A small business. One or more individuals or groups may invest in a venture with the expectation of the business bringing in a financial gain for all backers. Most business ventures are created based on demand of the market or a lack of supply in the market.
Published in Chapter:
Internet of Things and Big Data-Driven Data Analysis Services for Third Parties: Business Models, New Ventures, and Potential Horizons
Izabella V. Lokshina (SUNY Oneonta, USA), Barbara J. Durkin (SUNY Oneonta, USA), and Cees J. M. Lanting (DATSA Belgium, Belgium)
Copyright: © 2019
|Pages: 34
DOI: 10.4018/978-1-5225-8188-8.ch014
Abstract
Ubiquitous sensing devices, enabled by wireless sensor network (WSN) technologies, cut across every area of modern day living, affecting individuals and businesses and offering the ability to measure and understand environmental indicators. The proliferation of these devices in a communicating-actuating network creates the internet of things (IoT). The IoT provides the tools to establish a major global data-driven ecosystem with its emphasis on big data. Now business models may focus on the provision of services (i.e., the internet of services [IoS]). These models assume the presence and development of the necessary IoT measurement and control instruments, communications infrastructure, and easy access to the data collected and information generated. Different business models may support creating revenue and value for different types of customers. This chapter contributes to the literature by considering, for the first time, knowledge-based management practices, business models, new ventures, and new business opportunities for third-party data analysis services.