[InnoVEX 2018 Forum] Startups’ Many Opportunities in the Ecosystem of AI, IoT, and Smart City

 2018-08-30 By: InnoVEX Team

One of the speakers for the InnoVEX AI Forum is Andrew Batten, the Managing Director of Hyperform Consulting. He shared his insights on the potentials of startups in AI, IoT, and smart city; three technologies which are inter-connected.

He shared the state of AI startups in London which numbered 500 of the total 6,000 startups at the time of speaking. This number usually grows by 5 to 10 per month. He also stated that the traditional nature and motivation of startups is to make as much money as possible in as little time as possible. This can be achieved by the 3Bs: get Backing, get Big, and get Bought. However, more and more startups of today embrace the new mindset which is more altruistic and focuses more on changing the world; less about money and cashing out.

According to Mr. Batten, there are many IoT devices which might not be obvious to the general public; such as hearing aids which can also function as an IoT device. The requirement for it is that it should have an input & output device, IP Enabled, and the usage data made available. This can effectively turn any device into a small ecosystem which can send and receive information or commands. However, individual applications like this will not give a significant profit for the companies. The biggest driver for profit for IoT will most likely be smart city applications.

IoT devices can be used to track the motions of the residents in a city. From that information, it is possible to determine where they are going and at what time to minimize waiting and traffic congestion. However, it is important that the tracked data be made open for public.

The natural way of IoT, smart city, and AI should be as an ecosystem and startups should understand the need to add the skill to think in terms of ecosystem, which is no easy feat. For this system to work properly, a new set of rules will be necessary. Smart cities require people to invent solutions and create new business. This means 2 sets of people: inventors and entrepreneurs will need to work together. To help create new inventors and entrepreneurs, education is necessary; while communication is needed to reach out to citizens.

The relationship between startups and smart cities can be clearly seen in the overall framework for change. Though some of these points are still not yet determined, it is important to consider them to create an effective smart city. The framework includes governance, leadership, ethics, and purpose. Governance include the method of governing the ecosystem, while leadership is about who will take charge of the smart city. In contrast, ethics can be seen as a set of regulatory requirements that the participants of the smart city project to comply with. This can also extend to how the startups joining the smart city run their companies and basing it on proactive ethics. Finally, purpose is necessary for companies to succeed as companies with a strong purpose generally succeed much more than the ones without.

Mr. Batten concluded his speech by sharing what he thought should be more important to startups which is the 3Ps : Purpose, Partnerships, and Principles. He believes startups who absorb the 3 Ps can gain greater traction as they fit the general expectations from society as a whole.

Watch the full keynote here: https://www.youtube.com/watch?v=fqHV-jufpOc

InnoVEX AI Saloon 2018

The InnoVEX team will host an event discussing AI in 2018. We will invite speakers to hold a panel discussion on AI applications in logistics and more. More information will be announced on our Facebook and Twitter pages.