The Internet of Things (IoT) combines today’s most important innovation trends—computing, sensors, robotics, automation, AI, networking, data and algorithms, cloud, etc.— to enable "smart" things.
Mckinsey & Co. predicts that IoT will be the largest opportunity of this generation, with the potential to grow to 10% of global GDP—trillions of dollars. This is a rare moment in history when broad-based innovation and entrepreneurial opportunities are predictably on the horizon, and where necessary technologies already exist. The challenge is to stitch together existing technologies into useful "IoT apps".
However, progress remains slow for several reasons:
It’s time to get imaginative, work smart, and learn effectively—together. The IoT Open Innovation Lab applies several key ideas to allow many of these barriers to be overcome: