IoT CEO outlines industry's direction and potential

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The Internet of Things, or IoT, is the next frontier for the enterprise and mobility. While many companies, new and old, have entered the market in the past few years, others saw the potential for a connected world early on.

Jahangir Mohammed, CEO and founder of IoT company Jasper, has been working to link the digital world since 2004. He sat down recently with Business Insider to talk about his company's beginnings, what effect the IoT will have and the future of the industry.

Like most things, the inspiration for Jasper came from an everyday experience. Mohammed was on his way to a fishing trip in Tahoe, when his check engine light switched on. He then needed to make a 3 hour detour, just so the mechanics could flip an analog switch.

"So that's the very first incident that got me thinking, 'Why is this car not connected?' And then I started seeing so many different things that made sense to connect," he says.

While many companies take a ground up approach to the IoT and create wholly new products, Jasper looks to adapt those that already exist for the companies that make them. Ten years later, that method has led the company to be valued at about $1.4 billion. Mohammed says the industry is still in the "2nd inning" of its lifespan, and production and growth will only ramp up from here.

Jasper has grown 100 percent the past few years, Mohammed says, and will do so again this year. And that's not an anomaly, as IDC and Frost & Sullivan both have the IoT market surging internationally, and there's room enough for many players.

"We're not going after anybody's lunch," Mohammed says. "The IoT service is a new paradigm, and that's why many people say this is a net economic value creator."

For more:
- read the Q-and-A from Business Insider

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