The Internet of Things, part of the Fourth Industrial Revolution, will invoke the most powerful market transition in the Smart Building Space over the next 10 years. This will cause massive disruption opening up new business opportunities that will require not just innovative application of technology but also new business models that can trail blaze new markets.
Memoori’s brand new report Startups and Their Impact on Smart Buildings shows how this is forcing major corporations to rapidly reinvent themselves, and tap into new reservoirs of talent because incremental improvements will not deliver the core solutions or services that will be required to deliver the next multi-billion dollar business.
The report outlines the fundamental change in the last 2 years in the nature of collaboration between established incumbents and early stage startups, which is now regarded by many players as being critical to their respective success.
Corporations and startups have begun working together in fundamentally new ways, with a focus on flexible, early-stage, open-ended partnerships. These key findings are highly relevant to the smart building space showing that Startup / Corporate collaboration has become "mission critical".
Our report demonstrates the increased level of interaction between incumbent players and new entrants in the last two years, with an analysis of corporate venture capital funding, acquisitions and strategic alliances between startups and corporations, exemplified by the initiatives of 12 major players in the smart buildings sector that are identified in the report containing over 250 Startups.
The opportunities presented by the Building Internet of Things are too big and complex for any single company to capture alone. Whilst Startups can initiate the concept and early stage development they need to partner with corporations to progress quickly through the accelerator and incubation stages and then get major assistance in getting the product to market.
Our report shows that there are a number of strategic alliances in the Smart Building Space involving a Startup working with more than one corporate partner. In addition many major IT and Communications companies have partnerships right across all the vertical markets involved in IoT technology. This brings together a wealth of expertise which can be mined to bring about better solutions.
Startups, along with their partners business and customers, will increasingly co-innovate in more transparent and collaborative environments from conception to completion. Companies that cultivate innovation inside and outside their confines will begin to cross-pollinate programs, strategies and methodologies. Innovative ideas that will be shared to synergize creativity around mutual goals.
This article has been taken from Memoori’s brand new report StartUps and their Impact on Smart Buildings which is available to buy now for $1,500 USD for a Single User License. We define a startup as: A private company formed no earlier than 2008 that is focused on the commercial and industrial buildings market, is not a subsidiary or an acquisition of a larger company and is often financed by venture capital or private equity funding.
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