As Tech tycoons bet on the Internet of Things, this weekend Startupbootcamp InsurTech and the Aviva Garage decided to run a Hackathon on Big Data and The Internet of Things.
There are some really awesome teams onsite at the Digital Garage this weekend and we cannot wait to see the types of solutions that will come out from this 72 hour-ideation process.
Whilst it is believed that there is much-hype around some of the Internet of Things solutions that are out there, IDC predicted last year that Internet of Things-related spending would reach $1.7 trillion by 2020. So I guess not an insignificant market.
What’s not clear though is how the IoT’s complex ecosystem of loosely connected networks of interacting products and services will evolve and revolutionise many industries. Many believe that much of the innovation will first come from the commercial sector. For instance, just a couple of days ago, Siebel’s latest company, C3 Energy, changed its name to C3 IoT to focus on commercial enterprises such as manufacturing, mining, transportation and health care.
This HBR article written by Bala Lyer reviews a really interesting ecosystem of companies focused on the Internet of Things. Lyer takes this opportunity to look at parallels from the software industry to provide some insights as to how Internet of Things solutions may shape out in the future.
This does not mean that there is no room for startups. They often are more nimble and better able to respond to the whims of customers and the market, than incumbent companies. Thus, partnerships between IoT startups and larger companies looking for an edge in the IoT space can work to the advantage of both.