The Internet of Things (IoT) is a web of connections between different technologies, devices, etc. that facilitate interaction. It has become increasingly popular and relevant in the last 5-10 years. A simple example of IoT: You have a security app on your phone for your home that allows you to remotely lock/unlock your home. That connection between your phone and the locking device in your house is made possible by the internet of things. This small example shows the usefulness of everyday tasks being simplified but that is not the main reason why IoT is so important to entrepreneurship.
Overall, IoT revolutionized the way entrepreneurs approach the internet. It is important to understand how it works and how it can benefit you, as an entrepreneur.
The IoT is a promising new market which is making huge strides in fully integrating our entire lives. However, just as you mentioned, it’s slightly terrifying. The amount of data that can be collected on people is scary. Big data companies (Google, Facebook, etc.) all really want this type of data so they can continue to serve personalized ads to users and collect their usage habits. I think the IoT is very interesting and will be good, but I think there needs to be extra measures taken to ensure everyone’s safety.
Garrett and Travis, I agree with you. There definitely is an ethical implication of using loT. As technology advances, companies need more than just a mere privacy agreement! It is extremely creepy to think that someone could be watching you or have access to your personal information just because you agreed to a privacy agreement giving an application the use of your camera, locks, etc.
I agree, it definitely gives me the creeps. Even if the main goal is to monitor reactions and may have the intentions of bettering a searching experience, all that data is being stored somewhere. I expect more regulations will be made on it in the coming years!
Personally, I don’t see much benefit to the IoT. I’m perfectly capable of remembering if I need to buy eggs, thank you very much. The convenience is not worth the investment and loss of privacy for me and many others. Therefore, anyone entering the market with an internet-enabled device ought to be sure the trade-off is worth it.
There are definitely pros and cons to the advancement of IoT but it doesn’t minimize it’s relevance! Whether you like it or not, it will probably affect you. If you have a smartphone or laptop you’re already connected. It changes the game of search results and has direct impact on entrepreneurs because of it. The loss of privacy is a major concern and as more devices like Amazon Alexa and Amazon Echo come out, I’ll be curious to see how consumer perception responds to the privacy issue.
There are many times when thinking about the IoT I wonder if it’s a little to complicated and unnecessary. Clearly however, this is where the market is going and there is an ever increasing demand for IoT products. I am sure that someday I will see the value and jump on the trend as well.
It incredibly complicated, yes. There are now smart-fridges, washers/dryers, etc. and that is all connect on the IoT and can record data. I do think most companies will be looking to access this data in the future and when that happens it will be interesting to see how the public responds.
The IoT is something I have heard but never knew the meaning of. The Internet of Things sounds very promising as more and more technology is integrated into society. Although many may fear this movement, when we began using the internet we gave away many of our rights without thinking… and the same thing has happend again with the advancement of technology. It could be that we see the issues of privacy agreements in the news in years to come to protect consumers, but until then… cover your webcams :)
Very true, Cameron. It is almost too little, too late. It’s a double edged sword, I do believe it should be engaged to an extent but breaching privacy through microphones and webcams is where I draw the line. We’ll see what the IoT looks like in the future!