IoT is changing the world, but a very interesting thing is the “How” and “Who” of this change. Without a doubt, you would have heard about Google’s Brillo, Apple’s Home Kit, Amazon Web Service and GE’s Predix.
Big names, big companies.
The need of IoT devices has jumped immensely with the dawn of the smart age where smart cities, smartphones, smart healthcare, and smart homes are a thing of the present and in huge demand.
But what about the future? It is not the big companies that are driving IoT innovation. It is small companies that you may not have heard of. These are the companies that are pushing IoT beyond the edge and bringing us a life where IoT is everywhere (parking assistance, self-driving cars, smart grids, etc). With these, we are closer to achieving the goals of IoT in leaps and bounds.
IoT and Vendors
The best way for an IoT startup to get its product out there is to do so with the help of an established vendor. This is a partnership that works for an IoT company because they do not give up on their rights, licence or creativity. Apple has released Home Kit which is an open framework that IoT companies can use for home automation to connect and control home accessories. Starbucks, in partnership with Square, helps streamline payments by eliminating cards and cash.
This interaction between IoT companies and vendors plays a big role in bringing it to the consumer market.
The Buying and Selling of IoT
One way for large and established vendors to join the IoT race is to acquire a small business in IoT. Google acquired Nest Labs for $3.2 billion. Nest Labs is known for their intelligent thermostats and smoke detectors. Furthermore, Nest went on to acquire Dropcam, a company that produces video monitoring devices.
For big vendors, this is an easy way to acquire IoT technology. Moreover, with additional resources available, the acquired small company can do lot more and even buy other IoT technology.
IoT Innovations
Big vendors see acquiring IoT small companies as a smart move to jump the IoT gun because they are the ones innovating and reaching the goals of IoT quicker. But, there are many IoT companies that have not been acquired and are comfortable working on their own.
AdhereTech has created a simple IoT solution to solve medication prescription adherence. They did this by creating pill bottles that would send a notification via email and text to notify patients to take their medication. Chui created a facial recognition product that replaces passwords, codes and keys, all done through crowdfunding. Neura has used IoT technology to create a platform that connects a wide range of devices and give it the ability to do a lot of things – like text your partner that you’re leaving from work or unlock your door.
Small companies are truly the ones that are pushing the boundaries of what IoT can achieve and improve life in a revolutionary way.
