What would it take to replace Oculus?

It's very clear from the backlash that there is a significant market for a community-centered independent virtual reality company. So what would it take to go from idea to product, and which parts of the community involvement are most important?

I have most of the skills to make a prototype on my own, now I'm trying to gage how crazy it is to devote a significant amount of my tim to a project like this.