parts of the doing what they can, but they are primarily value chain. But there is this, obviously, this focused on consumer, not enterprise. And so, future that is in the cloud and is powered by figuring out like those things of just like the 5G, is powered by Wifi 6 and it's powered stuff that Microsoft does so well in terms of even by 6G that already is in talks by a lot of device management, identity management, people around in the market. Can you tell us all this kind of stuff right to make it very easy more your take about this kind of future in to deploy complex systems and applications the cloud and empowered by high-speed into the field. Like we need you know Oculus connectivity and low latency? to kind of step or other all-in-one VR headset makers to kind of step up in that way and DANIEL: I also guess as well it would also be create that easy to deploy ecosystem. interesting following on from next point I see you kind of nodding, like that's a lot of there is how that has an impact on the kind FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT of companies that you invest in. And I guess file formats for 3D, like all sorts of stuff that's what that means for those kind of companies going to enable all of that to work more that are being invested in based on the seamlessly and to be optimized for cloud knock-on effect that hardware has? and streaming solutions. And so, with us and how we kind of view TIPATAT: Sure, sure. It's funny like a lot of Fund II, 5G does become a bigger part of people are like, oh, 5G, why are we talking the equation and that's why we're working about so much? And it's like, well, if you with Qualcomm, Orange, LG Uplus and actually look back at history, it's like 3G and other telcos to really figure out, understand 4G were so important for unlocking the true and invest smartly into the right technology capabilities of the smartphone. Like that infrastructure backbone, but also, bandwidth bump up that allowed people to applications that take advantage of it and have internet on their phone with 3G and make sure that they work as we envision it, then video on their phone with 4G, that as we know it should. enabled really what happened with the But I think that that goal of, okay, what does smartphone. So it's like the plumbing that the next generation look like. If we're saying needs to get out there. And in that same way, right now VR is at like the candy phone, like 5G and potentially 6G will do that same kind Nokia candy phone or Motorola flip phone, of thing where not just increase bandwidth how do we get to the iPhone? How do we for richer experiences, but more importantly, get to that next form factor that's going to is the low latency and this is the key. It's like be really mainstream in mass market in a how do we get from the big bricks on our 10x, 100x way? That is by getting, I believe, heads – faces, to like smart glass or to like by leveraging 5G, offloading compute, sunglass style form factors? And it's really increasing battery life, increasing comfort, going to be by offloading the compute into all of those kinds of things that we'll get the cloud or into the edge and 5G will have there and, hopefully, we'll accelerate it. that latency and that will make that not just a pipe dream, but something that actually NICK: Sorry, Daniel, go. works and functions. But what that means is there has to be an investment in new DANIEL: I was going to say, I mean if you hardware and software that's going to enable take then a company like Wave, which I that to happen. There's going to have to be know that you guys invested in, right? How potentially new rendering technologies, new does a technology like this impact one of FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT those members of your portfolio? things like volumetric video and streaming that, so you can actually see the face of the TIPATAT: Oh, yeah absolutely. I mean I think performer, you have multiple performers, so again it kind of turbocharges what they do. it's like if you want to have a crazy boy band Like this idea of, okay, how do you create with like BTS, all of them perform, all of their the weight, you know, your virtual concert, moves rendered for everyone, you just want that's some dancing right now and they're to increase that quality. really focused on the social community and And another investment of ours, Epic the interaction with the artists and Games. You can see where they're kind of performance in real time. pushing the quality of things like So if you go to one of their concerts, you'll metahumans to create more realistic avatars kind of see this where you type a message, it and digital humans. We can see that that's shows up in part of the background, of very high bandwidth and to do that in a way course, and then the artist can see that, that we can push that into more devices and respond to it, but then you can also do stuff have a group of people that look at that high like power up, buy gifts, send gifts, show like quality performing. Like that would be a impact, change the visuals, vote on elements pretty big challenge and we'd need edge of it and then, even be part of like it's kind of compute to make that happen. like the Soul Train dance off, where they use the web camera and you can actually be on NICK: I want to be provocative right now. stage, on screen, with the performer. But Usually, when there is a problem, there is an what's really interesting is, okay, well, how opportunity, right? So during the pandemic, does 5G make that better? By lowering the we've all been locked into our house for a latency, by allowing more people to be very long time, one year and a half has concurrent in the same session, by again passed almost, and we kind of see the light allowing it to be in more immersive platforms. at the end of the tunnel, that is a form of a Right now the Wave, they're focused on vaccine, but we don't know when trouble where the audience is with like flat screens, will be allowed and so on. Of course, there's but they started out as a fully immersive been a sort of acceleration in technology's system. And it's like they want to go back to adoption. There are people that are saying those routes and they're going to need the that, for example, virtual shopping and low latency and the high bandwidth of 5G to virtual show floors advance something like make that happen. I mean definitely doing 10 years in only one year, just because of FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT COVID because, obviously, people need to limited availability and I think also too, they buy things and the supply chain had to were stopping production gearing up for the accelerate the way that they're not only Quest 2, but no one really knew that. delivering things but also marketing and And so, there is a sense of like why didn't VR selling things. take off during that time? Well, no one had My question is the VR and XR space though access to the devices, like it was hard to and the social VR and XR space didn't catch even buy a Quest 1 at that point. And then, this opportunity though it seems to me, right. when Quest 2 became available, now it's So there are platforms like, of course, the Rec become the best-selling VR headset, it's only Room, VRChats, Horizon is still in beta and been available since October, really like two hasn't been launched during the pandemic quarters, right, and then they say they've which is kind of a missed opportunity from already sold more than any other VR Facebook at this point. But nobody has been headset they've ever made. And so, you can able to surf the wave of this need of kind of see like it's definitely happening, it connecting people during the pandemic. Is just takes a little bit of time for it to get out the problem of infrastructure? Is the problem there just because, again, it's not an of technology? Is it a problem of user application we already have on our phone. experience? Is it a problem of, I don't know, We have to buy a new device. And so, in one people not yet ready to put a headset on their sense, it is happening in a way, it just kind of face? What is the problem from your point of takes - but the way that like we think about view? things, we're like instant, instant, instant. Well, it's definitely happening as fast as it TIPATAT: So I’d push back and I would say can. I think Facebook's been on record like, again, we saw record usage of like Rec saying, they're selling Quest as fast as they Room and VRChat during the pandemic, like can produce them, but at the same time, it is massive jumps in concurrence and all that. only Facebook. There is no other consumer But I will say, you are right though, it was all-in-one headset of that quality that's gated for a long time. If we think about like available now and that would help really you know during most of the pandemic like speed up the marketplace as well. from March till October, which was like the So I feel like the applications are there, most of the shut-in time, Quest 2 wasn't definitely the user like interest is there, but available yet. Quest 1 was in very limited it's just about getting more headsets out supply because of it's always been in kind of there to more people at this point for the FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT consumer and for that kind of social some of the numbers alone as well. experience. I think again, like the stuff I see that people do in VRChat and Rec Room is TIPATAT: And so, that idea of like people just amazing. Like I saw in Rec Room this was getting together in a virtual space, buying a little while back, but it's like that this was and selling things that they could use in the pre-pandemic, but it was a high school virtual world, but also, that they would you theater group. They put together a play of the know take home and use offline. Like that's Princess Bride where they built their own happening and it always kind of starts off as costumes in VR, their own sets in VR and a niche and then it just grows into the then, people watched the full play in VR. And mainstream. it's just like people are willing to do these And I think what's more important is that things like it's so interesting to see like what's we're seeing those like use cases happening possible. and now we just have to export them into And I don't know if the Rec Room creators the larger mainstream by reducing the ever thought that that was going to happen in friction. And Office has done a great job in the tool, but it's like, oh, my gosh, the terms of like cost and hardware, but also, creativity is just insane. Once you get a mass doing things like making sure the right IPs audience and they want to start participating, connected and it's like right now to have the playing with stuff that they've created. And in right IP for the Japanese audience, but if the same way, like VRChat, they host this Disney or Marvel wants to do or Star Wars virtual Comiket, which is like a Japanese - wants to do it for their fans, they totally can Comiket is one of the biggest like amateur now and they have the model for how that anime manga marketplaces, where people works and then they can take it to the next sell. It's just like a convention essentially, like level. the – So I think the pieces we're starting to see DANIEL: Is that VCAT? kind of come into place and it's all just assembling it together in the right way. But, TIPATAT: Yeah, VCAT is what it's kind of yeah, I absolutely see it happening. turned into now and it's like NICK: Shall we go back a little bit towards DANIEL: And VCAT was a VR awards winner investment fund and how startup can get for last year as well, who really proved some your attention in order to get funding. What really amazing stuff that they did just through is from your point of view, the top three FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT qualities that a product or a startup should sense, okay, is this impactful or not, right? have or even a founder should have in order And then, on the other side too like, and this to be palatable for investing? varies between consumer and enterprise, of course. I think with the enterprise side, you TIPATAT: Sure, yeah, and it's funny like the can get POCs, you get paid pilots, like that's answers changed over the years. Like when the most important thing. And for us, we're we first started doing investment in the VR definitely looking for the ones that are space, there wasn't even headsets, consumer breaking out of pilot and into full product. headsets weren't even out yet and so, we Like that's when it becomes really really had to take a leap of faith and we really interesting. just focused on the team and the founder And then, it's also a lot about the market themselves. And while that's still the most opportunity, is this a venture scale important thing understanding, okay, the opportunity. Like there's a lot of good founder, their background, their expertise, business ideas that just don't have that like their insight and their passion, but now, it's high growth that a venture model works for. like, okay, there are headsets out there. The So I get a lot of mismatch where people tools are free to use and it's like, who's pitch me interesting ideas that could be actually creating stuff? Like when I see good, but their niche or, again, it's like it's founders that pitch with this thing and I’m set up for a great lifestyle business like they like, hey, we need X amount of money to even could make millions in revenue, but how do build anything to even see anything. I’m like they make hundreds of millions in revenue? that makes no sense. Like I’d rather have the And that's also like a big scale. founders are like, hey, we've built something, we put it out in the market, we already get the NICK: You're talking about scale. good signals and now we know we can accelerate this and put the foot on the gas. TIPATAT: Are they venture scale, right? And Like that that's a POC. then, lastly, the one thing I would say too is again, like we've seen this like the most NICK: A POC or a build or something that you successful game in VR, Beat Saber, right. can show. Like they actually didn't take any financing, they didn't take any publishing deals, what TIPATAT: Has to be something that we can try they did was they used early access, very and we can understand and we can get that smart. If you guys were publishers and a FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT team came to you and said, hey, we've won before, there is still a lot of gimmicky use of some design awards, but we've never had a extended reality. A lot of people are coming real huge hit on mobile, but we're a good with gimmicky ideas, even I’m having team, we know what we're doing, we want to conversation with people, ah, so you can do make a VR rhythm game that's going to have this in extended reality? And I say, yeah, unlicensed music made by our CEO, 10 tracks yeah, you could, but why? What – and it's just single player. People be like that doesn't sound like enough of a game to really DANIEL: Do you want to do that? launch. But when they put out Beat Saber, they made you know 2 million in a month NICK: Do you want to do that? Yes, you can during the VR winter and then, that allowed do that, but, yeah, what's the – quid prodest, them to expand the game, build on it, double they would say in Latin. Who's taking down and that's when we got involved, was advantage of it? So at the end of the day, we like right before the launch, but like it was are talking about the importance of user- very clear when I played the demo, like this centric design and user experience. So was something special, this was something being able to solve a problem with the unique. technology and using the technology as an And then, when we saw it launch and hit, enabler rather than a starting point. And we're like, oh, my gosh, yeah, this is like they then, making the experience as comfortable nailed it. And what I really liked was, again, and as enjoyable as possible. So shall we say they're not trying to do everything, they just that, of course, you need to have something took one game mechanic and just laser to show and if you have something to show, focused, refined it, sharpened it and made it will be best. But if you have a really good beautiful. And I feel like I’m still getting these design idea that could work too, to be like weird pitches from people that are invested on. coming to the space, they play the Quest, they're excited and they're like, hey, I need TIPATAT: I mean honestly too, like it's three to five million to build my VR game. I always about the execution. Like even if the don't even have a demo and I’m like how do I idea is great, if it actually falls flat, like that's even know the fundamentals of your VR game where - and that's why the demo is so work. Like this makes no sense. important because we can talk about the same thing, makes sense, but then the way NICK: Now rebooting the question that I said the execution is done do you understand FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT what it really takes to get it to that polished test prep and in the U.S. it's like the SAT, level where it works and it fulfills the needs. right. It's like, man, when I was a kid, my But I think you're right though, fundamentally, parents would throw as much money as they like what's something investable? And this could for SAT Prep Classes, to books, to ties back to a lot of things we said like scale make sure because again that unlocks and all that, but it's just like what's the colleges, that unlocks better job problem you're solving and is it really opportunities, all that kind of stuff. valuable? And so, it's like if you could show me a VR application, didn't take people on field trips, DANIEL: Or the need. but use spatial memory - like use the Memory Palace to increase people's SAT TIPATAT: Yeah, yeah, is it a pain point. scores by 10%, 5%. Oh, my gosh, like what home wouldn't have a VR headset then? So DANIEL: Like how much people are paying it's like if you find the right need, I feel like for fulfilling. people are constantly saying, okay, VR could be used for this, this would be a cool thing, TIPATAT: Yeah, I’ll give a concrete example but it's like, okay, well, how many people here. Like I meet so many education really want that? How many people currently companies in the early days of VR, where pay for that and is this a better way of they're like, oh, my gosh, education in VR. We doing? can take people on field trips like anywhere I mean the other area too that we've seen is around the world, how amazing is that? I’m like even if VR is a better way of doing it, if like, hey, schools don't pay for field trips, like the current way is good enough, then it that's not something that like it's not part of doesn't matter that VR is a better way of core curriculum and it's just like - it's not a doing it. Like the current way satisfies the real problem. Like, yeah, VR can be used for needs of the consumers enough that it that and it can be a great experience, but that doesn't outweigh the friction and the cost of doesn't mean it's a valuable experience, like adopting a new technology. So that's there's no value in the market. But if you look another area that I see people kind of at where people are spending, especially stumble upon. I think – when not the school spending, but where the parents are spending, and they're like, man, DANIEL: That's really interesting because it’s they spend so much money on standardized definitely something that I highlight a lot FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT with people. It's like they think about XR and methodology for treating people, it only they have this product or anything like that, works for juveniles, for kids and people age but I’m like, okay, but can you do it in real life out of the current treatment. So when you're and is like is there any real reason why you adult, no longer works. And it's only like 40% like difference to it being in VR to being in effective. real life? And sometimes even things just like, So for them they kind of found this way of oh, well, the person doesn't have to travel treating people using VR where it's 60% there, it's not really enough sometimes, I effective, so more effective, but it works for guess. adults as well as for kids. And so, now it treats a population that was untreatable TIPATAT: I don't know I absolutely agree before. And so, that's the bigger impact. there. Yeah, I think it's also interesting too That's more effective for kids. But again, it's where people are like, okay, how can we - like a thousand X better because like there's no is it cheaper, like if cheaper is just the thing option for kids or for adults. that you're focused on, it's kind of a losing So understanding really, okay, where is it proposition. It has to be better. And I think really a breakthrough? Where is it really that's like - and how profoundly better? Like moving the needle in a significant way? Like you hear this a lot for startups. It's like 10x that's where the real value is. better is generally the benchmark. And so, it's like when you're focused, it's like, okay, how DANIEL: Okay, we speak at AIXR, we spoke a much are you saving? Are you saving lot with startups. I think it's just the nature of thousands or are you saving millions, right, of the XR industry. A lot of new people are dollars or how profound is this? always coming to the table. Now, a lot of the And so, I’ll focus on one of our companies time, there also seems to be between too, in the healthcare sector, they're a founders and VCs, there seems to be this company called Vivid Vision and they do eye disconnect or confusion, I would say, therapy. And so, when people ask, oh, isn't VR between the actual process that's involved. bad for your eyes? I always counter with we So I mean, you talked about, I think, what am actually have a startup that actually uses VR ideal company to invest in is like, but what's to strengthen your eyes and improve your that process actually look like for a new eyesight. And so, what they do is they cure startup on the scene, a new founder from people that have diplopia or lazy eye. And start like with nothing there to actually finish what's very interesting is the current and investor closing out? FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT TIPATAT: And, again, I think this is also to it's almost free depending on, of course, understanding your investors because there's what type of startup. But like a software different classes of investors. So there's startup, in particular, it's not that much. typical Angel Investors or like friends and But then, this is the important part. It's like, family first, Angel Investors, which are type of okay, do you do an incubator, do you do friends and family. Then they are seed and accelerator? Well, when do you talk to like incubator accelerator or pre-seed investors institutional investors, like the Venture and then, there's A, B, C and growth Reality Fund? It's really when you start to get investors. So it's like you have to understand early product market fit and that's why we're who you're approaching and when you're like, okay, even with a like demo or a POC, approaching them. like we want to see again that this is And I think a lot of people I meet, they're like, something that's has shown that the users oh, you're an investor, you'll just give me actually care about it, customers actually money. And it's like, no, well, that's not value it and that this is something necessarily how it works. It's like make sure repeatable and scalable. you approach at the right time and you're I think in the very first stage, early searchers talking to the right people because it's like, just like can this even work? And then, okay, if you have an idea, a pitch, talk to you're like, okay, well, now will this work for friends and family. If you don't have a rich 100 companies? Will this work for 10, 000 uncle or rich aunt, then you know you go to users? Like that's when you want to start the angels. You go to angel list and you go to approaching more institutional investors, incubators and you apply to them and you get when you need to scale. But I think a lot of feedback and you kind of work that angle of it people - and for a long time for VR, it was or you do what others have done and just do like scaling wasn't even an option. We just sweat equity and just build something and get had to preview exist. So a lot of people were it out there as fast as you can. Because, again, kind of investing in that earlier stage. But the cost to create a startup is so cheap, like now, it's definitely more of that, okay, now Unity is free, all these tools, so many of these that we have VR out there, now that there tools now are free. And so, it's like, okay, it's are publishers doing publishing deals and not like before when you had to do a startup things like that and enterprises and and you had to like buy hundreds of companies that are helping put POCs thousands of software just even start. Like together and really proving ROI. It's like, now, it's like, oh, my gosh, to start a startup, okay, that's not a VC's job necessarily to FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT help get you to that stage, but it's to get you the technology in order to consume the to what comes next. technology and you become part of the technology. So we are all cyborg. We all NICK: In one of the decks that I prepared to have our mobile phones with us and we feel pitch why XR is important, why AR and VR are lost without it. And, obviously, the next important, there is a diagram of the evolution evolution is visual delivery of information. of consumption of data and media. And it Now my question is another provocative starts with a cinema, so you have a big room question, obviously, we are not even yet at and the consumption is public, you have to the big bang year of or the iPhone moment go to a location in order to consume the – see for XR right now. Do you see - where is the the news as during the time of World War I, next step is it Neuralink the next step? What World War II and I mean it's something that is is the next step? not real time. So it's kind of delayed compared to what's happening in the world TIPATAT: No, no, I don't think it's Neuralink. I and so on. mean I do think that is a future step, but I And then, after that, of course, you have the don't think that's necessary to get to the big evolution with more intimate consumption. bang moment. Like for me, when I think The first TV sets arrive in houses, especially in about this, I think less about the technology the United States in the mid-1950s. And and I think more about the applications and television and media become like a more sort the value that it provides for people. And so, of a cultural thing that you can discuss with for me, I think specifically about the journey your friends and people and family and so on. of computers. And when it started like with And then, after that, of course, you have big mainframes right and they were good another jump and we're talking about the for computational problems for math personal computer, where you have a fixed problems, science, you know, NASA was desk where you can go and the information is using it to send people to space. But personal, is in real time and you have the thinking, okay, very few people had them, internet, you can communicate with everyone very people had access to them, very few in the world with IE or email or you check people used them. Then once it evolved into your website. the personal computer, then like we talked And then, you have the personal computer about, it democratized 2D communication where we switch from being disconnected and 2D thinking. The keyboard and mouse with the technology. So you have to move to FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT with Office with Excel and PowerPoint and natural as the real world. That's going to Word, in particular. Like that changed lower the barriers to allow everyone to be everything and that just allowed more people productive in the digital economy and that's to access and to be part of this digital impactful for everyone. economy, digital revolution. And so, I think that's what's really exciting But you think about it and you're like, well, and powerful for me. This idea of saying, how many people still use - are part of the hey, you know what, like we see this, it's like digital economy, are productive in a the digital divide is a huge problem and the computer? And if you just look at sales, you're digital economy is infinite. Like it's only like, okay, it's like two to three billion PCs and limited by our imagination, it's not limited by laptops are sold. And then, it's like, well, the atoms and molecules like the real world smartphone revolution what happened there economy and the real world markets. And was it didn't - it wasn't a productivity device. so, if we get more people being part of the It was a communication device and everyone digital economy, I think that's going to needs to communicate. And so, then it benefit everyone. That's going to unlock becomes like a bigger part of everyone's economic opportunity on a scale we've lives. never seen before because if we can get the And so, now 9 billion cellphones, more cell rest of three to five billion people that aren't phones than the population of the world. part of the digital economy participating then, yeah, like that's the game. NICK: It goes down to a deeper level of needs And this is going to be like a little strange, of humans and the connection, right? but this all ties back into this idea of the metaverse and why is the metaverse TIPATAT: Yes, but what I think is really powerful? But you think about what the interesting is what VR can do and AR, like metaverse represents, this idea that we live spatial computing, is it can like just like how a digital life. It's the next evolution of the 2D communication broadened the mouse as internet, of social interaction, but it's not just an interface and windows as a metaphor, playing games. But more importantly, you allowed more people that weren't like see this already with like Roblox. Like kids thinking about punch cards, allowed more are paying for their college tuitions by people to access the computer. VR/AR is a making Roblox experiences that other natural interface that works with the way that people pay for. And that's the fundamental - we live life. It makes the digital world as FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT for me, that's the biggest change or the those friction points. biggest shift is like when we can get more I think that's my difficulty with XR as well is people creating digital things in the digital like I think there's a lot of stuff that we can world that other people enjoy and will pay for, do with it, a lot of ambition, a lot of kind of like that's when we have a real metaverse. people working really cool things, but I think And that's when we've really unlocked the I’m personally I’m waiting for some of those power of this kind of spatial computing. And friction points that just getting in and out of like I said, with Rec Room they're already kind XR. For me, at the moment that goes and the of showing, XR enables more creators and if moment I can just slide into XR just like that, we can monetize, if they can monetize, if you that’s a win-win and I don't have any can have a job in VR using a VR headset like problems after that. why wouldn't you adopt one. And if it's a better job than you would currently get TIPATAT: If I were to say to you, again, like I because it makes more sense, it's not won't say, so if I can go to someone that programming, it's no code, it's much easier to says, hey, you're making minimum wage use, it feels like the natural world. Yeah, I right now, if I could offer you an 80,000 job, think that's a huge victory. double your salary and double your life, with the current VR/AR tech and how much of a DANIEL: That means a lot of it is based pain it is to use right now, don't you think around what the creativity that can come they would take it? They would absolutely from this. I think it's really interesting because take it. And if you think about it, you're like, I think like we were having this discussion okay, well, if someone's creating something even as a team and like with people that we in a Roblox and people are paying, and work with and it's all about this discussion on, again, it's a small amount people actually well, for this is that for this to be an industry making significant amount of money, but that we can all say, okay, is a space that – that's like every creator community. But that well, it is going to be around for all of us and promise is there, like that that future is very we all want to be able to use. It's about having seeable now. And to say, hey, if it didn't feel that native ability, the ability to be able to say, like and I'll take 3D modeling because I’m okay, I can use this in my everyday life, this is very familiar with it, but if 3D modeling felt something that doesn't - it's something very less like I was doing CAD and pressing easy to slip into, it’s something very - I guess buttons and more like I was playing with simple as well. And it's not really like any of FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT Legos. Like, man, so many more people could TIPATAT: I love dreams. I mean me and do that and it's so much more approachable, Marco have been a fan of since Little Big accessible and potentially valuable in a Planet and every game they've done has just metaverse. been beautifully designed, beautifully crafted and the tech has been unbelievable. DANIEL: Yeah, that’s really interesting. But I think the big miss at one level and it's tough because they've been working on this TIPATAT: Did I blow your mind, Nick? You for so long, but it's like social. Social is the seem like – big thing. Like that's what makes it valuable, especially real time. NICK: Nick’s just sitting there. And you look at Roblox, like - and I don't want to unfairly pick on Roblox, but you look TIPATAT: I finally like – at the visual quality, like for people that don't play Roblox, when they look at Roblox, NICK: No, I’m fascinated by the concept of they’re like what is this? But for people that user-generated content. We discussed - we play, it's amazing, it's beautiful, it's fun, it's usually have a pre-call before recording our fantastic. podcast and both me and you, Tipatat, are I mean I think people could make the same our ARCore gamer and we discussed about arguments about Minecraft back in the day, the beauty of creation that has been made by where it's like, okay, what's really interesting the Sony PlayStation Studios. This is called is having that social community, having Dreams. And how the interface is amazing people real time interacting with it, seeing and the game is wonderful, but it's kind of what you're doing and being there with fading away and losing this kind of amazing them, explaining it with them, like that's opportunity of become like a phenomenon what the real value is. And where I think Rec like Rec Room or like Roblox and so on. What Room really succeeds is in that social is necessary for you, for the to the recipe, to element where it's a great social experience, head to this magic recipe of user generated especially by adding like you're building content experience to be successful, like Rec inside the application and this is what really Room, which is again, we remind to everyone differentiates it from something like a that is watching this this podcast is the first Roblox, where you're building inside the software unicorn in the VR industry, that you game. You're not building an external tool invested on? FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT and bringing it in. You're building in the and bigger. And so, they've gradually built game, but you can also build socially. So your over time this really fantastic thing, working friends can be there at the same time and you with the community, listening to them and guys can be collaborating and working on growing the community. And I think that's a something together, like that's really powerful combination of their smarts, their talents and impacting. But the other thing I think that and their ambitions and it's really worked Rec Room did really, really well was they well. didn't launch with UGC. Like I think so many tool makers and so many like metaverse NICK: So shall we say that’s a piece of people have said this. So it's like bring out the advice for everyone that wants to build a tools, let people figure it out. And it's like, UGC based experience in VR or any other well, you really need that first party content kind of game, uh should have an initial story to make it sticky, to really showcase what the driven or eventually like sort of a tutorial or tools can do, what types of experiences you something that will show the technology, so have and that those experiences are valuable, that other people can build on top of that have good retention, that people want to example? come back and play it day and day. So I think once you have that foundation, TIPATAT: I would push back to you. I then you can build on top of it, you can add wouldn't say a story or tutorial because UGC and let people start modding. Because I Dreams has that and it's actually pretty cool, think, again, it's like a blank canvas problem, like the Dreams like intro thing, it's very well like if its infinite, people get stuck. So only a done. It's very polished. But I think having a very small subset of creators will like really core game like Little Big Planet, was like its tackle that. But if it's mods, and you're saying, core game and like people play that, it was okay, well, here's a cool game, oh, but I'd like fun and they're like, okay, now I want to to customize it, I'd like to maybe change change that up. I felt like when you play some of the levels, maybe change like some Dreams and it's all right, we're going go of the appearances or maybe what weapons deep into Dreams now, what was it like arts you can use, like that's like the gateway into Dream where like the musician piece. It's like UGC. And I think Rec Room did a beautiful job a beautiful, fun, interactive experience, but of having like three or four core experiences it's not something that you want to mod and that then people start remixing and playing like riff off of. You're like, okay, like that was with and then, people start going even crazier cool, but I don't know what to do with that. FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT And so, it's like again, I think with Rec Room enabling technologies that would unlock where they build a paintball game and that's that. And we actually even did a hardware cool. And then, people are like, okay, I'd like company, Varjo, that's building this world- to change the levels and it's like, oh, that's an class enterprise headset that if you've tried easy way to kind of get into it. Because you it, you're like this is the headset from the have a core game that already is sticky, that future. already people love playing and you kind of And so, understanding like we're going do build on top of that as opposed to saying, that and do more of all of that and hopefully, hey, we're going show you something, a in a bigger way. And, hopefully, we'll fund tutorial or a stream that's really cool, really the next group of VR/AR/AI unicorns. I think amazing, but isn't the actual game experience that's kind of what we're hoping to do. that most people are going to be doing and building off of. I think that's a disconnect. NICK: Do you think that there is still space for -sorry, to interrupt - do you think that DANIEL: There's so much I really want to there is still space for hardware unpack here, but I know that we're kind of breakthrough in the XR space? I mean it running out of time a little bit. But I guess like seems to me that the big companies are just to sort of finish things off a little bit is, kind of owning a lot of patents and obviously, you've launched the next kind of technology and knowledge and all the big version of your fund, you're kind of the VR names in the industry, John Carmack and so Fund II, going forward, what kind of on. So do you think that there is still companies can we expect to see within that someone in a little garage that is building kind of portfolio? the headset of the future?

TIPATAT: Oh, gosh, I mean honestly, I think TIPATAT: Absolutely. And, again, there's so with this fund, hopefully, again, we're always many different ways that innovation takes looking for driver applications. What's going place. Like again, it's understanding there's to make this VR/AR spatial future happen going be like - especially on AR. Like with sooner rather than later? I think, again, with VR, yeah, okay, it's much more the first fund, it was a lot of applications, like commodified, much more solidified, what a driver applications, whether they're the best good VR headset should be. But in terms of games or the best enterprise applications, but AR, like when you try even the latest and the we also did computer vision and deep tech best of like the HoloLens 2 and all these FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT others, they are amazing technology, but DANIEL: And for those of you that want to there's so much work that needs to be done actually learn more about that Varjo kind of on the optics, on the input and it's just like product and Fund investment, we've got this is the whole thing of startups. It's like another Field of View episode with Jussi, there's some innovation or some you’ll see from Varjo, talking about that in a breakthrough that's done at small companies lot more detail as well. that can't be done at larger companies because they can move faster or they can be NICK: Tipatat, thank you so much for being more experimental, there's less on the line. with us. This has been incredibly interesting They don't have the resources, but we see and very entertaining I have to say. We this time and time again. And eventually, didn't have much time to talk about our they'll probably have to team up with the common passion of gaming, but maybe for larger companies to bring it to the market, the next podcast, so we could deep dive but, gosh, we have a huge laundry list. And into our core gaming and VR gaming. Thank what I used to love was that the Oculus or you so much for this. Facebook Connects, it was like Michael Abrash would come out and say, okay, this is TIPATAT: Yeah, thank you and happy to do what we have, this is what we need to do, this anytime. This was an honor and I really is how long we think it's going take given the enjoyed the conversation. state of the art. And then, it's like, okay, then you'll meet this crazy company from Israel DANIEL: I was going to say, I had to put a saying, okay, we can do better than that and pause on things because there's so much I we can do that next year or something. wanted to unpack. We could do a whole And that's the excitement of being in this deep dive just going into the social aspect of space and saying, okay, yeah, yeah, I mean XR and what drives those things. You can go given time and resources the big companies deep dive into what makes an ideal investor will get us there. Okay, but we're going to find compared to we talk a lot about what's an these innovative startups that are going to zig ideal founder, but what's an ideal investor as while others zag, use more experimental well? All of these things. So many aspects to technologies, put together things that other it. people haven't even heard of yet that are coming out of some academic lab and then, TIPATAT: Yeah, I mean I have so many boom, it's going be this game changer. opinions on all of that, but definitely please, FIELD OF VIEW XR PODCAST INVESTING MILLIONS, HOW TO RAISE MONEY AND THE POWER OF VR WITH TIPATAT CHENNAVASIN – S1E6 VIDEO TRANSCRIPT if you're a startup, honestly too, like we're being able to follow socials on Twitter or open to talking at any stage like even at the Facebook or any of those platforms as well precede, if you just want feedback and and LinkedIn. Our LinkedIn is not as much as advice. We won't probably write you that a mess as Tipatat’s. So we're okay there. check, but we'll give you some feedback and And, yeah, I mean aside from that, is there we'll try to be as helpful as we can. So reach anything else you want to say, Nick? out to me, I’m at active on Twitter Tipatat, T-I- P-A-T-A-T @thevrfund.com you can reach out NICK: Yeah, let's get connected. Nicola to me over email. Don't reach out to me on Rosa @NicolaRosa on Twitter, N-I-C-O-L-A- LinkedIn because LinkedIn is a mess. But, R-O-S-A, you can find me there and on yeah, definitely. Thanks again for this LinkedIn as well. Please follow all the opportunity guys I really enjoy talking with activities that we're having on immersive you guys both and great questions and learning and Accenture.com. We're having honestly, I could talk for days about any of some amazing stuff to show everything that these things. And maybe next time too, if you is related to extended reality. Thank you so want to deep dive on a subject, I could bring much, Daniel. Thank you so much, Tipatat. some of the portfolio companies and they can And we'll see you on the next episode. talk too because they're the ones that are Thank you. actually doing it. SPEAKER: Through accessible insights, a NICK: Let’s definitely do part two. solid network of support and recognizing truly outstanding achievements near or far, DANIEL: Alright, sounds good. Well, just a big or small, we're in this together. AIXR. reminder to everyone that is watching this, Field of View, you can catch kind of on a regular basis by going to aixr.org. We have Field of View listed on there. You can also find it on Spotify, Apple Music, YouTube, all of these different places wherever you get your Copyright © 2021 Accenture kind of podcasts. And the great thing is you All rights reserved. can actually subscribe on our website to be Accenture and its logo able to get notifications every time a new are registered trademarks episode comes out, alongside of actually of Accenture.