On the 11th June 2015, Restoration Partners and Spectrum, an executive search, coaching, assessment and consulting boutique, held a joint dinner around the Internet of Things.
With an agenda entirely driven by the attendees, the key discussion themes were:
- Questions, questions, questions – What is it? Is there a market for IoT? Will it happen? Should it happen? What will it do for me?
- What is the problem IoT is seeking to solve? It was generally agreed that IoT was not solving “a problem”, but rather it represented the evolution to something better. Value add is therefore the raison d’etre for IoT.
- Data – described by one as “data is the next electricity” – featured very strongly in the discussion. Who owns the data was a question that featured very strongly, as does some of the technology challenges associated with handling large volumes of data.
- But beware the hand of regulation – IoT is about monetizing data, responsibly, and intelligently so it delivers value to the consumer.
- Things are commodities, services based on intelligent data management are sticky.
- The consumer. It was widely agreed that consumers would not be aware of IoT, and that IoT would not be promoted by the industry in the same way as 4G for example. Most importantly, IoT provides an opportunity for a connected – rather than a transactional – relationship with the consumer. But, beware not satisfying a clear customer need.
- Big business. Big business would have to innovate or collaborate in response to IoT.
- Moores Law makes the unimaginable possible. Incumbents need to innovate or collaborate to remain relevant in response to IoT.
- The emergence of the Internet of Me: connected people.
- The conclusion – incumbents and innovators don’t have to bet the farm – collaboration wins!
The Spectrum & Restoration Partners Leadership Dinners are an invitation-only forum for peer-level strategic discussion and relationship building.
If you are interested in attending the next London event, please contact Alexis Vickery – firstname.lastname@example.org