The Metaverse is Opening Entrepreneurial Opportunities

By SBE Council at 24 October, 2023, 2:39 pm

For more information, trends and reports about the metaverse, visit SBE Council’s METAVERSE BUSINESS ALLIANCE.

by Raymond J. Keating –

When it comes to transformative moments in industries, the creation of entirely new industries, or technological advancements within or across sectors, two things can pretty much be counted on. First, one or more entrepreneurs have driven such change. Second, other entrepreneurs will discover new opportunities resulting from such developments.

When looking at the metaverse, and related technological advancements, many people will simply watch from the sidelines. Others will worry. Still other groups will see threats, and perhaps even turn to government for protection for special treatment.

Thankfully, though, entrepreneurs are seeking and will seek new opportunities to create or expand businesses that will create value for others. Some of those ideas will be breakthroughs, while others will apply some existing ideas to the metaverse. And entrepreneurs will seek out ideas everywhere, with light-bulb moments coming perhaps from surprising sources.

Thanks to a Google search, I just came across an article online titled “Top 10 Metaverse Business Ideas” at a website that I’d never visited before. The title makes clear what this is about, and the ideas fit into the category of taking existing efforts into the metaverse. It’s a quick read that might trigger something for the entrepreneurs out there.

The two metaverse-related opportunities that struck me as most interesting were the following:

• “Virtual Events and Conferences. With the Metaverse’s immersive capabilities, hosting virtual events and conferences has become an enticing option. These events can range from product launches to industry-specific conferences, offering a unique and engaging way to connect with a global audience.”

• “Metaverse Marketing Agencies. As businesses flock to the Metaverse, the need for expert marketing services has skyrocketed. Establishing a Metaverse marketing agency can help enterprises navigate this new terrain, offering virtual advertising, influencer partnerships, and brand integration within virtual worlds.”

These are but two of ten ideas noted in this piece, and of course, this doesn’t even scratch the surface of expanding opportunities tied to the metaverse for current entrepreneurs and their businesses, and for those who are in the process of taking the dive into the waters of entrepreneurship. Indeed, it’s an exciting, opportunity-laden time.

Raymond J. Keating is chief economist for the Small Business & Entrepreneurship Council. His latest books on the economy are The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist and The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist.