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Why WayRay's Business Model is so successful?

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WayRay’s Company Overview


WayRay is a leading global tech company that specializes in holographic augmented reality (AR) technologies. Founded in 2012 and headquartered in Zurich, Switzerland, the company is widely acclaimed for its innovative solutions that bring holographic AR experiences to drivers and passengers in the automotive industry. WayRay's groundbreaking technology transforms the vehicle's windshield into an AR display, enhancing the driving experience by providing critical information and interactive features without distracting the driver. This pioneering company, with its fusion of technology and creativity, is setting new standards in the field of navigation systems, infotainment, and driver-assistance systems. WayRay operates on a business-to-business (B2B) model. They collaborate with automobile manufacturers and suppliers to integrate their unique AR technology into vehicles. The company's business model focuses on the development, production, and distribution of its AR solutions to its partners in the automotive industry. By offering a product that enhances safety, entertainment, and comfort in driving, WayRay positions itself as a valuable partner for car manufacturers looking to equip their vehicles with the latest technology. WayRay's primary revenue model is based on the sales of its AR technology to automotive manufacturers and suppliers. The company generates income by selling its proprietary hardware and software solutions. They also earn revenue from licensing their technology to other companies in the automotive industry. Furthermore, WayRay has the potential to generate additional income through subscription-based services related to their AR technology, such as updates for navigation systems or advanced features for entertainment and communication.

https://wayray.com/

Country: Switzerland

Foundations date: 2012

Type: Private

Sector: Technology

Categories: Automotive


WayRay’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: design/aesthetics, provides access, fun/entertainment

Functional: integrates, connects, informs, quality


WayRay’s Related Competitors



WayRay’s Business Operations


Augmenting products to generate data:

Due to advancements in sensors, wireless communications, and big data, it is now possible to collect and analyze massive quantities of data in a wide range of settings, from wind turbines to kitchen appliances to intelligent scalpels. These data may be utilized to improve asset design, operation, maintenance, and repair or improve how an activity is carried out. Such skills, in turn, may serve as the foundation for new services or business models.

Corporate innovation:

Innovation is the outcome of collaborative creativity in turning an idea into a feasible concept, accompanied by a collaborative effort to bring that concept to life as a product, service, or process improvement. The digital era has created an environment conducive to business model innovation since technology has transformed how businesses operate and provide services to consumers.

Digital transformation:

Digitalization is the systematic and accelerated transformation of company operations, processes, skills, and models to fully exploit the changes and possibilities brought about by digital technology and its effect on society. Digital transformation is a journey with many interconnected intermediate objectives, with the ultimate aim of continuous enhancement of processes, divisions, and the business ecosystem in a hyperconnected age. Therefore, establishing the appropriate bridges for the trip is critical to success.

Direct selling:

Direct selling refers to a situation in which a company's goods are immediately accessible from the manufacturer or service provider rather than via intermediate channels. The business avoids the retail margin and any extra expenses connected with the intermediaries in this manner. These savings may be passed on to the client, establishing a consistent sales experience. Furthermore, such intimate touch may help to strengthen client connections. Finally, direct selling benefits consumers by providing convenience and service, such as personal demonstrations and explanations of goods, home delivery, and substantial satisfaction guarantees.

Disruptive trends:

A disruptive technology supplants an existing technology and fundamentally alters an industry or a game-changing innovation that establishes an altogether new industry. Disruptive innovation is defined as an invention that shows a new market and value network and ultimately disrupts an established market and value network, replacing incumbent market-leading companies, products, and alliances.

Licensing:

A formal agreement in which the owner of the copyright, know-how, patent, service mark, trademark, or other intellectual property grants a licensee the right to use, manufacture, and sell copies of the original. These agreements often restrict the licensee's scope or area of operation, define whether the license is exclusive or non-exclusive, and stipulate whether the licensee will pay royalties or another kind of compensation in return. While licensing agreements are often used to commercialize the technology, franchisees also utilize them to encourage the sale of products and services.

Product innovation:

Product innovation is the process of developing and introducing a new or better version of an existing product or service. This is a broader definition of innovation than the generally recognized definition, which includes creating new goods that are considered innovative in this context. For example, Apple launched a succession of successful new products and services in 2001?the iPod, the iTunes online music service, and the iPhone?which catapulted the firm to the top of its industry.

Skunkworks project:

A skunkworks project is one that is created by a small, loosely organized group of individuals who study and develop a project with the primary goal of radical innovation. The terminology arose during World War II with Lockheed's Skunk Works project. However, since its inception with Skunk Works, the phrase has been used to refer to comparable high-priority research and development initiatives at other big companies that include a small team operating outside of their regular working environment and free of managerial restrictions. Typically, the phrase alludes to semi-secretive technological initiatives, such as Google X Lab.

Take the wheel:

Historically, the fundamental principles for generating and extracting economic value were rigorous. Businesses attempted to implement the same business concepts more effectively than their rivals. New sources of sustained competitive advantage are often only accessible via business model reinvention driven by disruptive innovation rather than incremental change or continuous improvement.

Technology trends:

New technologies that are now being created or produced in the next five to ten years will significantly change the economic and social landscape. These include but are not limited to information technology, wireless data transmission, human-machine connection, on-demand printing, biotechnology, and sophisticated robotics.

Virtual reality:

AR/VR is the fourth significant platform change (after PC, web, and mobile). First, CEOs must choose how to play. Business models are determined by installed bases, use cases, and unit economics; there is no one-size-fits-all answer; each situation is unique, and developers must do market research and analysis before making a choice. Relying on advertising-income is a handy strategy for unknown businesses or newcomers to the market. It allows them to use their prior expertise with mobile and online ad campaigns.

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