The Future of IoT
How IoT will be used within existing industries will be what is really going to make the transformative change. So the great things about startups are that they are constantly reiterating and constantly jumping into new product lines and with the emergence of IoT, especially at Mass Challenge where we are already seeing some of our startups help our corporate partners by building stronger businesses through IoTs mechanisms. This is a long way of saying that I don’t think by 2030 we will see entirely new industries emerge but rather the industries that do exist will become way more evolved.
There are younger people every day coming into big businesses, everyone is idealistic, everyone wants to make change, everyone wants to be cool and hip, have good ideas and be interesting so there is a lot of internal change but it all comes down to changing the corporate philosophy and industrial philosophies that is going to be essential for IoT to get the recognition and the integration that it deserves into major industries.
Something that I read about a lot with IoT is that there is a lot of opportunities to vertically integrate. As opposed to horizontal integration. Obviously, there needs to be an ecosystem approach to anything in IoT. You can’t just have technologies hanging out there without support. It is a new opportunity for that vertical integration and building stronger industries as a whole.
The industry is going to go where the money is as well as the businesses. I don’t see it disrupting consumer buying power enough for it to build a whole new industry. It is also not going to build a whole new set of consumers. The consumers are still the consumers but the real market add is within already existing businesses. They help them get smarter and better and faster and cheaper.