TSB investing £5million into ’Internet of Things’

The initiative will begin with a series of workshops and the launch of a special interest group, followed by investments in feasibility studies and research and development projects. According to the TSB, the objective is to help the UK gain an early advantage in IoT adoption, applications and services development. The IoT is described as a revolution already under way that is seeing a growing number of internet enabled devices that can network and communicate with each other and with other web enabled gadgets. Things (objects, environments, vehicles and clothing) will have increasing information associated with them and may have the ability to sense, communicate, network and produce new information, becoming an integral part of the internet. Nick Appleyard, pictured, head of Digital at the Technology Strategy Board, believes the IoT has the potential to transform how we live in our cities, how we move, how we develop sustainably, how we age, and more. "The Internet of Things is one of the next major developments of the Internet and has the potential to unleash large scale investment, create jobs and bring substantial economic growth to many sectors of the economy. In some ways more and more information about 'things' within buildings, transport systems, cars or cities is produced. But if these were both widespread and able to share information with each other and with us at large scale a world of opportunities would open up, leading to products with additional capabilities, more efficient processes and innovative business models." Harbor Research estimates that added value services using the IoT could reach £200billion a year, with new business models, applications and services across different sectors of the economy. Such demand could also stimulate innovation and growth in areas such as components, devices, wireless connectivity and decision support tools. The focus of the initiative will be around understanding the challenges to and opportunities of the nascent ecosystem of application and services of the IoT and help industry drive it forward. Maurizio Pilu, lead technologist – Digital said: "Our consultation with industrial and academic stakeholders shows that the full economic, societal, growth and job creation potential of the Internet of Things has yet to be realised around the world due to system wide issues such as the highly fragmented nature of the market and barriers to the large scale development of applications and services. So we plan to bring businesses and public stakeholders together, to drive forward the development of new applications, services and business models based on the Internet of Things." The TSB will establish a special interest group of relevant companies and organisations to help shape the programme and promote wider participation. This will be followed by funding competitions which will see the Board investing in short term feasibility studies, research and development projects and pilots. Companies and other organisations interested in taking part should join: https://ktn.innovateuk.org/web/internet-of-things. The first funding competition will be launched in the autumn and further information will follow.