New Business Models: The Internet of Things
In addition to helping organizations solve their current business problems, the Corporate Immersion Institute often casts an eye toward the future, partnering with innovative entrepreneurs and venture capitalists who are working on the "next big thing."
Or things . . . One of the institute's newest business partners is IoTWorks, an investment company that seeks to take advantage of the next explosive wave of the Internet -- the Internet of Things (IoT). As more and more appliances, utilities, vehicles, products, roadways, and other mundane objects become embedded with sensors and communications capability, they'll become "smart," and these smart objects will not only be able to communicate with one another, but with their owners as well via the Internet.
Learning when residents come and go each day, the smart home will adjust temperature and lighting appropriately. A car might notify the owner when the timing belt is fraying, and schedule an appointment with the local mechanic.
In business, smart inventory systems will anticipate when external factors, such as a hurricane, might cause a run on plywood and nails, and ensure that the store has enough on hand to meet a sudden surge in demand. According to McKinsey Quarterly, "When objects can both sense the environment and communicate, they become tools for understanding complexity and responding to it swiftly."
Staffed by seasoned investors and company builders, led by Executive-In-Residence Woody Benson, IoTWorks invests in emerging companies and technologies, and provides hands-on guidance to entrepreneurs.
Always looking beyond the status quo, the institute eagerly embraces new technology, ideas and business models.
Enjoy the latest posts from the IoTWorks blog: