Find out how we helped Proteus VR Ltd to identify £44,000 of qualifying expenditure via R&D Tax Credits. Here is Director Mark Little to tell their story:
Proteus VR Labs designs, manufactures and sells a mobile virtual reality headset called the Freefly VR.
Proteus are a start-up founded 18 months ago, and are all still very hands-on with the product development side of the business.
How did RIFT R&D Tax Credits help you?
The biggest thing they did was they help us understand tax credits. Our accountant had never heard of them and didn’t have the capability to complete a claim. We really weren’t aware before this how the Government actually encouraged innovation. Now we understand tax credits, it’s helped us validate and value our work even more. They’ve freed up some revenue to help us out with a marketing campaign. We couldn’t have afforded to do it without the tax credits RIFT got us.
We showed RIFT what we’ve been up to, told them our story and talked them through the product. They quickly identified that we had incurred costs that we could claim back.
We’re a small business with limited cash flow, so this has helped us massively. We’ve used it to help encourage more investors to get involved, and we’re going to use the tax credit to fund our marketing strategy. The credit has given us more freedom to carry on innovating and developing our products, and the scheme has helped us prepare better for our accounting periods. Now that we’re aware of what can be claimed back, it helps us record things more accurately as we go.
How do you define innovation?
Solving problems with solutions. Innovation comes from trying to find a way to make something better in some way - or usually many ways. Normally, that means creating something that never existed before. It’s about taking a step forward that didn’t exist, solving a problem in a different way, understanding why you haven’t got it right yet and continuing until you do.
Our product development has constantly moving goalposts. There are so many moving elements (software, hardware, ergonomics) that we don’t have static problems to solve. Finding those solutions is interesting, and now it’s rewarding too.
What are your plans for the future?
We’re going to continue developing our business. We’ll be trying to crack the US market and in general being the market leaders in Mobile VR hardware. We’ll be Investing our tax credits into marketing ourselves, and working on our long-term plan for a dedicated R&D department to test the technology we’re developing.
Freefly Virtual Reality Headset and The Cave App.
Sector Issues/Problems to Overcome
VR is not highly accessible outside of the tech savvy demographic.
Much of the hardware has been designed for home use: they are expensive and cumbersome, usually tethered, and they require extensive software support to use.
The market was divided between the high-end investment in VR, and lower quality, cheapermobile alternatives, with few viable alternatives in between.
VR software is as vital to the experience as the hardware it is viewed through, as low quality apps would reflect badly on the hardware.
Highly advanced optics for a wider field of view and thus a more immersive experience.
‘Closed’ structure with an intelligent clasping and securing mechanisms to keep a range of mobile devices secure while also ensuring that they are quickly accessible.
High quality VR experience without reliance on external computer devices.
Advanced motion controls that are bespoke to the Freefly headset.
A smoother 360 video experience than previously available.
Lightweight, portable and accessible VR headset, utilising the latest prototyping and assembly technologies and methods
Widest angle view of any VR headset – 120 degrees
Highest quality VR experience of any non-cabled VR headset advanced and fully adjustable quick release mechanisms for holding all the latest smartphones securely in place.
Lower retail cost through efficient and economical production an app which showcases the abilities of theVR headset.
Providing an Android application that offers a new way to view video content.
User can watch 2D, 3D and 360 videos on a giant virtual screen in a cave themed environment, with smoother cinematic experience than previously offered by such apps.
Call today on 01233 653008 or contact us and see how we can help you.
According to the government's own statistics, R&D Tax Credits claims for small and medium-sized businesses rose 16% in 2014-15. That's a pretty good figure if you look at it in isolation, bringing the...
RIFT's dedicated Research and Development Tax Credits division gives us the opportunity to work with some of the most innovative businesses in the UK and we're delighted to be turning the spotlight on...