The second day of 4YFN 2016 has come to a close. While opening day featured startups that are revolutionizing their respective industries in some way thanks to mobile phones, on Tuesday the spotlight was on the Internet of Things (IoT) and its network of connected objects.
This trend has existed for several years as one of the main axes of the tech industry due to increasingly smaller costs of hardware and software development as well as the possibility that all the devices that surround us everyday can connect to the internet and exchange information between them.
This evolution of the sector allows for a huge range of possibilities for startups, entrepreneurs and investors, but also for large companies such as Intel, Amazon and IBM, which have the capacity to provide the necessary foundation for new products and services to be developed.
There was a point emphasized by Amir Faintuch (Intel) and Kelley Hilborn (IBM) during their talks that explained the advantages of their respective platforms for the development of the Internet of Things.
Another aspect agreed upon by nearly every speaker in the industry is the wide scope of IoT, admitting that although the attention of the public and the press have so far been focused on the area of smart home and wearables, there are sectors such as agriculture, medicine and construction that could be major beneficiaries of the growing trend towards “total connectivity”.
While the technology slowly invades the lives of users, the need also arises to find new sources of funding for these disruptive projects.
This was precisely one of the recurring themes of the day, with several panel discussions focused on addressing alternative financing mechanisms that are beginning to take off and that will only grow with time. Financing alternatives for innovative startups brought together Bhav Singh of Sandbox Partners, Guy Horowitz of DT CP, Marc Goldber of Maslow CP, and Carlos Silva of Seedrs, all of whom spoke about how the investment sector is changing.
How to raise €7 million from an Island (Menorca Millennials) and What makes a city a startup hub? were other sessions that addressed the same topic.
Throughout the day, startups resurfaced as the stars. Not only those that were present at the innovation market, but also those that formed parts of the various competitions and demo days.
During the morning, Startupbootcamp IoT & Data presented the projects in the final program of the annual Demo Day that acts as a known accelerator for startups. During the afternoon, Telefonica Open Future had its turn and finally, the Internet of Things of the 4YFN Final Awards chose Slock.it as the winning startup.