The document discusses strategies for developing intellectual property-focused IoT ventures in Korea. It analyzes case studies of successful US companies like Nest Labs that realized high valuations by strategically developing and leveraging their patent portfolios. The document advocates developing integrated IP management strategies and creative business models to converge new ideas with economic value creation. It also speculates that the convergence of different business ecosystems through IoT could lead to new "patent wars" like those seen in the smartphone industry.