Metaverse Innovation for Start-up Creation

Pragyan Nanda and Srikanta Patnaik
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Pragyan Nanda: Interscience Institute of Management and Technology
Srikanta Patnaik: Interscience Institute of Management and Technology

Chapter Chapter 12 in Global Trends in Technology Startup Project Development and Management, 2023, pp 185-206 from Springer

Abstract: Abstract The emergence of the Metaverse, a virtual universe that integrates digital and physical experiences, creates new opportunities for innovation and entrepreneurship. This chapter provides a comprehensive overview of the recent works on Metaverse-based start-up creation over the last decade. The main findings and trends in the literature indicate that the Metaverse presents challenges and opportunities for start-up creation in terms of innovation, including technical barriers, legal and regulatory challenges, security risks, standardization and interoperability issues, and user adoption and retention. However, there are also opportunities for innovative business models and products and new revenue streams through virtual goods, services, and advertising. This chapter concludes by suggesting future research directions to address the gaps and limitations in the existing literature, such as exploring the impact of the Metaverse on traditional industries, the role of government policy in promoting Metaverse innovation, and the potential of Metaverse-based start-ups to address social and environmental challenges. The recommendations for policymakers, entrepreneurs, and investors emphasize the need for collaboration, technical expertise, and user-centric design in Metaverse-based start-up creation. This chapter contributes to the current literature on the Metaverse as a new frontier for innovation and entrepreneurship.

Keywords: Metaverse; Start-up creation; Entrepreneurship; Innovation; Virtual reality; Augmented reality (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:innchp:978-3-031-40324-8_12

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DOI: 10.1007/978-3-031-40324-8_12

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