
For businesses, this means the goal posts have shifted. Multinational supply chains are no longer the preserve of large corporations, the proliferation of data has levelled the playing field and access to the internet as well as mobile devices is stimulating economic growth in developing nations. With the European Commission’s plans to introduce a digital single market as part of its 2020 “Digital Agenda”, the dynamic between the David and Goliaths will only continue to evolve.
So what does this mean in practice for entrepreneurs and SMEs seeking to break into new markets and access the big contracts with MNCs? The good news is that entrepreneurs are already tapping into gaps in the market, where large organisations have not been able to reach. From AirBnB’s shake-up of the hotel industry, to Spotify’s digital music takeover, entrepreneurs are challenging traditional business models at every turn. They are bringing solutions to market faster, scaling-up quicker and unlocking capacity where finite resources have put the brakes on growth – a disruption that’s set to unlock an estimated £9bn a year in the UK alone. And although you’d be forgiven for thinking the Internet of Things (IoT) is a future-gazing fantasy, the reality is that the networks underpinning IoT are with us already. They are ushering in the next phase of disruption, stimulating growth and quickly becoming a breeding ground for new businesses.The IoT opportunity
When it comes to IoT, businesses often get hung up on the terminology and semantics, such as concerns over regulation, privacy and infrastructure. There’s no question that those are valid, but they’re usually born out of a lack of understanding of what IoT actually is. IoT goes a step beyond big data (realising the information) and analytics (understanding the information) by making information readily available and consumable by other systems and networks. The IoT acts as an intermediary tool that helps turn information into a force that can boost efficiency, increase productivity and drive fundamental improvements in customer experiences. From connected industrial processes to wearable fitness devices like JawBone or Fitbit – the seamless connectivity and network around us the essence of IoT and the heart of the digital economy.- Branson-backed global internet project secures $500m, but will the costs prove out of this world?
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Entrepreneur uprising
Now is the time for the entrepreneurs’ moment in the Sun. The IoT is a seedbed for innovation that we’ll see startups dominating by 2020. With nearly 22m small businesses in Europe contributing of over 3,666tn value-added revenue, entrepreneurs are truly the lifeblood of the European economy. Research firm IDC, predicts that the IoT is forecast to hit $7.1tn across all sectors – a five trillion leap in less than six years. Entrepreneurs are best-placed to unlock that revenue potential, and are already making significant strides.Share this story