Abstract
As latest advancements signify the fourth industrial revolution, artificial intelligence (AI) and internet of things (IoT) became the focal points for innovators. IoT-enabled technology can be used to gather and explore huge amounts of data from both virtual and physical environments, and AI provides the means for effectively processing and manipulating resulting information to optimize or automate processes. In this chapter, the related state of the art is presented, along with the characteristics that enable the creation of hybrid innovation ecosystems. An overview of IoT and AI platforms is included, which can be utilized even by non-experts to compose advanced cost-effective services. Also, related notions such as interoperability and engagement are also discussed. Although such components can be applied in a multitude of domains, to provide a concrete example of innovation enablement, the smart grid ecosystem is employed. Here, participants, either from the supply or the demand side, take advantage of IoT and AI technology to address new business requirements that arise.
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