Here’s a nice definition of the Internet of Things that doesn’t mention technology.
“The Internet of Things allows you to know information that you previously couldn’t economically know. With that knowledge, you can operate a different business process.”
Craig Hollingworth, co-Founder at Concirrus, has built his IoT business on a simple premise: if a customer can understand the potential to transform their existing business model, the technology piece becomes relatively trivial to deliver.
In this talk, Craig explains how they pursued a very unfashionable route to growth – investing their own money to get going then pursuing paid customers to support the growth of the company and hiring new people. This approach meant they were able retain more control of the business until they reached a point where they could decide how to scale.
(In fact, later in the year, Concirrus took £3 million of investment from Imperial Ventures at a point where they were in a position to show the relationship between capital and growth rather than capital and product development).
The BLN is now Business of Software
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