The program has already garnered partnership support from some big names, including ARM, Unilever, Neul and $35 computing platform Raspberry Pi.
Each partner is expected to play an active role in selecting and mentoring 10 teams of entrepreneurs chosen to be part of the program, guiding them through from idea generation to Series A funding.
Participating teams will receive more $150,000 in free services, seed capital and mentoring from more than 100 industry leaders around the world over the course of the three-month program.
Gary Atkinson, director of embedded marketing at ARM, emphasized the importance of the IoT going forward and the need for smarter, connected devices. "By 2020, everything that can benefit from an Internet connection will have one," Atkinson said, adding that this had the potential to make better use of energy and natural resources, monitor healthcare more effectively and improve people’s lives.
Atkinson added that the IoT represents a “massive opportunity to drive growth” and that the firm was therefore “delighted” to support the accelerator.
Eben Upton, CEO and Founder of Raspberry Pi, said that up until now, the IoT had been “largely the playground of corporates,” but that as the cost of hardware fell dramatically, innovation could be shifted towards smaller teams, “in a similar manner to how web technologies have evolved over the last 10 years.”