When I was with MIMOS, an R&D Agency under MOSTI, my role was developing wireless technologies, one of which was the Internet of Things, especially in developing new 6LoWPAN standards.
Later, we created new IoT applications but did not think about selling the applications. What are the business models, and who will be the paying customers?
However, when I left the organization and ventured into the telco world, the IoT business became challenging. We cannot apply all theories to the real world.
7 Mistakes That We Did Not Realize
In the early days of Favoriot, we were very optimistic about the IoT market, and we thought customers were ready to jump into this as soon as they got the opportunity. But nothing is as easy as we thought! We were mesmerized by the number of IoT devices by 2020 and how the organizations will adopt Iot applications.
Here’re our 7 early mistakes and things that we overlooked:
- There is not enough talent in the industry to develop IoT solutions. When we launched our IoT platform in 2017, we thought people would subscribe to it and use it in the IoT deployment. Unfortunately, the take-up is very slow. People are not aware of how to use them or connect any sensors.
- Talent is still the Universities. If the industry doesn’t have enough talent, most likely they should still be in the Colleges or Universities. But even in 2017, IoT is still very new to many educational institutions. Not many of their current courses embed with complete elements of IoT, which means learning IoT applications and their benefits, but the ability to have hands-on IoT projects and learn all the four aspects of IoT such as Sensors, Connectivity, Middleware, and Analytics.
- Not enough knowledge to train Favoriot platform. Letting users learn using the IoT middleware via YouTube videos is also a big mistake because many still prefer a formal course rather than self-training. Proper training is mandatory, and YouTube resources should be supplementary resources.
- Customers don’t know how to start their IoT journey. Many are still trying to grasp how IoT impacts their business. And what it takes to start transforming their organizations with intelligent solutions.
- IoT Budget was not in place. Too many stakeholders make the decision process slower, and they are late in justifying their ioT budget. Organizations can’t comprehend how much it cost to deploy an IoT solution. Where should it start, and who should manage this?
- There is no catalyst to create their IoT projects. Before Covid-19 happened in 2020, the digital transformation process in many businesses was prolonged.
- We did not take the IoT training opportunity. Many opportunities arise, but we neglect that opportunity simply because we thought we should focus on building our IoT platform and marketing them.
Building IoT Community for Commercialisation
It has been very challenging to promote the usage of our Favoriot IoT because we are new to the market, and most people are aware of other alternatives.
Thus, we set up a strategy to create awareness by promoting the Generation-IoT community to quickly help users start their IoT journey. We take this opportunity to create IoT training courses using the Favoriot IoT platform and bundling with an IoT ecosystem package to the educational institutions.
We went back to the Universities, Colleges, and Polytechnics and help them to refresh their IoT syllabus which suits the industry needs.
Since then, we have managed to groom many trainers, lecturers, and individuals with IoT knowledge and hands-on using Favoriot IoT platform.
It has become the beginning of our traction from education to the platform’s commercialization. The platform proves to become a better alternative to the existing IoT platforms in the market. We have gained the trust of the industry to become one of the IoT platforms of choice.
The local support and expertise give us a massive advantage to enter into IoT projects. We also teach them how to select the best IoT platform without evaluating hundreds of products in the market.
We regret not taking the education path 3 to 4 years earlier. Otherwise, the IoT landscape would be very different today.
But then, no one expects to connect the dots this way without learning the mistakes we are going through.
Dr. Mazlan Abbas
“Mistakes have the power to turn you into something better than you were before.”
Anonymous
This is part of the real stories about IoT entrepreneurship. Subscribe to IoT Adventure book when it’s available in the future. Read the archive here.
