How an IoT Startup Overcome the Hardships and Monetise Their Business

In the world of business transformation, there’s a new term on the rise: IoTising, a concept introduced by FAVORIOT. IoTising involves the process of using IoT technology to revamp organizational operations and business strategies.

While this journey towards digital transformation may not happen overnight, it starts with visionary leaders who can champion these initiatives. However, organizations with deep-rooted traditions may encounter internal challenges due to differing cultures and eras. It’s important to note that technology itself is not the primary hurdle; instead, meticulous planning from the outset is crucial to avoid wastage and to gain widespread support.

Let’s dive deeper into this journey through an insightful interview with Mazlan Abbas, the driving force behind FAVORIOT:

1. Embracing Change as a Dynamic Leader

Question: What, according to you, makes one a dynamic leader? How do you integrate the same thought into your leadership?

Answer: In today’s era of constant technological and business upheaval, dynamic leadership requires agility in responding to evolving landscapes. A dynamic leader is open to unlearning and relearning new things to stay relevant.

2. The Birth of FAVORIOT and Lessons Learned

Question: What led to the formation of FAVORIOT? What role do you play in the day-to-day proceedings of the company?

Answer: FAVORIOT’s inception in 2017 was inspired by a trip to Silicon Valley in 2016, where the potential for visionary ideas became evident. Initially, we aimed to monitor Senior Citizens using IoT wearable devices and mobile apps. Looking back, we realized our strengths lay in the IoT platform we built. We could have tapped into the education sector earlier before expanding to business and corporate customers.

3. Overcoming Challenges and Ensuring Client Satisfaction

Question: What has the journey been like for Mazlan Abbas over the years? Looking back, what would you have done differently when starting?

Answer: Often, technology isn’t the main obstacle; it’s convincing people of how IoT can transform their businesses. FAVORIOT, as an early IoT Startup, faced the challenge of accommodating diverse customer needs. We should have targeted the education sector sooner before moving up the value chain. It’s essential to educate customers through training and webinars, align with their business goals, integrate with legacy systems, and focus on data for new revenue streams, cost savings, and better insights.

4. Advice for Aspiring Leaders and Entrepreneurs

Question: What would be your advice for young and aspiring leaders or entrepreneurs?

Answer:

1. Test your ideas early.

2. Seek feedback on your product and iterate until you find product-market fit.

3. Don’t be discouraged if your original ideas don’t succeed initially.

5. The Roadblock and Learning Opportunity

Question: What has been the biggest roadblock during your journey? What has been your most significant learning?

Answer: The initial challenge was gaining the trust of the first few customers. What we perceived about our product might differ from the customer’s perspective. The most valuable lesson was achieving product-market fit as quickly as possible.

6. FAVORIOT’s Vision for the Future

Question: Moving forward, what does the future look like for you and FAVORIOT?

Answer: FAVORIOT’s IoT platform has expanded from fewer than three countries in 2017 to 115 countries in 2021. IoT’s rapid growth is fueled by awareness and the convergence of various technologies. FAVORIOT aims to excel by becoming the go-to IoT platform for businesses worldwide, fostering IoTization in all sectors.

In this journey of IoTizing business, we learn that dynamic leadership, adaptability, early education, and understanding customer needs are essential. Additionally, embracing change and iterating on ideas are keys to success. FAVORIOT’s journey showcases how perseverance, innovation, and a commitment to evolving with technology can lead to remarkable growth and impact in the world of IoT.