Guest blog post by Peter Diamandis, chairman and CEO of the X PRIZE Foundation, best known for its $10 million Ansari X PRIZE for private spaceflight. Today the X PRIZE leads the world in designing and operating large-scale global competitions to solve market failures.
Every month I hold a webinar for my Abundance 360 executive mastermind members that focuses on different exponential technologies impacting billion-person problems.
This week I interviewed Padma Warrior, CTO and Chief Strategist of Cisco, to discuss the Internet of Everything (IOE).
Padma is a brilliant and visionary person, one of the most important female leaders of this decade.
She first got my attention when she quoted a recent Cisco study placing the value of IoE as a $19 trillion opportunity.
This blog is about how you can tap into that $19 Trillion.
The Internet of Everything describes the networked connections between devices, people, processes and data.
By 2020, the IoE has the potential to connect 50 billion people, devices and things.
In the next 10 years, Cisco is projecting IoE will generate $19 trillion of value – $14 trillion from the private sector, and $5 trillion from governments and public sectors (initiatives like smart cities and infrastructure).
Let me try to paint an IoE picture for you.
Imagine a world in which everything is connected and packed with sensors.
50+ billion connected devices, loaded with a dozen or more sensors, will create a trillion-sensor ecosystem.
These devices will create what I call a state of perfect knowledge, where we'll be able to know what we want, where we want, when we want.
Combined with the power of data mining and machine learning, the value that you can create and the capabilities you will have as an individual and as a business will be extraordinary.
Here are a few basic examples to get you thinking:
The Internet of Everything will become the nervous system of the human economy.
Entrepreneurs who capitalize on this will drive massive value and enable better decisions and reduce inefficiencies.
If you are an entrepreneur or running a business, you need to do two key things:
1. Digitize: Determine which of your processes are not yet digitized and find a way to digitize them. Then, collect data and analyze that data. Go from your old-style manual process (or data collection system) to an autonomous digital version.
2: Skate to the Puck: Have a brainstorm with the smartest members of your team (or find some local Singularity University alumni to join you) and ask yourselves the following questions:
Share this email with your friends, especially if they are interested in any of the areas outlined above.
We are living toward incredible times where the only constant is change, and the rate of change is increasing.