Philip Rosedale created Second Life - the virtual world - in 2002. Today Second Life is not only still around, but quite profitable: Linden Labs (the company that runs it) have 215 employees, up from 140 in 2007.
CCTV America recently interviewed Rosedale about the future of virtual worlds, virtual reality and his new project, High Fidelity. The video is just a few pixels below :)
High Fidelity, founded in April 2013, is also based in San Francisco like Philip Rosedale's former company, and is a 20-employee startup that has raised $17.5 million to date.
From the company home page: "We believe that both the hardware and the internet infrastructure are now available to give people around the world access to an interconnected Metaverse that will offer a broad range of capabilities for creativity, education, exploration, and play. And by using all of our computers together in an open shared network, we can simulate this space at a far larger scale than would be possible by any single company or centrally hosted system. By using a range of new hardware devices like the Oculus Rift, Samsung Gear VR, Leap Motion, PrioVR, Sixsense, and depth cameras, the experience of exploring these worlds can be incredibly immersive and the interaction with others lifelike and emotional."
By using all of our computers together in an open shared network, the interconnected Metaverse will offer a broad range of capabilities for creativity, education, exploration, and play.