Economic growth

Accelerating the Internet of Things

Jessica Stacey - 01.11.2012

A new support programme for start-ups, launched this week, could be moving us one step closer to a world where all our devices are intelligent, connecting and sharing data via the web.

The latest accelerator programme from Springboard, will support 10 teams to create and launch applications targeting the Internet of Things. The selected teams will receive access to seed capital, mentoring and support services, during an intensive three month bootcamp that ends with an investor 'demo day'.

Internet of Things (IoT) is a phrase credited to Kevin Ashton, and in general it refers to the concept of internet-connected objects that generate data without human input, using sensors and other electronics (it featured as a Nesta 'Hot Topics' event last year, a summary can be found here).

The potential field for IoT applications is vast, from waste management, to intelligent shopping, to smart product management, to home automation. For example, AlertMe, moves us towards the connected home, by allowing consumers to monitor their household energy use via the web or smartphone anywhere.

The Springboard IoT accelerator is the latest early-stage venture support programme backed by Nesta. Others include the HealthXL, a health tech accelerator programme launched in September, Bethnal Green Ventures, the social venture accelerator programme, and InnovationRCA, the design led incubator run by the Royal College of Arts.

Nesta's support of these programmes is part of a wider package of work that we are building around incubators, accelerators and early-stage venture support. We are interested in the support systems for innovative start-ups, because our research shows that innovative ventures have the potential to grow twice as fast in both turnover and employment, having a disproportionate effect on economic growth (see The Vital 6%).

While we recognise that incubators and accelerators are an increasingly important mechanism in the early-stage venture support system, there are still a lot of unanswered questions around what type of programmes are effective and why. This is why we will be building on our initial research in this area (see Startup Factories and Incubation for Growth) in order to get a stronger grip on what works in incubation and acceleration of innovation. More on this as it develops...

In the meantime, applications for Springboard Internet of Things close 6 January 2013. For more information or to apply visit www.springboard.com