Nick Jordan recently spoke at the IoT Evolution Conference and Expo in Miami, covering the exciting future of infrastructure investment.
With more than 120 business and technology IoT conference sessions, workshops, and keynotes, the 2021 IoT Evolution Conference & Expo brought together an expansive community of innovative thinkers.
Among those speaking at the event was Smashing Boxes CEO Nick Jordan, who sparked conversation about infrastructure investment.
The IoT Evolution Conference and Expo was a part of the #TECHSUPERSHOW, held in Miami for the 22nd time June 22-25. It offered leaders in the tech world, like Jordan, the opportunity to engage in dialogue about the ways technology can continue to improve business and our everyday lives.
Titled “Infrastructure as a Service,” Jordan’s talk focused on the role that Internet of Things can play in infrastructure as a service. He also discussed the huge impact that investments can have in shaping the future of IoT infrastructure.
With IoT’s economic benefits expected to reach astronomical amounts – between $3.9 and $11.1 trillion by 2025 – Jordan emphasized the significant benefits of investing in IoT infrastructure. Companies and municipalities should ramp up their investments in this lucrative and forward-thinking industry.
Jordan recognized that smart cities should be taken to the next level with infrastructure that provides services. The solution to making these advancements is through corporate, startup, and government investments.
“When companies and government organizations place money into these areas, technology can be used in powerful ways to improve the way we live,” said Jordan.
Jordan said that discussions around IoT often focus on single-use cases, like outfitting a parking lot for smart metering. But true visionaries will be looking at sensors as infrastructure, with smart metering being an app that lays on top of the infrastructure.
The challenge comes when companies/startups must build a product, they can't necessarily invest in infrastructure. So, often, they need to build for the single-use case. That leads to people pitching IoT and Smart City solutions that are singular in use and nature.
“Budgets are limited, so this is about starting the discussion now for how to include IoT/smart infrastructure in future government spends or government incentive packages,” Jordan said.
Jordan added, in the example above, the parking deck, which is almost always built with all or some government funding, would have already been upfit for smart tech/IOT and many companies could have come in to provide value-added services not limited to parking.
The key words here are “not limited to.” The infrastructure would be owned by the city or the parking lot, not the parking metering company, so others could tap into it. Jordan said the more products that tap into that infrastructure, the higher the potential return on investment for the infrastructure spend.
“All of this is likely going to be a better investment than just buying the parking metering company's solution,” said Jordan.
Jordan was asked what the next killer retail app will be when thinking about smart cities.
"From my point of view, we need to think about one layer before that ‘killer app,’” he said. “We need infrastructure first, so we’re not all chasing around trying to find and install the single-use case. The rest of conversation will be just like the parking garage conversation.”
Regarding tight government budgets, Jordan said strategic planning for the long-term future is the only answer.
"I doubt this is something that just gets squeezed in or pushed through by one rogue innovator,” Jordan said. “It has to be strategically planned for and ingrained in and incorporated into the planning process.”
It’s important to include many different groups when creating action out of these exciting opportunities. In his presentation, Jordan highlighted the value of including entrepreneurs and innovators in these conversations and plans. We’ll be required to rethink infrastructure plans and investments, as well as reevaluating federal, state, and local spending.
These movements have both an incredible economic potential as well as the opportunity to provide impactful services. Jordan’s presentation might have been the first time some of these forward-thinking ideas have been considered, but this certainly won’t be the last you’ll hear about IoT’s role in creating smarter infrastructure.