Issue link: https://nebusinessmedia.uberflip.com/i/1496993
HARTFORDBUSINESS.COM | APRIL 17, 2023 51 U.S. Sen. Chris Murphy tests a VRSim training headset. PHOTO | CONTRIBUTED TECH COMPANIES TO WATCH VRSim's virtual reality training taps new opportunities in healthcare industry By Norman Bell Hartford Business Journal Contributor M atthew Wallace, CEO and president of VRSim, said he "lives to break rules" and "subvert expectations." Mission accomplished. For two decades, the East Hart- ford company has been reshaping the way industries train welders and painters with the use of virtual reality simulation. Now, Wallace has his sights set on changing the training of workers in allied healthcare fields. VRSim struck gold early in the 2000s with a Pratt & Whitney contract to train welders working on the Joint Strike Fighter, Wallace recalls. The VRSim training proved "repetition inspires confidence," a central tenet of all VRSim products. And the company never looked back. A training program for painting and coatings followed, and it too was a hit with major corporations like Boeing and Lockheed Martin. Wallace said he never raised capital, relying on rolling over profits and never overreaching. There were points where it was tight, he acknowledges, but he's glad it worked out that way. The business model has evolved a bit over the years. Lincoln Electric bought the welding program with VRSim staying on as a partner. A new version of the painting program rolled out in February and is being used by major manufac- turers as well as by the International Union of Painters and Allied Trades in its training program. Healthcare pivot Wallace's passion has turned to health care, and VRSim's VRNA program for training certified nursing assistants is catching on. A study by Iowa State University found the approach both effective and cost-efficient, leading to eight Iowa community colleges taking on VRSim's product in a pilot program. It's that kind of step-by-step approach that's required to bring change in the nation's balkanized educational landscape, Wallace explains. So far, VRNA is in six states and 15 colleges with Connecticut still a work in progress. The VR headset requires no computer connection, just internet access so students can study at home. The initial cost of about $3,000 a student is steep, but over time proves highly efficient, Wallace said. The program provides simulation training on the 30 skills required for certified nursing-assistant status in 49 states. Utah is the outlier, Wallace explains, because it demands CNAs be able to clean artificial eyeballs. VRSim hasn't written that simulation yet and it's not at the top of the "to-do" list for his team of 16. More urgent matters include readying simulation training for emergency medical technicians. Wallace expects to have that accepted in all 50 states by the end of 2024. Longer term, Wallace wants to bring virtual reality simulations to nursing home and home health workers and ultimately to memory care workers. It's an ambitious program but as Wallace approaches 60, he's given a lot of thought to the people who will be caring for us all as we age. There aren't enough workers for the need; there isn't enough training; and the likely solution will involve people with language challenges. VRSim can help, Wallace said, and he's ready to go. Kainen, Escalera & McHale is a full-service employer defense law firm committed to providing outstanding representation and personalized legal services to each of our clients. We welcome the opportunity to serve your business. 21 Oak Street, Suite 601, Hartford, CT 860-493-0870 | www.kemlaw.com | Attorney Patrick J. McHale is responsible for the content of this advertisement. Your workplace is our business. SM VRSim Industry: Training software Top Executive: Matthew Wallace, President & CEO HQ: 111 Roberts St. Suite L, East Hartford Website: VRSim.com Contact: 860-893-0080 12% FIXED RETURNS $100k minimum - $1mm maximum Maximize your IRA returns! • Diversify away from turbulent market conditions and now be fully secured by real estate at all times using any liquid accounts (or IRAs) that you have. • SELF-DIRECTED IRAS ARE IDEAL FOR THIS INVESTMENT. $100k @ 12% =$1,000/month income (but if in IRA/CD at 3% = $250/month income) $250k @ 12% =$2,500/month income (but if in IRA/CD at 3% = $625/month income.) • This lending fund specializes in short term real estate loans and is managed by a top national CPA firm. • Bonuses above 12% are negotiable based on investment amount. • Boston based company with all loans funded in MASS./ RI/CT/NH/FLA. (30 years mortgage lending experience) • Executive summary/PPM available upon request. REALTY PRIVATE LENDING 401.421.0968 Fully Registered Lending Fund www.realtyfundingadvisors.com