The 5G revolution is coming and entrepreneurs will reap the benefits

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Faster speed, latency, and better coverage are just some of the characteristics associated with the arrival of 5G networks, but that’s just scratching the surface of what the next generation of connectivity promises to be.  Misunderstood by some as only a faster 4G and praised by others as the bearer of the 4th industrial revolution, 5G has the potential to transform the way every business operates. And to explore just how, we invited a group of future-oriented individuals for an afternoon of 5G ideation.

Organized in partnership with LMT and marking the beginning of LMT’s partnership with TechChill this season, the goal of 5G ideation session was to develop business concepts around 5G technology in smart cities, mobility, and healthcare – the verticals that are ideally positioned to be transformed by 5G.

Smart cities, mobility or health care – which vertical would you choose?

To kick things off, the vice president of LMT Ingmārs Pūķis introduced the audience to what changes to expect in the business world. In his words, “5G is not just about coverage and speed – the speed is cool – but it’s not the most important part.” Some other critical aspects of 5G are capacity in border areas, data throughput and the longevity of the sensors. “5G is not a technology for a simple residential customer, it has a huge potential for companies,” he added. It is possible that 5G will fundamentally change the way we use our devices, the way we work, and network. And it’s not only the budding entrepreneurs that will benefit from it, but larger corporations will also become the breeding grounds for innovation if they learn to work together. “We have to train ourselves not to be secretive, share ideas and cooperate.”

Ingmārs Pūķis vice president of LMT introduces the teams to 5G

The ideation process was moderated by Liis Narusk, experienced ideation professional from Elevate by Garage48. She provided structure to a sometimes chaotic process. Groups were formed around the three verticals and with guidance from mentors from LMT, Kjaer Global, Interdigital Europe, and Dripit.io the concepts were refined. After a couple of hours of rigorous discussions and post-it writings, the groups pitched their business concepts, and in the words of Liis Narusk, “You put people in teams, give them a structure, some ideas to work on and amazing things happen.” The three winning teams got passes to 5G Techritory forum to continue deepening their knowledge in 5G, and 1 winning team got passes to TechChill 2019.

5G Ideation teams working

Teams pitching

The winning team got passes to TechChill 2019

It is still hard to predict what implications 5G will bring, but one thing is sure –  the changes will be monumental. 5G infrastructure will become the engine of the connected world, a world that will rely on policies, norms, and standards that do not yet exist. It will be up to the entrepreneurs to acknowledge these opportunities and dare to turn them into products and services that the world needs. Because whether you’re ready or not, the 5G is almost here.

Learn more at TechChill 2019, get your early bird pass here

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