Category: Entrepreneurship

Multiple Revenue Streams from a Single Product: The Favoriot IoT Platform Experience

In today’s business landscape, diversifying revenue streams is not just a strategy; it’s a necessity. When we initially introduced the Favoriot IoT platform as a service, our vision was singular – a subscription model. Yet, the journey unfolded layers of potential we hadn’t initially perceived.

1. Subscription: The Starting Point

Our journey began with the primary notion that users would subscribe to our platform for consistent access and updates. It was a straightforward revenue model, and it worked.

2. IoT Training & Certification: Leveraging Expertise

Soon, we realized the potential of intertwining education with our product. The IoT domain was booming, and a knowledge gap existed. We stepped in to offer IoT training, capitalizing on the platform itself as the main tool. This approach gave users hands-on experience. Furthermore, with the Favoriot professional certificates, we created a brand-centric credibility in the IoT sector.

3. On-Premise Licensing: Meeting Diverse Needs

Recognizing the diverse needs of different businesses, we shifted from solely an online subscription model. Some firms desired the reliability and control that came with on-premise solutions. So, we offered a perpetual licensing model, catering to those who wanted the platform within their infrastructural bounds.

4. Hardware Bundling: Enhancing Product Value

As the IoT universe expanded, we saw manufacturers eager to streamline their user experience by bundling their hardware with reliable software. By integrating their hardware with the Favoriot platform subscription, we achieved a synergy, creating a more comprehensive product for the end-user.

5. Tailored IoT Solutions: Expanding Horizons

Our final eureka moment was identifying the need for industry-specific IoT solutions. Companies approached us with unique challenges, and we saw the opportunity to tailor our platform to fit diverse verticals. This not only opened new revenue channels but also positioned Favoriot as a versatile, adaptive, and solution-centric platform.

Conclusion: The Core and the Expansions

Favoriot started as a singular platform but evolved into a nucleus around which myriad revenue streams revolved. From IoT education to product development and solution deployment, Favoriot became synonymous with versatility in the IoT domain. Our journey is testament to the fact that a single product, when viewed with an innovative lens, can sprout multiple avenues of income and value creation.

Why ‘Picking My Brain’ Isn’t Free Anymore: A Business Perspective

Back in the day, the question “Can I pick your brain?” was music to my ears. As someone eager to impart knowledge and share experiences, I always took these requests as compliments. I believed it was a testament to the value others saw in my insights.

The Early Days: Open Arms and Open Doors

In the beginning, I was a beacon of assistance. Why? Primarily, I had the luxury of time. I could afford to spare an hour or two to discuss ideas, provide feedback, or simply share my perspective on things. It was immensely gratifying, knowing that people saw me as a source of valuable information. Moreover, I genuinely enjoyed sharing. After all, isn’t knowledge most valuable when it’s shared?

The Middle Phase: The Emergence of Doubt

However, as time went on and my calendar started to bulge at the seams, a new sentiment started to creep in. Each “Can I pick your brain?” began to feel less like an innocent request and more like an intrusion into my already packed schedule. The intention behind the question also began to blur. Was it truly about seeking knowledge, or was there an underlying motive? Was I inadvertently feeding potential competitors? Were these sessions providing equal value to my business, or was I merely acting as a free consultancy service?

The Reality Check: Quantifying the ROI

After countless coffee dates, luncheons, and brainstorming sessions, I took a moment to reflect. How many of these interactions led to tangible opportunities for my company? Unfortunately, the answer was: very few. It seemed that the balance of value had tipped. While I was pouring out insights, expertise, and time, there wasn’t much trickling back in.

The Present: A More Guarded Approach

Nowadays, my approach to these requests has matured. My time, just like anyone’s, is finite and valuable. I’ve become more discerning. It’s not about being unapproachable or stingy with knowledge. Instead, it’s about ensuring that any interaction is mutually beneficial. The objective isn’t to shut doors but to ensure that both parties walk away feeling enriched.

To those who genuinely seek knowledge and collaboration, my door remains open. However, the days of one-sided “brain-picking” are firmly in the rearview mirror. The ultimate lesson? Time is a resource, and like any resource, it needs to be managed wisely. As much as I love to help, it’s essential to remember that every professional interaction should be a two-way street.

Building the Favoriot Brand: My Journey Through Alternative Media Channels

Starting a small startup like Favoriot comes with its own set of challenges, one of the biggest being visibility. When traditional media channels like TV and radio are often too costly or selective, it’s time to get creative. Here’s my personal account of how we used alternative mediums, primarily social media channels, to build and promote the Favoriot brand.

The Dilemma: Traditional Media vs. Budget Constraints

Getting featured on mainstream media is a dream for many startups, but the reality is harsh. Either you’re compelling enough to get picked up organically, or you pay a premium to make it happen. For a small startup, both options are challenging. This is why we turned to the more budget-friendly and engaging world of social media for our marketing needs.

Our Alternative Media Arsenal

We realized that for every traditional media channel that seemed out of reach, there was an alternative platform online that could be just as effective:

  • Podcasts Instead of Radio: We started our own podcast series, sharing industry insights, interviewing experts, and discussing our journey. It’s a fantastic way to create a more personal connection with our audience.
  • YouTube Instead of TV: We launched a YouTube channel, using it as a platform to showcase product demos, customer testimonials, and behind-the-scenes footage of life at Favoriot.
  • Digital Posters: We replaced expensive billboards with visually striking digital posters on platforms like Instagram and Pinterest.
  • Blogs Instead of Newspapers: Our blog serves as a hub for sharing valuable content, from how-to guides to industry trends, keeping our audience informed and engaged.

Zeroing In: Focusing on High-Impact Channels

We started by casting a wide net across various platforms, but soon noticed that some channels yielded better results in terms of engagement and followers. After some analysis, we narrowed our focus to TikTok, YouTube, Facebook, and LinkedIn. These platforms provided the right audience and the engagement metrics we were looking for.

More Than Just Sales: Building Trust and Brand Recognition

Our goal was not just to drive sales, but to create a brand that people could know and trust. We are continuously sharing updates, celebrating milestones, and telling stories that resonate with our audience. Whether they make a purchase now or later is secondary; we want Favoriot to be a brand that people remember and recommend.

Lessons Learned

  • Be Adaptable: Not all channels will work for you. Don’t hesitate to pivot when needed.
  • Content is King: Good quality content can make a significant difference in engagement.
  • Consistency is Key: Keeping a consistent posting schedule helps keep the brand fresh in the minds of the public.

Conclusion

Building the Favoriot brand using alternative media channels has been an enlightening journey. It has taught us that you don’t need a big budget to make a big impact. By using the resources available to us wisely and focusing on building a strong, trustworthy brand, we’ve succeeded in carving out our own space in the market. And this is just the beginning.

The Power of Direct Customer Outreach: Why Mailing Lists Trump Social Media Followers in Startups

In the early stages of a startup, it’s easy to get enamored with the idea of building a massive social media following. Don’t get me wrong; a strong social media presence is important. However, the thrill of seeing your follower count rise can distract from a more intimate and arguably more effective form of communication: the mailing list.

The Social Media Dilemma

While it’s true that social media platforms offer incredible reach, the dynamic is inherently different. The audience is far less captive; your posts are just one among hundreds or thousands that your followers scroll through each day. There’s also the taxing task of growing your follower base organically, which requires consistent posting, engagement, and time—a daunting endeavor for a startup hustling to get off the ground.

The Mailing List Advantage

Emails offer a direct line of communication to your audience. When someone opts to subscribe to your newsletter or leaves their email to download an eBook, they’re expressing an explicit interest in what you have to say. For my startup, Favoriot, this direct approach led to a more global audience. By offering free eBooks filled with tips, tutorials, and articles on IoT (Internet of Things), we not only gained an audience but also provided value upfront. This strategy led to a global following, including overseas customers who subscribed to our platform.

Value Before Selling

One key to successful mailing lists is providing genuine value before ever making a sales pitch. People are savvy; they know when they’re being sold to and can easily be put off by overt sales tactics. On my LinkedIn, for instance, my newsletter isn’t just about Favoriot. It’s about my journey in entrepreneurship and my general insights into IoT. This balanced approach helps establish trust, rapport, and credibility—all crucial for a startup looking to build a loyal customer base.

Cutting Out the Middleman

What’s more, once you’ve built a substantial mailing list, you gain independence. Unlike social media platforms, where algorithms and policies dictate your reach, your mailing list is yours to control. In my experience, I no longer need third-party mailing software to send out thousands of newsletters.

A Global Objective

My objective is clear: to gain more followers and customers, particularly from overseas markets. The key is to strike a balance, sharing valuable information without making the reader feel like they’re merely a potential sale. People want to know who you are, what you stand for, and how you can add value to their lives or businesses.

In Conclusion

While it’s tempting to pour all your efforts into building a social media following, remember that emails offer a more direct, intimate line of communication with your audience. Done right, a mailing list can be a powerful tool for customer acquisition, retention, and global reach—all while adding genuine value to your subscribers’ lives.

So if you’re in the early stages of your startup, or even if you’re more established but haven’t yet explored the power of mailing lists, now is the time to start. Trust me, your future self—and your growing customer base—will thank you.

Don’t Ignore Strangers: The Untold Secret of Our Startup’s Early Customer Base

In the embryonic stages of a startup, every founder’s vision is filled with the friends and family they imagine using their products. The mindset is that those who already know and trust us will likely be our first customers. But what if I told you that’s not always the case? For us, our earliest and most loyal customers were not people we knew. They were not the ones showering us with praises or feedback. Strangely enough, they were complete strangers.

From Strangers to Stakeholders

When we launched our Internet of Things (IoT) offerings, our instincts told us that our first customers would come from our immediate circles. But the opposite happened. The majority were people we had never met, who learned about us from someone else or stumbled upon our social media posts. Without a single request for a product demo or a questionnaire, these individuals took a chance on us. They were willing to pay for our solutions, no questions asked.

The Value of the Unknown Customer

The phenomenon of strangers becoming early adopters is not just surprising; it’s enlightening. These are individuals who don’t have any preconceived notions about us or our capabilities. Yet, they believe in the solution we offer enough to invest in it. These early adopters give us something invaluable: proof of concept. With them on board, we have tangible evidence that our solutions have market value, a powerful tool to attract more customers.

Trust, But Verify

While we are grateful to have these strangers believe in us without solicitation, it’s also a double-edged sword. The absence of initial feedback means we have to be extra cautious, constantly iterating and improving to ensure we meet the expectations that these customers have implicitly set by trusting us.

Why Strangers Matter

The power of these unknown first customers lies in their organic discovery of your product. There is no bias, no friendship obligations, just a straightforward transaction based on perceived value. The chances are high that if a stranger finds value in your solution, so will others.

Conclusion: Don’t Ignore the Unknown

While it’s natural to expect friends and family to be your first customers, don’t overlook the potential in strangers. These are the people who can give you an unbiased evaluation of your market value. They can be your best advocates, and they bring in an added layer of credibility when pitching to future prospects. We owe a lot to the strangers who became our early customers; they gave us proof, validation, and most importantly, the momentum to move forward. So, don’t ignore strangers; they might just become your most trusted customers.

The Unexpected Routes of Favoriot’s IoT Journey

Setting Sail with Big Dreams
Embarking on the Favoriot IoT platform journey, we had stars in our eyes. We visualized vast markets and grander customer bases, but reality often writes its own script.

A Surprising Source of Revenue
The initial days brought surprising lessons. Revenue streams and traction sources we hadn’t even considered became the lifeline that sustained us during challenging times.

The Magnetism of the Favoriot Brand
Our prowess in the IoT domain resonated far and wide. Suddenly, we found ourselves inundated with requests from curious minds and esteemed organizations, all seeking expertise in IoT.

Training: The Unforeseen Success
To address the mounting interest, we introduced our distinctive IoT training. The crux? The Favoriot IoT platform. Unlike others, our sessions sidestepped the intricacies of hardware creation, focusing instead on harnessing the IoT platform. With existing IoT kits, participants could swiftly construct IoT solutions and visualize their work on the Favoriot dashboard.

A Curriculum that Resonated
The response was overwhelming. Our training modules soon bifurcated into two core categories – Fundamental and Advanced. Both came with the promise of Professional Certificates post a rigorous examination.

Crafting the Next Generation of IoT Enthusiasts
But our ambitions weren’t just limited to short-term training. We envisioned the Favoriot platform as an educational cornerstone for university lecturers and students. The dream was for Favoriot to become the go-to for academic IoT projects, enabling students to experience real-world IoT solution crafting within their lab confines and through their project tasks.

Beyond the Classroom: Real-world Deployment
The educational phase was just the beginning. As our name spread and more adopted our platform’s capabilities, we ventured into the vast realm of real-world deployments. We began assisting IoT device manufacturers in expediting their hardware processes and even collaborated with metropolises, integrating Favoriot as the backbone of their Smart City IoT frameworks.

In reflection, the Favoriot journey stands as a testament to the unpredictable avenues of the tech world. While we started with a definite blueprint, the unfolding reality steered us down paths we hadn’t imagined, teaching us the invaluable lesson of adaptability.

From Multiplicity to Singularity: Favoriot’s Pivot Towards Precision

In the dawn of our startup journey, with excitement and fervor, we ventured into creating four distinct products. Like many startups, we believed that diversification would be our best strategy. We couldn’t have been more mistaken.

The Struggles of Juggling Multiple Products

Dilution of resources was our first hurdle. When you spread yourself thin, neither product gets the undivided attention it deserves. Our team, no matter how agile and enthusiastic, was struggling to meet the demands of maintaining and enhancing four different products.

Marketing became our next mammoth challenge. Crafting a clear and compelling message for each product was no small feat. We grappled with understanding the right customer persona and, in our endeavor to cater to everyone, ended up confusing many. Potential customers were left wondering: “What does Favoriot actually specialize in?”

Pricing was another quagmire. Four products meant four pricing strategies, each with its unique challenges and competitive pressures. A lot of energy was expended in approaching different customers, managing varied social media channels, and crafting content tailored for each product. Exhaustion set in, and with it, a realization: we were on a hamster wheel, running hard but not making the desired progress.

The Turnaround: Honing our Focus

Faced with lackluster traction and an exhausted team, we reached a pivotal crossroads. The decision was between diversifying into vertical markets or zeroing in on our core technology. Our previous attempt to cover four vertical markets hadn’t worked, so we took the brave leap towards precision.

We decided to pour all our energy into the Favoriot Platform, our IoT platform. This was the game-changer. By focusing our efforts and resources into one direction, not only did we ensure that our product was of top-notch quality, but we also simplified our marketing message.

The Rise of Favoriot Platform

As we honed in on the Favoriot Platform, the market began to sit up and take notice. Customers now had clarity on what Favoriot was all about, and our expertise in the IoT space started shining through. Our efforts were no longer spread thin, and our product, being the sole focus, received the attention and refinement it deserved.

Today, as we stand recognized as a formidable enabler for IoT in Malaysia and the region, we realize the importance of focus in a startup’s journey. By channeling our efforts towards the Favoriot Platform, we not only found our niche but also set ourselves on the path to becoming market leaders.

In the world of startups, sometimes, less truly is more. And our journey from multiplicity to singularity is a testament to that.

Navigating R&D in Government Agencies: Lessons for the Startup World

Before diving into the fast-paced, adaptable world of startups, I spent a significant chunk of my career in a large government R&D agency. While it was a period of immense learning, it also came with its share of challenges and lessons that I’ve since carried into my entrepreneurial journey. Here’s a glimpse of my experience and how it shaped my current perspectives.

1. The Bureaucratic Maze of R&D

Government R&D is a different beast altogether. Every process felt akin to working in a factory, bound by red tape and stringent processes. The emphasis on documentation, while ensuring accountability, often stifled creativity. Each step, no matter how minute, required proper sign-offs, often slowing down the pace of innovation.

2. Frequent Monitoring, But Little Understanding

While progress reports and technical presentations were a regular part of the job, they often felt more like interrogation sessions than collaborative discussions. The barrage of questions, many of which indicated a lack of understanding of the core research, made it clear that there was a disconnect between the R&D team and the management.

3. Short-Term Vision in a Long-Term Domain

R&D, by its nature, is a long-term commitment. However, the management’s impatience for short-term results meant that we often pivoted from true research to more developmental, immediate tasks. This shift in focus had its own set of repercussions.

4. The Patents vs. Products Paradox

While our team managed to churn out numerous patents, they rarely saw the light of day in final products. Other groups, which were engrossed in product development for commercialization, often overlooked the innovations our team brought to the table.

5. The Siloed Approach

One of the most stifling restrictions was our inability to interact directly with customers. This created a void in understanding real-world needs and led to internal assumptions that rarely mirrored external realities. Products developed in such isolation, devoid of genuine customer feedback, often missed the mark when finally released.

6. The Costly Aftermath

When a product fails to resonate with its intended audience, changes are inevitable. But, given the rigidity of our processes, any modifications came at a high financial and temporal cost. Several products, despite the effort invested, never quite made their mark in the market.

From Past Lessons to Future Innovations

All these experiences, while challenging, became the foundation upon which I built my startup approach. I now understand the invaluable role of flexibility in R&D. Embracing concepts like the Minimum Viable Product (MVP) and the Lean Method has allowed me to stay agile, make quick pivots when needed, and most importantly, maintain a laser-sharp focus on the customer.

In conclusion, while my time in the government R&D agency was filled with hurdles, it also offered indispensable lessons. Today, as I navigate the startup ecosystem, those lessons act as my North Star, guiding me towards more efficient, customer-centric innovations.

My Startup Journey: Navigating the Entrepreneurial Odyssey

In the heart of every entrepreneur lies a tale worth telling. A journey marked by hope and hurdles, by breakthroughs and breakdowns. This book is the chronicle of my odyssey in the challenging world of startups—a narrative of dreams dreamed, battles fought, lessons learned, and horizons expanded.

Entrepreneurship is often portrayed in shimmering hues—a kaleidoscope of innovation, wealth, and independence. Yet, as many who’ve embarked on this journey know, it is as much about the storms as it is about the rainbows. It is about the late nights questioning every choice, the tireless revisions of a business model, the relentless pursuit of the right team, and the ceaseless hunger for that breakthrough moment.

Presented to you in a tapestry of short stories, this book pulls back the curtain on the myriad stages of building a startup, from the electrifying eureka moments of ideation, through the intricate dance of product development, to the exhilarating (and often humbling) experience of commercialization.

My aim is not just to recount, but to illuminate. For every aspiring entrepreneur, seasoned business veteran, or anyone intrigued by the thrills and spills of the startup universe, I hope this narrative provides insights, sparks curiosity, and perhaps, kindles the flame of your own entrepreneurial spirit.

Let us embark on this journey together, and dive deep into the whirlwind of entrepreneurship—a journey that’s as much about the destination as it is about the myriad experiences along the way. Welcome to my world.

Here’s the collection of the short stories – My Startup Journey

Leveraging the Strengths of Giants: A Survival Blueprint for Startups

In the world of business, there’s a saying: “If you can’t beat them, join them.” But what if the narrative changed to, “Let’s grow together?” In the vast sea of corporate giants and well-established brands, many startups often feel like small fish trying to survive against the tides. However, what if startups could ride the wave by leveraging the strengths of these larger entities?

The Case for Collaboration

For emerging startups, particularly in countries like Malaysia, collaboration with Government-Linked Companies (GLCs) could be the golden ticket. These GLCs, with their vast resources, industry experience, and established brand presence, are in a unique position to serve as pillars of support for startups and Small and Medium Enterprises (SMEs).

Here’s how this symbiotic relationship could flourish:

1. Shared Participation in Projects and Tenders:

When bidding for projects, GLCs can include startups within their ecosystem. This not only gives the startup a foot in the door but also provides the GLC with fresh and innovative solutions that they might not have in-house.

2. Risk Sharing and Trust Building:

By taking a chance on startups with local products and solutions, GLCs are creating a sense of trust and validation. It’s a risk, yes, but one that could lead to groundbreaking innovations and local solutions that rival international competitors.

3. Building a Local Brand Powerhouse:

Once startups prove their mettle by delivering quality solutions, they earn a badge of credibility. With this credibility, they can expand their horizons, bid for larger projects, and even venture internationally.

Standing on the Shoulders of Giants

The beauty of this alliance is that it’s not a one-way street. Startups offer agility, niche solutions, and out-of-the-box thinking that can greatly benefit GLCs. Their nimbleness allows them to pivot quickly, adapt to changing market scenarios, and deliver tailored solutions. Meanwhile, GLCs offer the startups the backing they need in terms of resources, industry insights, and most importantly, credibility.

As aptly put, startups need not fear being trampled by giants. Instead, they should aim to stand on their shoulders, gain a broader perspective, and reach for the stars.

Favoriot: A Testament to Growth and Collaboration

Take, for instance, Favoriot. With over six years in the industry, Favoriot isn’t a fledgling startup anymore. It’s a brand ready to soar. Their strengths, coupled with the kind of support GLCs can provide, can be a potent combination. By partnering with bigger entities, startups like Favoriot can further solidify their position in the market, create more job opportunities, and contribute robustly to the future of business and technology in the region.

In Conclusion

The future of startups lies in collaboration. By leveraging the strengths of larger entities, startups can scale faster, innovate better, and contribute more significantly to their ecosystems. In this journey of growth and collaboration, both startups and giants can co-create a brighter, more inclusive future for the business world.