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Demystifying Business Models - An IoT Example

The Africa Internet of Things and Artificial Intelligence Challenge

Demystifying Business Models – An IoT Example

The Africa Internet of Things and Artificial Intelligence Challenge is a regional capacity-building and pre-incubation program for senior university students and startups that have innovative ideas in the areas of Internet of Things (IoT) & Artificial Intelligence (AI) and related fields to enable and leverage a smart future.

Ken Stauffer, 2020-2021 Chair of the IEEE Entrepreneurship Steering Committee, Demystifying Business Models – An IoT Example

The challenge is not just a competition, it’s a digital transformation movement, that’s why it delivers training and workshops to the participants and provides them with all the needed support. After the training, participants compete in local finals, then winners from each country get qualified to the regional finals to compete for the African title.

As part of the program, IEEE Entrepreneurship organized a discussion concentrating on Demystifying Business Models with specific focus on an example in IoT using the Lean Business Model Canvas.

Most engineers or scientists understand the concept of using a model to simulate real-world events.

Entrepreneurs and Investors use business models to explore possible markets, size them, and understand the value of their product and business. These are the crucial first steps in understanding if your idea can make money –is it a business, a hobby, or a charity?

This talk explains the fundamentals of taking an idea to market and deciding what business model decisions are necessary to develop the idea into a profitable product. The talk covers Innovation, Business Model Decisions, Product vs. Service Models, Market Identification, Prototyping, and Business Case Development.

The goal of the Demystifying Series is to provide real-world knowledge and advice from those who have both knowledge and experience on the topic. Each conversation aims to offer valuable insight to entrepreneurial start-ups and to dispel general misconceptions.

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The challenge is working on building the youth capabilities for the digital transformation era in Africa and identifying the potential investment-ready tech-based startups in the continent.

The challenge is on a mission to stimulate an innovation-based economy in Africa through strategizing, facilitating, and promoting innovation, entrepreneurship, and the creation of intellectual property in AIoT and its applications.

  • The challenge is co-organized by several national and international partners like the Institute of Electrical and Electronics Engineers (IEEE) with its dedicated society for Technology and Engineering Management (IEEE TEMS), and different universities, corporates, and governmental entities in Africa.
  • The program unites the resources and experiences of the organizers and their respective partners to avail all the required materials, mentors, and expertise to the participating projects.

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