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Already opened one? Planning to open your own IoT startup?
IoT or internet of things is the inter-networking of multiple devices with each other and its ability to collect & exchange data. It connects the physical world with the digital world and helps us to operate it on our will.
IoT offers amazing business opportunities. Period
It is one of the latest innovations in the technology world and mobile app industry is the most affected (positively) one. The technology has encouraged mobile app developers to utilize it to new levels and create interactive apps to cater to all the possible IoT devices. It is far beyond the capabilities of a mobile app development or website development company because it is no longer just a linear technical play, but an enhanced approach towards 360-degree technology and innovation.
Even though, the world is accepting IoT technology rapidly; IoT startups are still failing and shutting down all around the world because of lack of knowledge and some key misunderstandings.
Factors to Consider
The following is a list of factors that you need to consider before starting an IoT company:
- What do your users want and find important?
IoT technology companies often try to create products with ‘new’ features, without realizing the need for those features like internet connected egg-tray to keep track of the eggs, twitter friendly refrigerators and many such products. You may find such products fascinating, but do you really wish to pay for it?
The mantra to success is to understand the product that you are offering, at the price that you are offering and then think, if you will be willing to purchase such an offering or will it improve your life in anyway? Such questions will allow you to know how your target users will react to your products or at least help you modify it according to their needs. You can even implement ethnographic methods to understand the behavior & unspoken needs of the target users.
Fulfilling emotional needs along with functional needs help in creating a loyal customer community and focus shall be on the potential benefits of a connected service and not just individual faster & cheaper products.
- Leveraging is important
There are innumerable opportunities available in the world because of the access & connections of the digital & physical world with each other. There are two major success factors i.e. time to market and offering the right product. Startups often consider the former factor as the most important one and launch with bits & pieces of their idea, which seems good in the initial stage because they are running the race alone, but what they do not understand is the fact that they cannot win the race with an inferior or incomplete product; they need to offer the right product because that is what matters more to the user.
One shall always offer a complete end-to-end product to his user and win the market with quality.
- Scale your business as the soonest stage
Bootstrap your business is a common term in the startup sphere, which simply means to use minimal financial resources by reinvesting all the revenue back into the company, to avoid the requirement of external funding.
Startups, with the belief of growth, think of scalability at a much later stage; often result in failure. The business needs to enter the scaling process at the earliest possible stage. It does not mean that you hire a reputed digital marketing agency and pay them to increase your sales; it is one of the many milestones to scalability.
“Don’t just go along, to get along. You shall always think big & plan for it.”
Scaling the business when the right time comes can help you to grow exponentially, rather than a slow, linear growth. Scaling might be risky because growing too soon can also result in mismanagement or collapse, but if you have planned everything well and are determined to execute it in the same way, then success is not far; just a few milestones away.
“Don’t just start a business; stay dedicated and grow it into something big- Dhoundhu.”
ABOUT THE AUTHOR :
An aspiring entrepreneur; he always has an insatiated hunger for knowledge and food. He loves to paint emotions on paper with his pen; seen in his book Shades of Mirror. Sweets are what seduce him and his poetry is what introduces him. He is currently a professional content writer for Vipra Business, Noida.
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