​Virtual Reality (VR; 2D/3D computer-generated immersive environments) is expected to have a major impact in education, training, business and industry. This will also have a strong direct impact not only on SMEs but also on HE business management and related studies. HE managers and teachers themselves need in-depth education and training concerning what VR is about, what kind of VR skills and competence industry requires from graduates and how their own pedagogical approaches and classes can be boosted by using VR applications.