Oculus Rift is a virtual reality (VR) system that is invented by Palmer Luckey. The word ‘virtual’ was used in the computer sense of "not physically existing but made to appear by software" since 1959. The term "reality" has been used in English since the 1540s, to mean "quality of being real. 
Where did the innovation come from?
In a world of big players like Sega and Nintendo introducing their versions of HMDs (Head Mounted Device) and immersive technologies like VR glasses and Nintendo Virtual Boy, a frustrated Luckey started working on his version of the VR device in his parent’s garage. He developed a series of prototypes before launching his 6th generation of the headset in 2011, which he named ‘The Rift’. Right up till …show more content…
The device is connected by a 10 foot cable to your PC which sends videos to the device and also comes with additional devices such as the Oculus Touch which provides a more immersive experience. This leaves room for many improvements of the device which tomorrow’s technology can sustain!
On the innovation life cycle model, by Abernathy & Utterback, the Oculus Rift stands at the fluid phase! With VR technology being accepted in the market, Oculus faces competition only from companies that use their devices for gaming but, Oculus Rift does more than just that. The ascent of The Rift has opened possibilities to the fields of science, medicine and military services. For some time now, Oculus Rift has been synonymous with Virtual Reality.
That being said, with its dominant design, Oculus Rift is not a market leader. In terms of technology Oculus Rift is far better than other players, but in terms of pricing it has stiff competition from Samsung VR and PlayStation VR that provide almost as good technology but are much affordable. In order to gain good market-share, Oculus must strategically re-position their product.
Technology Push or Market