Ready for the next tech startup revolution? It has already begun. The “Internet of Things” market grew to $33 billion last year, and is projected to reach $71 billion by 2018, according to Juniper Research. Who wants a piece of a $71 billion pie? I certainly do!
As big a revolution as smart phones
The Internet of Things (IoT) is connecting physical things in our everyday lives to the internet, like lighting, household appliances, air conditioning and music systems. In fact, everything. You name it, it’s all going to be hooked up. This groovy little video explains the IoT nicely – “What is the Internet of Things?”
Fifty billion objects connected? That’s a lot. It’s going to change our world even more than smart phones did! Wouldn’t you have loved to be there with a business near the start of that trend? So, intrepid entrepreneurs, it’s time to get your thinking caps on and ask yourself the big question:
How can you make money from the Internet of Things?
This huge new market is ripe for conquering by innovative products and services. Now if you’re having a tricky time getting your head around what exactly IoT things do – don’t worry. You’re not alone. Essentially, it’s creating items that are more connected, to give the user greater convenience in their life. Greater control. The best way to illustrate it is with some early IoT success stories. Hopefully they’ll help fire off your imagination too.
This thermostat looks great, and hooks up via the internet to control all the heating in your home or office. And it has an app for your phone so you can warm up your house before you even get home. One lesson from ZEN Thermostat is how simple and instantly understandable the concept is. Remember this with your tech innovation!
This creates smart light bulbs, which can hook up to an overall lighting control system like with the ZEN Thermostat. Fill your home with them and you can control it all from your smart phone! You can set your room to fade from dark to light in the morning, or have lights turn on only as you enter a room. It even lets you know if you left your lights on at home. There are plenty of other IoT innovations in the home lighting area. Again, a super-simple concept to grasp.
How to begin coming up with ideas?
Look around your room right now – is there anything you’d like to be able to control from your phone? Perhaps that’s your big IoT ticket! Perhaps that thing you’d like to connect is you…
Meet Jawbone UP, a wristband that connects you to the internet, tracking your steps, movement and even your sleep. It’s a super-measurement fitness device, helping you understand your daily movement, eating and sleeping habits to improve them all over time.
We are also seeing plenty of startups reaching out to give you control of the power supply of all your things. Household security is another large area. And why limit it to things in your home? This awesome app lets you turn any car into Knightrider. I want one!
Getting excited yet?
Share your thoughts below!