It’s rare that a well-established industry gets turned upside down. But if you’re a designer of consumer or industrial hardware devices, an enormous change is coming. The so-called Internet of Things (IoT) has the potential to spawn completely new businesses and services, to fundamentally refashion how you make money, and forever alter our relationship with the things around us. As such, it’s an enormous business opportunity. There’s no formal definition of the IoT, but between the devices being connected, the systems that pull these devices together, and the services resulting from this grand cocktail of technologies, billions of dollars of revenue will be unlocked. New business models will shape where those revenues go, and there will be an intense scramble as companies vie for a piece of the prize.