Sierra Wireless is a global leader in IoT solutions with over 1000 employees worldwide and the #1 supplier of M2M cellular modules and intelligent gateways. The presentation discusses two key challenges for fostering innovation in IoT: 1) Fostering proliferation by building developer communities, providing open source tools and development kits, and organizing events; and 2) Managing divergence by actively participating in standards development through communities, events, and open source projects. The approach is to iteratively apply these techniques to both companies and standards bodies to continuously improve IoT innovation.