The Internet of Things poised to see major growth
The rise of trackers and monitoring devices coupled with the interconnectivity of the digital age has led to the creation of the Internet of Things. The IoT is making a big splash in market, and companies in every sector from industrial manufacturing to health care to transportation and fleet management are finding ways to take advantage of the many benefits associated with utilizing IoT features.
According to the latest data from TechStars, an accelerator, there has been a recent surge in the number of IoT companies on the commercial landscape. The source noted that IoT companies in their portfolio nearly doubled between 2014 and 2016. This growth rivals other powerhouse verticals such as health care, fintech and retail.
A January 2016 Forrester survey noted that only 23 percent of enterprises currently use the IoT, with another 29 percent respondents intending on incorporating it within the next year. With nearly half of enterprises surveyed either on track to implement IoT features or gearing up to incorporate them, it's clear that this sector has plenty of room for growth.
Make a good pitch
As more entrepreneurs and startups continue to turn their attention to creating the digital sensors, trackers and other gadgets necessary to create a more robust Internet of Things, it's important to know what pitches work and which don't. Entrepreneurs seeking startup financing to create the tools and equipment necessary to build the Internet of Things should know which aspects of their business they should focus on.
One portion of IoT adoption that might hinder customers' decision is how to determine if the product works. Measuring ROI on an IoT process can be difficult and time-consuming due to the relative newness of this sector. In addition, an investment in IoT won't necessarily pay off immediately, and it can take some time to show any ROI. Because of this, owners and entrepreneurs might find it difficult to pitch their product to investors or clients.
In addition to showing ROI on such a young sector, many potential clients simply don't see how an IoT infrastructure can benefit their business. It's important for entrepreneurs to educate and inform these individuals about the long-term growth trends and possibilities for IoT development.
As noted by Forbes contributor Zack Supalla, a mere six years ago, consultants and analysts were doling out recommendations for how to define success and measure results for investing in a new kind of data storage solutions: "the cloud." Fast forward to present day, and cloud computing is the status quo, not the outlier. The same can be said about the development and implement of the IoT.
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