The Internet of Things paves the way for a whole new generation of devices, adding network connectivity to virtually everything and anything in industry, at home, and even on your person.
This creates a world of opportunity for startups. Not only in developing new technologies to take advantage of this trend, but in finding unique and efficient ways to implement them.
IoT-specific startups are a hot item right now for investment. IoT incubators are popping up around the world, funded by major corporations. They are also highly sought after for acquisition when their projects complement their own long-term business plan.
Because the Internet of Things is such a broad category describing virtually any object that can be enhanced with networking capabilities, there is no shortage of new space for startups can innovate in. In an Internet restricted to traditional computers and smartphones, there is only so much you can create. When that Internet includes everything from your tennis shoe to your toaster, there is significantly more room to innovate.
Crowdfunding has been a great boost for IoT startups
Finding funding for your startup’s project is also a bit different when you are playing in the IoT space. For one, crowdfunding has become an extremely popular place to generate interest and funding without giving up equity. IoT solutions such as the Pebble smartwatch and Mover Kit, an educational DIY IoT kit for kids.
In Pebble’s case, it brought in a over $1 million within an hour of launching its Pebble Time project on Kickstarter. It ended its campaign with over $20 million of funding.
There is also a lot of IoT technologies can do to improve a startup’s efficiency. In a market where staffing and data gathering can be a gigantic drain on a startup’s limited resources, IoT technologies give companies the ability to track, monitor, control, and analyze systems and information in a variety of new ways.
For startups working in the field of manufacturing, IoT sensors enable more efficient monitoring of equipment allowing a single individual at a central control station to control an entire manufacturing floor.
The Internet of Things is a major shift in the way the business world looks at information technology. The Internet is no longer a space exclusively built for traditional computers and smartphones. It’s now a place for virtually anything and everything.
For startups, it is a gigantic opportunity just waiting to be seized.
