Over the past six years, the team at FAVORIOT has persevered through many challenges to build a successful IoT startup. From zero revenue and a high operational cost to struggling to find customers in the early days, they have faced many obstacles on their journey. Despite this, they have learned valuable lessons and emerged stronger for it.
The journey of building a startup is like running a marathon with a distant and challenging destination, filled with hills and mountains. The question of whether FAVORIOT will continue operating for the next year is a common one that constantly lingers in the mind of the founder. The outside world often portrays startup success stories, from humble beginnings to IPOs in just a few years. However, the reality is that many startups fail, and their stories often go unheard.
FAVORIOT was established on February 20, 2017, but only began operating on April 1, 2017, with a few employees. Many of the original employees have since left and been replaced by new ones. The team has faced many challenges, such as developing the “Raqib” IoT product for monitoring the elderly and pilgrims, with no revenue for the first year of operation. Additionally, the biggest challenge came when the Malaysian Hajj was postponed for two years due to COVID-19, rendering the product unusable after a significant investment was made in its development.
In the early days, despite many inquiries from individuals wanting to learn about IoT or collaborate, no one was interested in purchasing or even requesting a quotation. This was frustrating for the founder, who felt that people were only there to “pick their brains.” Additionally, the team initially refused to provide IoT training, assuming that people could learn independently. They realized their mistake after a few years and began offering commercial IoT courses in late 2021.
Despite these challenges, FAVORIOT has grown from 20 users to 7200 users in 121 countries. The company’s branding has also improved, and its name is now one of the top results when searched on Google.
FAVORIOT has overcome the “Valley of Death,” which is like a black hole that tries to pull startups back in, without any traction or customers. The company’s previous attempts at pitching to investors or entering accelerators were repeatedly rejected. However, they feel that it’s time to reopen the doors and seek new partners and venture capital funding to expand the business.
As FAVORIOT celebrates its 6th anniversary, the team is grateful for the hard work and perseverance of its employees, the early customers who put their trust in the company, and the friends who provided constant support and encouragement. Here’s to many more years of success for FAVORIOT.