While it is good news that all kinds of predictions and current technology trends in the IoT world are steadfastly pointing towards everything except a declining IoT sector. The hype is such at this moment that Symantec’s Norton expresses blatantly:
“By 2020, it is estimated that there will be up to 21 billion connected devices”
And Norton is not the only one to describe such massive magnitudes of numbers for the devices connected by the IoT networks in the future, there is a wide range of other notable big names in the tech industry who are also throwing their own estimations on the future of IoT in the world. But in-between these huge numbers, we can safely say that the key names in the tech industry have much to gain, either in one way or another, but the point of discussion over here is about the sanctity of small IoT startups and businesses. According to the stats taken from the Angel List, there are approx. 4, 416 new IoT startups, 1, 727 investors, and a good 1, 779 jobs vacant, and all of this data is gathered within the States only.
Considering such growth, one may easily say that the IoT industry is fast-thriving, which is not a wrong statement to make, but one may never give a sure approx. of how many IoT startups among these are, or will, survive the period between the beginning and becoming of IoT as a mainstream industry. Therefore, there should have to be a succinct plan, or a policy, with which these new IoT & M2M startups should be aligned with to not only survive the initial set up period but to ultimately survive the long-term competitional era in-between other key players of the industry. To achieve this long-term success and an eventual “win-win” situation, every IoT startup owner might have his/her own custom planning in place, but over here in this brief narration, I would like to give some generic tips based on my own experience as a working Marketing Manager of a rising IoT/M2M business.
(Disclaimer: These tips and advice should not be considered an authentic legal guidance’s. These may or may not apply to your condition, so please utilize your analytical and logical skills as well in assessing your situation, as well as in using the advice given in this post. Thank you!)
Have Big Ideas/Dreams? Start by Using Easier & Cheapest Resources Available -:
It is true that big ideas and dreams lead to bigger and well-known names. However, one thing must not control, or lead your ambitions in their primordial stages: “I will only use the topmost, biggest, well-known, and highly expensive IoT resources to grow my business much faster than the others.” A rising business, specifically of tech, has an abundance of cautious expenditures of its own.
Not applying a careful & moderate approach in the early stages, in a striving to deliver exceptional results, will most probably end up messing lots of processes and incurring extra unnecessary costs (a verified formula to destroy any startup). It is stated in no holy book of business planning that one should use expensive alternatives to succeed in his/her business, nor as a startup and neither as an established business, too. You can effectively seek out highly affordable, yet effective, IoT connectivity and M2M device management solutions for your IoT startups
Consider what: It will always be good for your small IoT business to also use those very same IoT connectivity and management services providers who are also, just like yourself, have started and are working hard to rise to the top of the consumer chain list. A partnership such as this will give more featuresome services at a relatively reasonable cost; indeed, a verified formula for the success of any startup.
Go for Electronic, & Then Solid Bricks for Your IoT Business -:
Confused? It is very easy to understand what is written above, let me explain. This is the age of the online world, and nothing can be more conducive for a startup than to remain cost-friendlier for some time in the early stages. Starting up as an online business is that solid first step towards a successful way to establish yourself as a reliable and well-known IoT business later. Set up a classy and niche-relevant IoT site, hire a team of experts in IoT online, get your first IoT project by effectively marketing your business to the targeted audience/businesses (for B2B startups), and finally kickstart your company towards many milestones to come in the future.
Trust me, starting from your IoT business online will keep the much-undesired pressure off from your wallet, and while you still had to invest for the essentials, your costs in an overall aspect will much lower as compared to having a brick-and-mortar office in the early stages. If in the case you somehow didn’t get the success you were looking after (I hope this may not happen), then it will be much easier for you to curtail all the things, and you may even go for another restart.
This, however, might not be too easier for a land-based office because the expenses involved can easily break up the backbone of someone who, unfortunately, becomes a victim of failure. Therefore, I would recommend for all IoT startup owners to first obtain benefit from the advantages offered by world wide web, and after establishing themselves online, they should go for a more elaborate version of their IoT business, which is to open a brick-and-mortar office of their own.
Make Sure You Are Using the Widest Range of Global IoT Connectivity -:
This is exclusively for the B2B IoT startups since they will be playing a major role in almost every business sector in the coming years. There is no future for those IoT startups that are not using or are not planning to use the widest global IoT connectivity solution. When your IoT business proffers a huge range of IoT global connectivity options to the prospective clients/consumers, which even covers some of the remotest regions of Earth, you have a higher chance of getting the desired IoT projects as compared to your competitors who are not just up to the per of M2M connectivity scale. However, keep the focal point always in your mind: using a wide-ranging IoT connectivity technique never means that you need to go expensive in doing so. You can find many highly affordable global IoT connectivity providing services/techniques out there.
The Only Thing to Not Compromise: Safety & Security of Your IoT Ecosystem Management Services -:
Let’s keep this final piece of advice very straight and understandable for all: Invest a majority of your capital, or even profit, to keep your IoT connections extremely safe and secure for your clients/customers. This is perhaps the only area in which I will not advise you to restrain your budget much because not providing a secure IoT ecosystem management solution is a sure certified disaster for your IoT business, whether for a startup or an established one.
Therefore, go for only those IoT & M2M ecosystem management providers that are offering a plethora of protection services at reasonable costs: Two-Layer VPN Tunneling, Custom set of Rest APIs for integration, Real-Time Data Management, MTTR (Mean Time to Repair) Functionality, and others of the major sorts of protective techniques for the IoT device & data ecosystem.
IoT industry is almost expending at a rate which is quite like that of the expenditure of our Universe (joking 😊). Therefore, accommodating and being adaptive while keeping a moderate and wise approach is a must for an IoT startup owner to make an impact of some sort. This is what I tried to invoke in those IoT business owners who have read this post.
I hope that these suggestions might prove helpful, without offering a guarantee since I stated the reason in the disclaimer. So, let’s hope that the IoT industry will keep growing and everyone who is involved will fairly obtain their share of benefit according to the honest efforts he/she may put in for their success in this field.