Our Third IoT Creation That Will Become Our Core Business — The IoT Platform

ENTREPRENEURSHIP SERIES

The birth of the Favoriot IoT platform.

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When we started the Favoriot journey, we were not merely looking to create another product in the Internet of Things (IoT) space. We want to find something revolutionary — a journey that would anchor us firmly within the heart of the IoT ecosystem for years to come.

This is the odyssey of our third IoT creation, an IoT platform that would define us.

Embarking on the Favoriot Journey

It wasn’t just about launching a product; it was about the dream of weaving IoT into the very fabric of business operations.

Our first product, Raqib, was the culmination of two years of hard graft, steep learning curves, and the unwavering spirit of innovation.

Crafting Raqib was an exercise in patience and persistence. It required finding the right partners, ensuring seamless integration between the device, the data platform, the mobile application, and customer relationship management.

Pivot, Rapid Execution, Valuable Insights

Favorsense followed, benefitting from the lessons Raqib taught us. It reached the market in just a year, showing how far we had come.

Each piece of feedback was a nugget of gold, offering us insights that we would use to refine and enhance the product to meet our users’ needs better.

The Unplanned Masterpiece: Favoriot

Favoriot began as an undercurrent, a middleware solution developed during our other projects. It became clear that we had more than just middleware; it was a platform with the potential to stand independently.

The introduction of a pricing model in March 2019, following a period of free trials that provided invaluable user insights, was a pivotal moment in Favoriot’s story.

Navigating Through Challenges

Each product brought its own trials and tribulations. Despite our strong ties with the academic world, finding the right talent proved more difficult than anticipated.

While students showed enthusiasm for IoT, the absence of a structured IoT curriculum and a shortage of skilled professionals were barriers we needed to overcome.

A Market of Untapped Potential

The potential was undeniable, with the IoT market expected to grow exponentially. In Malaysia, a country that officially stepped into the IoT arena only a few years back, Favoriot could be the cornerstone for commercial IoT deployment and education.

Favoriot: More Than Just a Product

Favoriot was envisaged as more than a product — a gateway for innovation. Accessible to students and professionals alike, Favoriot promised security, ease of use, and support for various protocols.

It was designed to foster innovation while ensuring data ownership remained with the users.

Our platform, offered as a Platform-as-a-Service (PaaS), was complemented by different subscription plans, a community for shared learning, and a wealth of documentation and tutorials.

Learning, Adapting, Growing

At first, the uptake was slow, with users naturally gravitating towards more familiar platforms. However, our user base expanded dramatically as we increased our library of use cases and tutorials and promoted Favoriot across different channels.

Unleashing a New Wave of Talent

We are now seeing the fruits of our labor in the form of university graduates equipped with practical knowledge of Favoriot, ready to drive the IoT revolution in Malaysia and beyond.

Five Startup Tips from Our Journey

1. Persistence: The entrepreneurial path is strewn with obstacles. Those who persist will eventually break through.
2. Continuous Learning: The feedback loop is critical. It’s what allows you to refine and enhance your offerings continuously.
3. Invest in Talent: The people you bring on board will form the bedrock of your success. Invest in them wisely.
4. Spot Opportunities Amidst Challenges: Problems are just opportunities in disguise. Learn to recognize them and to make the most of them.
5. Foster a Community: The support and engagement of a community can be transformative. Shared successes and collective learning are powerful forces.

Use these insights to guide your entrepreneurial journey in IoT innovation. May your venture inspire others in the industry.