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Peter H. Diamandis is the Chairman and CEO of the X PRIZE Foundation, which leads the world in designing and launching large incentive prizes to drive radical breakthroughs for the[…]

Every year, Peter Diamandis ruminates on the kinds of technology ready to leap from “deceptive” to “disruptive.” In this video, he explores virtual reality as an innovation ready to take the leap. Exponential entrepreneurs should keep a keen eye on VR, says Diamandis, because capabilities are really beginning to come together in exciting ways. As an example, he projects what a futuristic clothes-buying experience will be like in the virtual reality world.

Peter Diamandis: Every year I spend time thinking about what are the technologies going from deceptive to disruptive this year that today’s exponential leaders need to be thinking about and actually beginning to work with. And for this coming year, for the next few years, my view is that virtual reality is part of that. And, you know, it’s got different terms, there are different elements of it, virtual world, virtual reality, augmented reality. And really the kickoff was the purchase of Oculus Rift by Facebook for a couple of billion dollars. But in addition to that what we’ve seen is a number of technologies coming together, infinite computing, very cheap high-resolution cameras, machine-learning capabilities, low-latency/high-bandwidth networks. All of these things are coming together to reinvent the virtual world experience.

I’ll give you one example of the virtual world that I think is important. Today when I go to a mall to buy things it’s a disastrous experience, right. You spend half an hour getting to the mall. You park. You go. You try to find a particular jacket or outfit, whatever it might be. You look; you can’t find what you’re looking for. You take a few things to the dressing room; you try it on; it doesn’t fit. You know you spend hours — it’s a wasted experience and you walk away frustrated. In the future what I project happening is at home: you will have yourself 3D scanned down to the millimeter where it’s a private file, but my body shape exactly is in a file. I then enter into a virtual world and I have an AI there that is my shopping advisor. It says, “Peter, what are you looking for?” I’m saying, “You know I’m going to this amazing Hollywood party tomorrow night and I’m looking for something that’s stylish. I want to wear black.” And all of a sudden in this virtual world everything I see is in my size, in the colors I want, recommended by this AI.

And I can say, “You know, I’d love to see a fashion show.” And all of a sudden on a runway are avatars of me wearing all these different outfits walking by and I can say, “I want to see that one and that one.” And all of a sudden I’m looking in a virtual mirror and I’m wearing that outfit and I can look around, see what it looks like. And I go, “This is it. I want that.” Boom, it’s produced, manufactured to my exact size probably using 3D-printing capabilities or robotic capabilities that afternoon in the local factory and delivered the next morning and it fits perfectly. So it’s an experience where when I want something I know I will get exactly what I’m looking for, fitting for me. So that’s the future of the virtual retail store if you would and why I think virtual reality is going to do effectively a hundred-fold improvement over what the Amazon experience is today.

Directed / Produced by Elizabeth Rodd, Jonathan Fowler, and Dillon Fitton