Internet, by nature, is a combined effort of a lot of standards and these standards, somehow, get the agreement of a lot of parties. IMHO, IETF has been the primary driving force and the standards are open. Nonetheless, for IoT development, a consortium formed by major makers will definitely help to further define IoT standard for one simple reason. IoT device is supposed to be low power consumption. If it has to supported a wide range of protocols, maintaining low power consumption will definitely become a challenge. In addition, security and privacy will further complicate the development of IoT devices.
There are many protocols at the device level particularly for non-IP devices and only a small handful for IP connected devices. The challenge is bringing these together to match the users' expectation. This is where UPNP+ features come in: standard cloud access/discovery for 'anywhere access' and lightweight bridging to bring those other protocols into one ecosystem.
I don't think IoT problem is lack of standard, but TOO MANY of standard candidates. It haven't changed ever since no (or too many) "standard" IP discovery protocol. LDAP, SLP, SSDP(HTTP over UDP, used for UPnP), WSDP (another flavor of HTTP over UDP), LLMNR(Multicast DNS from Microsoft), Bonjour(another flavor of Multicast DNS from Apple), broadcast SNMP GET(Used by HP, many network printers are compatible) ... list just goes on. There would be more than a hundred of IP-based discovery protocols including propriatery ones. You can implement one, or some of them, but unfortunatelly, there's not a single standard protocol you can use universally.
Time will tell which one will survive and which one does not. I think several de-facto standards will be used for different applications, just like IP discovery protocol today (UPnP for routers, Bonjour for Apple-related products, SNMP GET for network printers, etc).
What are the engineering and design challenges in creating successful IoT devices? These devices are usually small, resource-constrained electronics designed to sense, collect, send, and/or interpret data. Some of the devices need to be smart enough to act upon data in real time, 24/7. Specifically the guests will discuss sensors, security, and lessons from IoT deployments.