Your Egg Carton is Trying to Tell You Something: The Future of Things

This week, we told you about the tech malaise that Millennials are experiencing. Though they want the latest and greatest new devices, even those on their wishlists aren’t managing to impress them the way that technology used to. So what will be the tech that manages to break the spell and wake up their interest the way that their first smartphone was able to? For years tech insiders have been talking about the Internet of Things: a world where everyday objects can communicate with us, and each other, through the internet, creating a connected space where our belongings will be smarter, more efficient, and make our lives easier. Imagine your alarm clock telling your coffee pot to turn on, or your car texting you when it needs an oil change. Now, after years of being a concept that most had never heard of, and couldn’t imagine coming true if they did, the Internet of Things is becoming a reality. Previously static and inert household items are becoming fixed with sensors and turned into intelligent things that can let their owners know when they are empty, low, need attention, or adjust automatically according to commands and their ambient environment. Business Insider predicts that 9 billion devices will be connected by 2018. If the Internet of Things (or IoT) pans out, it could not only be the next movement to shake up Millennial’s malaise and capture their attention (and wallets) it could also change the way that the next generation—Plurals—views the world around them.

So how close are we to an IoT world? Here are three current projects that are making smart devices a part of our lives right now, and are at the forefront of growing the IoT from a niche concept to a mainstream reality: 

1. Quirky & GE’s Smart Devices 
Some major brands are starting to prepare for the Internet…

 
 

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Millennial News Feed

Quote of the Day: “I consider luxury items as something that is nice to have, but that I can also live without.”—Female, 23, FL

How has the recession made Millennials reject capitalism? According to a Harvard University survey, 51% of 18-29-year-olds say they do not support capitalism, but it may be that young voters are essentially frustrated by the “flaws of free markets.” When asked about socialism, only 33% said they were in support of the alternative system, making the analysis of the data complex. It is also unclear how the Millennials surveyed define capitalism, since the meaning has shifted throughout the years. According to one pollster, the term once meant freedom from totalitarian regimes, but is now blamed for the financial crisis. (Washington Post

Financial technology startups are narrowing their focus to keep Silicon Valley interested. It is no longer enough for a young company to disrupt the financial industry, they need to think niche to stand out from the competition. Financial start-up Pave targets consumers with a lack of credit history, like college students. Promise Financial provides loans specifically for weddings (which 74% of 18-33-year-olds say have become too expensive), and has partnered with over 100 wedding venues and vendors to offer loans when major purchases are being made. (Wall Street Journal

Luxury brands are looking towards the future by focusing in on Millennials. The generation has the potential to be the largest spending group in history, and by 2020 the oldest Millennials will be entering their peak earning years. To prepare, luxury brands are shifting to cater to the generation who values “über-luxe” travel over costly jewelry, shoes, and bags. Brands are turning to new influencers—from the Instagram-famous to video game characters— to form relationships with Millennials before they become the core luxury demographic. (WWD

GE has created an unexpected product to attract Millennial engineers: hot sauce. In partnership with thrillist and High River Sauces, the company has introduced the limited edition 10^32 Kelvin—named after the temperature that “scientists believe all matter ceases to exist.” The sauce combines the two hottest peppers in the world, and is made to get the attention of young applicants who may be more inclined to work for a “trendier” company. There is no doubt that hot sauce is a major trend: one market research firm predicts that by 2020 popular sauces will earn $632 million in new sales. (Fox News

An exclusive club called Magnises is “targeting Millennials and brands, wallets and insecurities.” We first told you about Magnises as a start-up targeting high earning Millennials, and since then it has branched out as a community-focused platform joining the ranks of WeLive and Soho House. Playing off Millennials’ struggle to form connections, the company wants to bring “the benefits of an online social network immediacy, convenience, interactivity—into the real world,” through member-only and sponsored events. They are expecting $5 million in revenue this year, with the  majority coming from brands. (Racked

Quote of the Day: “When shopping for a home, my must-have is an in-law suite.”—Male, 23, DE

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