How to monetize your IoT project: 6 steps

TechRepublic: How to monetize your IoT project: 6 steps

1. Devices with potential

2. Cloud network communication

3. Software distribution

4. Partner and provider ecosystem

5. Marketplace

6. Monetization of assets

Digital natives

The difference for digital native companies when it comes to monetizing IoT projects? They start at step six, and move to step one, Hughes said. Take Uber, for example: It started with a monetized platform, and worked its way back to drivers and their cars. This model makes sense for startups, who are not encumbered by their past mode of operating, Hughes said.

Digital natives always start with the business model and monetization plan, and move backwards from there, Hughes said. There is an immediate focus on the platform and the end-to-end experience, customer lifecycle, always-on connectivity, and large, open ecosystems.