Sharks don’t like VR or the Virtuix Omni – Investment opportunity declined

Sharks don’t like VR or the Virtuix Omni – Investment opportunity declined

virtuix omni

UK TV viewers will be aware of the Dragon’s Den and in the US they have a similar show called Shark Tank. Product designers and inventors pitch their products to successful entrepreneurs in the hope they’ll part with cash and invest. This time the Virtuix Omni took to the stage.

Lo0king for a whopping $2 million for a 10% stake in the company, which was an astronomical sum to look for on a show like this.  The ‘sharks’ didn’t go for it citing a stack of reasons that would make it a bad  investment.

According to the ‘sharks’, gamers “usually have a side job as a plus sized model” which was an odd point to make. This unfortunately led them to ask whether the Virtuix Omni would also be sold as a way for gamers to exercise. Some stereotypes sadly never seem to die.

Competition and price were also an issue, the fact that the Oculus Rift and other peripherals are required bumps up the price, and in a few years time technology will have already surpassed what the Omni can do now with increased competition in the marketplace.

The bottom line, according to the “sharks”, is that it’s an interesting IP that’s way overpriced. The price of $499.00 was said to be “cheaper than I would have thought” when the price was initially revealed at the start of the segment so we have to assume they mean the pricing of all  the gear needed for the best VR experience is just too expensive.

There’s no doubt that the Omni and the Cyberlith devices are great inventions but it still remains to be seen whether VR will go mass market.

Back in the 90s we all thought we’d be playing games in VR when products such as the VFX-1 hit the market. Poor visual technology leading to motion sickness, the availability of compatible games and pricing were an issue back then. Annoyingly some of these problems still persist.

So much relies on the success of the Rift at this stage that jumping in with huge investments on peripheral products would be extremely risky.

Watch the segment below and decide whether you think they made the right decision

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  • Lorderan

    This is the problem I hear all the time. If you don’t sell 500 million units your FAIL. BS!!! If you have a product at a reasonable price and your overheads are low, you can make an absolute killing profit wise. But so many corporations have such high overheads they can not fathom anyone else being able to do something cheaply. You gotta pay those Executives their million $ bonuses, didn’t’ you know?

  • Durandal

    Maybe I am too old now but I never understood all the fuss about VR. There is simply no point for me to experience a virtual world in this way. I like my two dimensional presentation, fancy way of saying display, just fine. But sitting in a chair with some bulky device strapped to my head is just ridiculous. And it’s even more ridiculous to be put inside a cage just so you don’t fall over when you have VR device on your face. Don’t get me wrong its certainly fascinating what technology can archive but it’s entirely different to use this in my day to day gaming. I also don’t get why someone really wants to experience something artificial in the same way we experience the real world, especially when it comes to games. There are no doubt fields for these devices, like science or engineering but I fail to see why everyone seems to think that this such an important gameplay device.

    Anyway this is just my honest opinion and not a rant against it. If someone wants to use it then by all means.

    • Lorderan

      I hear you mate. But until you’ve tried it you really have no idea how amazing it is.

  • Calist

    This is yet another attempt for corporate America to get more money out of a disaffected audience. Gamers want quality games and quality game productions. Not endless peripherals or console ported sequels.

    Contrary to popular belief- a company is not going to make money on Pac-Man 2 or Pac-Man 3 or Pac-Man: Ultra violence. You can not corperatize art or automate art production. Adding 3d to the mix did not yield a higher profit margin and neither will their pathetic stab at VR.

    Players want a true Homeworld sequal…. not a Facebook Homeworld clone (Now in 3d!!)

  • Elly

    Better they didn’t invest. Investors need to know the market if they are to succeed in it and these guys don’t judging by their comments so he dodged a bullet there.

    It would have been a nightmare trying to go forward with these idiots.

  • xfactor

    The best thing that could of happened to them, I bet those sharks are thinking right about now I’ve stuck my foot in my mouth with the recent news that oculus rift just got a second round of funding for $75,000,000.00 so the answer is yes oculus rift is already a success for now and for the foreseeable future, and we all know that oculus rift is cool and all but for the true immersion factor you need the Virtuix Omni period…. heres a little positive spin on their thought that gamers are lazy, this is a real kids leverage tool say your kid wants one right? well he cant play until he does his homework, does his chores etc., plus if you want to play video games then you have to get on the Virtuix and play for 1hr then the rest of the time is fine with just the oculus, the leverage is endless, some people just cant think out of the box. Virtuix Omni will be huge with this latest news even more so than anticipated, I’m getting 2 set for our house