Like the rise of internet banking and e-commerce companies like Amazon.com, Inc. (NASDAQ:AMZN) in the 90s, the Internet of Things is bound to flourish, Slava Rubin said in a recent discussion with Kayla Tausche and Jon Steinberg on CNBC.
If one asks Rubin who heads Indiegogo and is also the company’s co-founder, the Internet of Things is here to stay, like Amazon.com, Inc. (NASDAQ:AMZN).
“[The] Internet of Things is a good buzz word. I think it’s super-hot and it will be here for the next 20 years. We actually just heard on the NFL [about the]Internet of Things. They are putting chips on players. That is the Internet of Things,” he said.
Furthermore, he likened concerns people have about the Internet of Things to when companies like Amazon.com, Inc. (NASDAQ:AMZN) and other e-commerce firms started to flourish in the 1990s. The concerns people had then about e-commerce and online banking are comparable to the concerns people now have for this new development in technology.
He also said that just like people now trust banks who do transactions online and Amazon.com, Inc. (NASDAQ:AMZN) and other e-commerce firms, people will find brands that they trust.
“For me, this reminds me of when online banking and e-commerce was starting in the mid-90s. Everybody was saying, you know, fraud [and other concerns like]will they deliver. It takes time. There [are]three things that are happening here: there is the hardware, there is the software and then there is the brands. People are going to want to find trusted brands. There is going to be a lot of software to be won over because there is going to be standardization across this Internet of Things. In terms of hardware, right now there is a combination of hardware and software but probably you are going to separate the software from the hardware,” Rubin explained.
Amazon.com, Inc. (NASDAQ:AMZN) last year unveiled their Kinesis Service which is their offering through their web hosting business for the Internet of Things.
Watch the discussion below where Slava Rubin was also asked about how different the concerns are about this new development given that it is about connected things like cars, homes and appliances which are things people use on a daily basis.