UK government takes a major step towards Internet of Things

The U.K. Prime Minister has announced a whopping £45 million funding for research on Internet of Things (IoT).

This funding (put up by the government-funded Technology Strategy Board) will be spent on new projects included in the TSB’s 2014/15 Delivery Plan or 2013/14 plan.

Delivering a speech at Europe’s CeBIT tech conference on March 9, 2014, David Cameron has been quoted saying -

“I see the Internet of Things as a huge transformative development — a way of boosting productivity, of keeping us healthier, making transport more efficient, reducing energy needs, tackling climate change,”

Talking about Internet of Things development in details, he commented - “These are developments that could allow literally billions of everyday objects to talk to each other over the Internet – using low-cost, low-power chips. And this has enormous potential to change our lives and accelerate our business growth.”

For example - “Electricity meters that talk to the grid to get you the best deals; Health monitors that keep an eye on your heart rate; Water pipes that warn of a fall in pressure.”

Like other IT stalwarts, Mr Cameron has predicted the IoT to usher in a “new industrial revolution.” He has affirmed that UK and Germany together can become the forerunner of this new "industrial revolution".

"Take British ingenuity in software, services and design, add German excellence in engineering and industrial manufacturing and together we can lead in this new IoT revolution."

Based upon Gartner prediction (nearly 26 billion devices to be connected to the internet of things by 2020), the U.K. Prime Minister has also announced an additional  £1 million ‘European Internet of Things’ fund to support early-stage Internet of Things startups. As evident, the fund will be given to startups that are working on IoT ideas and are based in either the Shoreditch or Cambridge cluster.

As per the sources - Multiple grants will be awarded to those startups that have the most innovative ideas on Internet of Things. Mentoring and business development support will also be a part of the assistance package.

Why is this news important?

The step taken by UK Prime Minister only shows how BIG Internet of Things is set to become. In fact, in all probability, other countries are sure to follow the footsteps of Mr. David Cameron. In such a scenario, as a business entrepreneur, what should be your action? Answer – to capitalize upon IoT ASAP

Here is how you can go about making the full use of the upcoming IoT trend:

• Understand the major components of IoT (CRM, cloud computing, big data etc)
• Consider how each of these IoT elements can map to your customers for better customer service

Discuss in your team regarding what the technology can do and where it is going.

Note: The aim behind following these steps is not to immediately implement IoT but to start preparing the pitch for it. So even if you do not find an immediate IoT opportunity, at least begin the process of internal realignment.