The only way to compete with the growing dominance by foreign large corporations and industry alliances is to form a European Metaverse Industry Alliance. This alliance will only come to existence as a result of clear commitment to Metaverse development and cooperation by the largest European corporations and their close cooperation with the European innovative Metaverse SME ecosystems.
Public coordination of the European metaverse industry alliance on European level. Natural foundation for this is the VR/AR industrial coalition, which has been initiated by the European commission in 2022. On July 11, 2023 European Commission published the EU’s strategy for achieving leadership in Web 4.0 and virtual worlds, one of its findings was that “currently, there is no EU ecosystem that would bring together the different actors of the value chain of virtual worlds… The Commission has proposed a partnership on virtual worlds, possibly starting in 2025, within the framework of the Horizon Europe program…”
Involve large European companies together with SMEs throughout the Metaverse value chain to create a European Metaverse business network. This would secure technological autonomy and that significant business value is being created in Europe.
Analyze the European Metaverse industry and its gaps from a value chain viewpoint and create a European level turn key Metaverse offering, which covers a significant part of the value chain (hardware, operating systems, platforms, stores, solutions, services etc).
Develop a common open interface platform for Metaverse.
Create metaverse offerings for certain industry verticals (e.g. industrial Metaverse) and also cross-industry offerings (e.g. secure Metaverse combining cybersecurity innovations).
Look for novel ways of cooperation between large corporations and SMEs, instead of research consortiums, there could be concrete business cooperation along the supply chains. An example of this is Ericsson Startup 5G Program, in which Ericsson cooperates with SME’s to develop value added services to export markets.
Mapping XR hubs, R&D infrastructure and platforms that could be utilized by SMEs, research organizations and also ordinary citizens.
Analyze the industries and use cases that most benefit from the Metaverse.
Identify, analyze and come up with new business models.
Use Team Finland global network and Invest In Finland to identify Metaverse business opportunities and attract the leading Metaverse companies to relocate to Finland.
Strengthen the role of IPs and IPRs in the Metaverse. This would encourage larger companies to join Metaverse as they could be certain that their rights are not violated.
Create Metaverse specific startup incubators and accelerators to nurture homegrown talent and attract international entrepreneurs.
Set up Finnish Metaverse Ecosystem Association (and/or innovation ecosystem) and an annual International Metaverse seminar.
Create international and national consortiums and value networks around these programs.
Start metaverse hackathons in cooperation with large companies, facilitators and innovative start-ups and/or developer teams.
Metaverse-dedicated media campaigns to support both export and Invest In Finland activities.
Promote matchmaking; Finnish and foreign metaverse companies presenting themselves to each other and investors, perhaps in Metaverse. Ecosystem companies getting to know each other.
Tax incentives for companies registered to the Metaverse or having employees that work in the Metaverse. Launching “Virtual Finland” with lower tax level and incentives to hire foreign labor.
Develop MatchXR into a globally recognized event with a versatile agenda supporting the idea of the “sustainable metaverse”. Also publish metaverse maturity index annually in the event.
