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.

IoT is a massive data collecting avenue. This is the value that IoT brings to the entrepreneurship and business world. Companies like Google, Facebook and Amazon have used this data to advertise and carter search results based off of YOUR data. This is incredibly important for Search Engine Optimization (SEO) and Internet Content Marketing (ICM). It is opening up a whole other way of understanding consumers and customers. Unfortunately, the main ethical question is how much privacy are we surrendering? Companies bypass this with fine print in the privacy policy section of agreements. Access of webcam and photos can be allowed, which is genuinely frightening that a company can view your every move and reaction when you’re in front of a webcam.

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.