How an IoT Startup Overcomes the Entrepreneurship Hardships

STARTUP FOUNDER — INTERVIEW

Questions and answers regarding Favoriot’s entrepreneurship journey.

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Venturing into the fast-evolving Internet of Things (IoT) industry demands a clear vision and unwavering commitment to transformation and innovation. As a co-founder and CEO of an IoT startup, I have faced my fair share of challenges and breakthroughs.

In this article, I want to share my experiences with FAVORIOT and how we navigated the trials of monetizing our business in the dynamic field of IoT.

This is based on the interview questions posed to me.

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?

Dynamic leadership is about adaptability and resilience. Being dynamic means understanding that change is the only constant in technology and business. In my leadership role, I strive to embody flexibility, continuously seeking to learn and unlearn, thus ensuring that FAVORIOT stays ahead of the curve. It’s about nurturing a culture where innovation is encouraged and ideas can flourish without fearing failure. — Mazlan Abbas

The Birth of FAVORIOT and Lessons Learned

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

The spark that led to FAVORIOT’s creation was ignited during an inspiring trip to Silicon Valley. Experiencing the hub of innovation firsthand in 2016 showed me the potential for transformation through technology. Initially, we wanted to revolutionize how we monitor senior citizens with IoT wearable devices and mobile apps. My role in FAVORIOT’s daily activities involves strategic planning and ensuring that every team member is aligned with our vision and has the resources to innovate. — Mazlan Abbas

Overcoming Challenges and Ensuring Client Satisfaction

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

The journey has been exhilarating and challenging. The greatest obstacle wasn’t the technology itself but convincing clients of the transformative power of IoT. In retrospect, I would have directed our focus to the education sector much earlier, laying a foundation of understanding before targeting business and corporate customers. Educating the market is critical, and I believe in aligning our goals with our clients for mutual success. — Mazlan Abbas

Advice for Aspiring Leaders and Entrepreneurs

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

To the entrepreneurs of tomorrow, my advice is to be brave enough to test your ideas in the real world. Embrace feedback and use it to iterate your product. Product-market fit is crucial, so don’t be disheartened if success isn’t immediate. Be patient and persistent, and remember that every setback is a lesson in disguise. — Mazlan Abbas

The Roadblock and Learning Opportunity

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

Gaining the trust of our first customers was a significant roadblock. Our perception of the product’s value had to align with what the customer truly needed. The most significant lesson from this was the importance of swiftly and effectively reaching product-market fit. This requires understanding the market’s needs deeply and adapting our offerings accordingly. — Mazlan Abbas

FAVORIOT’s Vision for the Future

Question: What does the future look like for you and FAVORIOT?

Looking ahead, I see a future where FAVORIOT’s IoT platform is the backbone of businesses worldwide. Since our humble beginnings, we’ve grown to reach 115 countries. The rapid growth in IoT is not just about technology but also about raising awareness and combining various technologies to create comprehensive solutions. We’re committed to leading the way in IoTization across all sectors. — Mazlan Abbas

Final Reflections

This journey of transforming business with IoT teaches us the importance of dynamic leadership and adaptability.

Starting FAVORIOT wasn’t merely about bringing a new product to the market; it was about initiating change in how industries operate.

The road to monetization and business success in IoT is paved with constant learning, embracing change, and the relentless pursuit of aligning products with market needs.

FAVORIOT’s story illustrates that any business can make a substantial impact in the IoT world with perseverance, a spirit of innovation, and a willingness to evolve with technology.

Our mission is clear: to continue IoTizing, innovating, and transforming the businesses and lives of people around the globe.