IoT Journey: Navigating Through Early Missteps Towards Successful Traction

Embarking on a venture within the burgeoning realm of the Internet of Things (IoT), my team and I at MIMOS, an R&D Agency falling under the aegis of MOSTI, excitedly delved into the development of wireless technologies, with a particular emphasis on the then-nascent 6LoWPAN standards.

We were vigorously working on creating novel IoT applications, albeit with little consideration for their market viability, business models, or potential customer base.

Transition to a New Landscape

When I transitioned into the telecommunications sector after my stint at MIMOS, the challenges of running an IoT business began to unfold, underscoring that theories and practical applications don’t always align seamlessly.

As we launched our IoT platform under the Favoriot banner in 2017, we were buoyed by optimism, envisioning a market eager and ready to adopt IoT at the first opportunity. However, reality proved to be markedly different.

Unraveling the Seven Mistakes

Amid the early stages, we found ourselves trapped by seven critical oversights that hindered our progress:

Talent Shortage: We prematurely assumed a talent-rich industry ready to develop IoT solutions. Upon our platform’s launch, the expected influx of subscribers utilizing it for IoT deployment was disappointingly slow, primarily due to a lack of awareness and technical know-how regarding sensor connectivity.
Talent Concentration in Academia: With industry talent scarce, we turned our gaze towards colleges and universities, only to realize that comprehensive IoT education, encompassing its applications, benefits, and hands-on projects covering sensors, connectivity, middleware, and analytics, was not part of their curriculum.
Training Gap: Relying heavily on YouTube tutorials as a training medium for our Favoriot platform was a misjudgment. Many potential users preferred structured courses over self-guided learning, highlighting the need for formalized training programs supplemented by online resources.
Customer Onboarding Issues: Prospective clients often needed clarification and were uncertain about initiating their IoT journey and understanding its implications for their business. They needed guidance on adopting intelligent solutions that seamlessly integrate with and transform their organizations.
Budgeting Hurdles: Decision-making processes could have been more active with multiple stakeholders involved. Organizations struggled to allocate budgets for IoT deployments, often needing clarification about the costs, the starting point for implementation, and the assignment of managerial responsibilities.
Lack of Project Catalyst: Before the advent of COVID-19 in 2020, the pace of digital transformation within various businesses was lackadaisical and protracted, with no significant impetus to expedite IoT projects.
Missed Training Opportunities: While opportunities for IoT training presented themselves, we should have noticed them, focusing myopically on platform development and marketing instead.

Conclusion

In retrospect, these mistakes were invaluable learning experiences, providing insights we then leveraged to gain traction gradually in the competitive IoT landscape.

Understanding and acknowledging these early missteps steered us back on course and imparted lessons that continue to guide our journey in the dynamic and ever-evolving world of IoT.

Each misstep and oversight brought crucial knowledge and understanding, ultimately leading to the traction we enjoy today.

Remember to Subscribe to receive email updates on every post I publish.

You can also follow my Medium Publications Aspiring Writer’s Journey, Influencer’s Journey, Startup Survival Journey, and IoT World.