The Story Behind Favoriot – Part 13: Does Winning Awards Help a Startup Succeed?

A Founder’s Perspective on What Truly Matters

It’s an incredible feeling when your hard work is recognized. I still remember when Favoriot was named Malaysia’s Best IoT Startup in 2019. The news brought a surge of pride and validation. Finally, we’re getting the recognition we deserve, I thought. This felt like a pivotal moment for a startup struggling to make its mark in a competitive landscape. I imagined the doors it would open — new customers, investor interest, and big projects.

But reality had a different plan.

Let me explain what happened next. Spoiler alert: It was not the fairy-tale ending I had envisioned.

The Early Days: Riding the Wave of Recognition

When Favoriot received its first big award, it felt like a turning point. Invitations started pouring in — podcasts, TV shows, radio interviews. Suddenly, we were everywhere.

This is the exposure we’ve been waiting for!

Being featured in the media was a game-changer. Every interview felt like an opportunity to tell the world our story, to let them know how Favoriot was building solutions to empower smart cities and businesses with IoT. My calendar filled up with media appearances and speaking engagements.

At that moment, it felt like the award had delivered its promise. We’re on the map now.

The Sobering Reality: Do Awards Bring Customers?

But once the initial excitement faded, the hard questions began creeping in.

“Did the award translate into more customers?”

The short answer: No.

Despite the massive exposure, we didn’t see a surge of clients knocking on our doors. I kept thinking, Surely people have heard of us by now? But recognition doesn’t automatically lead to sales.

Building trust takes more than a shiny trophy or a few headlines. Customers want proof — tangible results, real value, and solutions that solve their pain points. An award doesn’t give them that assurance.

Winning an award is like an introduction at a networking event — worthwhile, but it won’t close the deal for you.

Investors: The Harsh Reality Check

What about investors? Surely, they’d take notice. Wouldn’t an award boost their confidence in Favoriot’s potential?

Again, the answer was disappointing: No.

I found myself asking, How can they not see the potential in us? But investors are pragmatic. They’re not impressed by accolades alone. They want a solid business model, proof of scalability, and a clear path to profitability.

No matter how prestigious, an award isn’t enough to unlock an investor’s wallet. They want to see traction — growing customer numbers, revenue, and a sustainable strategy.

Big Contracts: Still Out of Reach

And then there were the big projects we had been dreaming about. Would winning an award finally help us land those elusive large-scale contracts?

The answer was another sobering “No.”

Despite our growing reputation, big opportunities remained just out of reach. I wondered, What’s the point of all this recognition if it doesn’t open real doors?

The reality hit hard: Awards are nice but not magic keys to success.

The Award Industry: Merit or Marketing?

Another thing I learned along the way is that not all awards are created equal.

I’ve seen awards handed out based on who could afford to buy an expensive table at a gala dinner or secure a full-page editorial. Where’s the value in that?

At Favoriot, we’ve always believed recognition should be earned, not bought. If we’re going to win something, it must reflect our genuine achievements. We never wanted to be part of an ecosystem where awards are another marketing tool.

Shifting Our Focus: What Really Matters

It took a while, but we eventually realized that awards weren’t the goal. They’re a nice bonus, but they shouldn’t define our journey. What matters most is our customers.

“What’s more important,” I remind myself often, “is attracting customers who believe in our product and are willing to pay for it.”

Ultimately, a startup’s true measure of success isn’t a trophy on the shelf — it’s the customers who return, the partners who trust us, and the impact we make.

Aiming for Global Impact

With that in mind, we’ve shifted our focus to a bigger stage: the global market.

“Let the world see what we can do,” I told my team. Our mission is no longer to chase awards but to deliver real results that speak for themselves.

We want to be known for our value to the IoT space, not for the number of awards we’ve won. If recognition comes, it’s a bonus. But it’s no longer our primary pursuit.

The Journey Ahead: Challenges and Lessons

Of course, the road ahead is still filled with challenges. Running a startup is a marathon, not a sprint. There are setbacks, doubts, and tough decisions. But there’s hope, resilience, and a deep belief in what we’re building.

I’ve learned to embrace these moments — even the tough ones. They’re part of the process.

“May our journey be made easier with the prayers and support of our friends,” I often reflect. I can only say thank you to those who have stood by us, cheered us on, and believed in us.

Your belief in us means more than any award ever could.

The True Measure of Success

So, does winning awards help a startup succeed?

Here’s the truth: Awards are just that — awards.

They’re a pat on the back, recognising your hard work. But they don’t guarantee success.

Success is built on consistent effort, customer trust, and genuine impact. It’s about solving real problems, creating value, and building a business that will endure.

That’s the legacy we want to leave behind at Favoriot.

Not a shelf full of trophies but a better world because of the solutions we’ve built.

One step at a time. One customer at a time. That’s what success looks like to me.