Author: Young Entrepreneurial Council (YEC)
Young Entrepreneurial Council (YEC) is an informal brain trust of like-minded peers who wanted to help each other’s businesses grow, while also supporting the millions of aspiring young entrepreneurs just getting started. They’ve partnered with Jobber to provide insight in a unique way – from several members at a time – on a given topic.
The new data and security issues introduced by the growth of the Internet of Things (IoT) might represent problems to some, but for savvy entrepreneurs, they also represent untapped opportunities, from new software to enterprise-level data encryption. Ten entrepreneurs from YEC outline some of the possibilities below.
1. A New IoT Security Industry
The insecurity of IoT devices could give rise to an entire industry devoted to increasing its security. Imagine new programs designed to decrease the likelihood of your IoT device being hacked from the outside. This could also give rise to a plethora of anti-virus and malware detection programs and even new operating systems for IoT-end devices with built-in security.
2. The Chance to Serve IoT Businesses
As with most new innovations, the product or service itself always takes center stage. But there’s a lot of opportunity in being a backstage player. Instead of offering something to the consumer, offer reliable production channels for businesses that are taking off thanks to IoT. You can also offer contracted support for their consumers, like maintenance and repair, as an independent agent.
3. A New Service
One way to grow your business is to add new customers. Other ways include raising prices and cross-selling existing products or services. However, IoT presents IT companies with an additional way to grow their business: a new service! As more and more businesses prioritize IoT, existing IT businesses will benefit by offering fee-for-service security consulting and support.
4. Less Competition
As a founder of an IoT company, I see an opportunity for founders to enter IoT despite the security concerns. Just like when social media (Facebook especially) was hit with privacy and security concerns, IoT is facing security narratives that make others hesitate before entering the space. There’s room for new founders to innovate in a secure way while others sit on the sidelines.
5. Attack Recovery
6. Security Education
One way IoT security issues can offer a new opportunity for startups is in terms of education. Startup companies can offer seminars, webinars or brief classes to teach IoT companies how to beef up their security. They can also teach startup security companies best practices for dealing with IoT security issues.
7. Growth for Security Engineers
It’s an amazing opportunity for the young hackers and engineers of our generation to transition into high-paying jobs that challenge their technical abilities and keep them engaged. Now is the time for security engineers to become the new rockstars of the development world, with new opportunities for exploitation presenting themselves daily.
8. New Software
Whether it’s device-specific encryption, anti-virus software, or firewalls, it’s clear that there is an opportunity to develop services and software that prevent data leakage and security breaches. It sounds obvious, but startups could look for ways to solve the existing problems with IoT security. Any breakthroughs they make will prove valuable to the entire industry.
9. Biometrics and Anti-Virus Services
I remember back in the late 1980s when the anti-virus industry boomed because of the threat of computer viruses. I expect as IoT becomes more and more prevalent, the fear of hacking will drive the demand for better encryption and especially biometric security. Don’t be surprised if 10 years from now, even the simplest IoTs will require fingerprint verification to work.
10. Data Management
The enterprise can’t ignore the IoT. When phones, fridges, light bulbs and everything else are connected, enterprises need to focus on managing data so that it’s secure even when there are insecure devices on the same network. There’s a huge opportunity for startups with a focus on enterprise data encryption and authentication.
These answers are provided by the Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most promising young entrepreneurs.