IoT Ready: How Indian firms can be at the forefront of IoT technology
The Internet of Things (IoT) is a major part of the current wave of technological changes and improvements taking place around the world known as Industry 4.0. IoT is the rapidly growing network between physical objects which enables these objects to connect and transmit data. Vehicles, meters, home appliances and a growing list of physical objects are being embedded with sensors, electronics, softwares and other devices that monitor and gather data and transmit these data to be analysed. This then makes it possible to start understanding exactly how things like machines, vehicles, power etc are being used and then to make these processes efficient and optimized.
This wave of embedded technology in appliances and devices has already begun to grow in India and the opportunity for developing IoT technology for the Indian market and the world is lucrative and timely. There are over 120 firms in India offering IoT technology and there is tremendous scope for many more firms to enter the IoT arena to develop solutions for the Indian and global marketplace.
For Indian companies eager to develop their own products, protect their intellectual capital and enter new markets, it is an exciting and opportune time to consider taking their business international to add value to their company, brand and solutions. They do this by leveraging an international business ecosystem, accessing high level technology, setting up R&D centres and working in collaboration with laboratories and universities.
One of the best international IoT and ICT ecosystems where Indian firms can benefit from expanding to is Finland. This small country has one of the most advanced set-ups for the development of IoT solutions. Finland is a hidden gem in terms of how highly advanced and cost effective it is in technology but how relatively unknown it is as a tech destination for Indian firms.
Here are the features of the Finnish IoT landscape that make it the most viable location for Indian IoT firms seeking to develop their solutions:
Heavy Investment by Microsoft in Finland
Software giant Microsoft and other companies have invested in Finland to develop IoT. Microsoft, in particular, has invested 14 million euros in a foundation called ‘IoT Paja’ in Espoo. This laboratory is set-up to help tech start-ups gain access to a variety of advanced equipment and support services which will help tech companies create prototypes of their IoT solutions.
Not only to tech startups gain access to extremely advanced and expensive equipment for free, they also can receive funding for developing and testing their products and also for commercial production.
Invest in product development not equipment
Thanks to the laboratory set up in Finland by Microsoft, firms do not need to invest heavily in equipment and machinery and can instead focus on developing a working prototype and a fully functional solution. This helps startups save on costs and enables them to bring a solution to the market quickly.
Collaboration as an asset
One of the features that makes Finland unique is that companies and other organizations within the ecosystem are very collaborative and work towards a common benefit for all members of the ecosystem. Thus firms will find that setting up a business in Finland is easy because the government and governmental agencies are very helpful and approachable. Startups can collaborate with universities and students on projects and simultaneously observe possible recruits.
Once part of the Finnish ecosystem, Indian companies can access the local network and rapidly find suppliers, partners and clients and thus jumpstart their company’s growth and also shorten the timeline for product development.
IoT Ready, Set, Go!
IoT solutions have a rising demand that is likely to exponentially increase over the decades. The smart city initiatives by India and the development of smart cities and smart grids, artificial intelligence, augmented and virtual reality technology and much more means that it is vital for Indian companies to stake their claim and role in this new technological wave.
Rather than play catch-up Indian firms will do well to position themselves at the start of the race by establishing their businesses and acquiring technology from a world-class ecosystem. Indian firms save on costs and time by choosing the right location at the right time. Considering Finland as a location is great first step and by working with a consultancy like PrEver, Indian firms have every opportunity to advance in the IoT sector.