The Internet of Things - How important are standards and how well are they evolving?

The round table event was hosted by Alun Lewis, an IOT consultant and Voltimum contributor and attendees were Tony Greig CEO of Legrand, Tanuja Randery President of Schneider Electric UK and Irleand, Timon Rupp CEO of Innoventure, an Osram company, Kai Garrels Head of Standardisation and industry relations ABB, Gerry O’Donnell Head of stratgey and government affairs Philips, and Wolfgang Schickbauer the CEO of Voltimum. This question was the Internet of Things - What happens when things go wrong? How important are standards and how well are they evolving? Differences to top-down, bottom-up approach? How are these being addressed by different bodies?