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
Photo by Andrew Neel on Unsplash
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
Photo by Marek Piwnicki on Unsplash
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
Photo by Charlotte Karlsen on Unsplash
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.
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.
Photo by Alexas_Fotos on Unsplash
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.
Photo by Jorge Ramirez on Unsplash
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.
Photo by Louis Reed on Unsplash
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
Persistence: The entrepreneurial path is strewn with obstacles. Those who persist will eventually break through.
Continuous Learning: The feedback loop is critical. It’s what allows you to refine and enhance your offerings continuously.
Invest in Talent: The people you bring on board will form the bedrock of your success. Invest in them wisely.
Spot Opportunities Amidst Challenges: Problems are just opportunities in disguise. Learn to recognize them and to make the most of them.
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.
Dr. Mazlan Abbas 