SURVEY: Entrepreneurs Are Excited About the Metaverse


Entrepreneurs seek out opportunities by which they can better serve their customers and advance their businesses. That is evident in the results from a new survey of small business owners from SBE Council.

Consider results regarding immersive technologies – such as augmented reality (AR) and virtual reality (VR) – or the metaverse.

First, while metaverse or Web 3.0 very much is still developing, 71 percent of small business owners are either very or somewhat familiar with the metaverse.

Second, 42 percent of small businesses reported currently using these immersive technologies in their operations.

Third, as for the areas where small businesses view the metaverse and immersive technologies as providing big benefits:

  • “Engaging with customers” was identified by 57 percent of business owners.
  • “Employee training” was cited by 48 percent.
  • “Marketing and sales support and growth” was mentioned by 47 percent.
  • “Building my brand in creative and new ways” by 43 percent.
  • “New innovative practices or models that will emerge” by 40 percent.
  • And, “identifying new customers and revenue streams” by 38 percent.

Fourth, the spirit of entrepreneurship is captured by the fact that 55 percent of small business owners were “excited” about “the adoption and use of Web 3.0 technology by consumers and within my industry” and about “my business opportunities for growth and to operate more effectively.” (See the following chart.)

For good measure, even the 23 percent of small business owners who have concerns said that they “are confident in their ability to adapt.”

It pays for elected official, regulators and observers to watch the actions and attitudes of the entrepreneurs and businesses that are actually using and engaging with immersive technologies – that is, exploring ways to, ultimately, serve consumers – before they make decisions about what’s necessarily “good” or “bad,” and what deserves to be regulated.

Indeed, as entrepreneurs, investors, businesses and consumers work to figure out opportunities, best uses, and business models, it pays to keep in mind that even as these private entities work to figure out the development of Web 3.0, they will be far ahead of where politicians and regulators are in the process. Keep in mind, governmental intrusions are far more likely to undermine investment and innovation, rather than enhancing such vital undertakings.