A R50 000 funding prize has been put up for grabs to give the winning proof of concept a boost to becoming fully realised. Sponsored by South African Internet of Things (IoT) specialist company, Trinity IoT, the prize will be awarded to the most innovative IoT project idea that meets the specified criteria for consideration.
Ross Hickey, CEO and founder of Trinity IoT.
For instance, the idea must scale to 500 devices within six to twelve months of being rolled out. The business case also needs to have cellular connectivity for networked devices. From a revenue perspective, the project must either generate R50 000 per month from the total device fleet or generate R100 per device from services or subscriptions. And given the focus on realising the full potential of IoT, the project must also illustrate its real-time access and management of data.
Commenting on the initiative, Ross Hickey, founder and CEO of Trinity IoT, says: “IoT has become one of the most significant technology enablers in today’s connected world. By linking devices to data and enterprise systems, organisations can realise competitive advantage much sooner than before. This competition is designed to highlight the potential that exists for IoT in South Africa, and one we are proud to be spearheading.”
Forming part of Trinity Funding, the initiative will help a startup get its project off the ground by contributing to their initial deployment costs to the value of R50 000. The prize money can be put towards any Trinity IoT product and/or service, which encompasses IoT devices and sensors, SIMs, data, consulting services and access to the Trinity IoT remote management platform.
“The startup with the winning project should also consider showing the need for a mobile app or business web portal that integrates data into other areas of the business. After all, IoT centres on unlocking the potential of data in a connected ecosystem. By showing us just how it plans on doing so to deliver demonstratable returns with an integrated approach, a project will stand a good chance of winning,” he adds.
Other considerations include highlighting the ideal end-customer, providing a detailed business model or plan, showing the project rollout targets and timelines, demonstrating the team’s capacity and capabilities, and so on. “We are very excited about the potential of this competition to provide further impetus to local IoT start-ups to showcase their talent and highlight just how pervasive this technology has become in everything a business does,” concludes Hickey.
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