Add text to the whiteboard
I would like to be able to add text to the whiteboard instead of just ink.

The text tool is now available within the iQ Whiteboard.
On iQ3, you can insert text using the Text Pen. More information can be found here: https://support.smarttech.com/docs/software/iq/en/deliver-lessons/writing-drawing-erasing.cshtml. You can also edit the contents of a text box by double tapping on the text box.
On iQ4, there is a text tool under the More tools button on the toolbar. More information can be found here: https://support.smarttech.com/docs/software/iq/4/en/whiteboard/whiteboard.cshtml#MoreTools. You can also insert text using the Text Pen that is found within the pen toolbar.
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As a workaround, there is an ink-to-text pen to convert ink into text.
https://support.smarttech.com/docs/software/iq/en/deliver-lessons/writing-drawing-erasing.cshtml