TechrIoT, a Colorado-based community of Internet of Things entrepreneurs, manufacturers, executives, investors, suppliers, and engineers, was launched in 2015. Together, members of the community collaborate to increase speed to market for Internet of Things innovations and develop Colorado’s ecosystem of resources for innovative firms.
Pronounced as Tech Riot Accelerate, TechrIoT presented the launch of an advisory board including executives from Fortune 500 companies such as Arrow Electronics, Nokia Networks, Jeppesen, and Sprint.
Main activities of TechrIoT include education and networking. Plus, the community offers design mentoring, supply-chain guidance and financing. In general, the aim is to develop a group not just of firms but of investors.
Actually, the new advisory board will pick the first 10 Internet of firms to take part in TechrIoT XLR8’s inaugural accelerator program. The board participants will provide mentoring and expertise throughout the program, which will culminate with two investor pitch opportunities – one in Denver and one in Silicon Valley in September 2016, states TechrIoT.
“Makers and startups are really the ones shaping IoT,” said Pete Basiliere, a Gartner research director. “Yes indeed, individuals and small companies around the globe are developing solutions for these niche industries. Fifty percent are going to be less than 3 years old (by 2017).”
As for the TechrIoT XLR8 program, the community looks for those companies that are convinced to have an innovative IoT product. The application deadline is November 30, 2015. Those 10 applicants that will be selected will collaborate in a great business environment without the usual fees, investor equity expectations or relocation restrictions.
So far, Internet of Things solutions appear to be a disruptive force in technology for various situations of our life in the near future. Probably, its incredible growth can be compared with the smartphones in the 2000s, or the Internet in the 1990s. “The number of companies developing technology for IoTbased solutions will rely heavily on collaboration between innovative startups and established companies of all sizes and markets to meet the demand,” stated Ted Chamberlin, Principal Advisor and Analyst, Custom Shop Strategies.
“IoT provides tremendous opportunities for a new company to create solutions that enable industries to become more efficient and help people to improve their daily lives,” stated Doug Hohulin, Strategy and Business Development Manager at Nokia Networks and TechrIoT XLR8 board member.
Well, hoping to catch a part of the $7 trillion market share that Internet of Things is expected to generate by 2020, Fortune 500 companies strive to team up with startup communities to improve their chances and competitive advantage. It looks like the game is worth the candle.