How to give yourself the best chance at growth as an IoT start-up
Building a successful IoT start-up is a long, complicated and high-risk task – an inescapable fact is that most start-ups fail. As many as 90% of start-ups don’t succeed as founders try to build their dreams and achieve exponential growth and huge rewards, but neglect to recognize organizational hazards to their survival on the market. There is no such thing as a standard start-up but, regardless of the industry, innovation or business model adopted, there are common reasons for failure.
Our business guide for IoT start-ups is an essential tool to help new tech companies make the best start possible for growth in the world of IoT. It considers themes such as the importance of commercial timeliness, the perils of incomplete vision and how organizational shortcomings can undo even companies with excellent personnel and a sound proposition.
IoT start-ups focus on what makes them different, their unique vision for a new product or service and understandably prioritize R&D, sales and finance. These are the essentials for building a start-up but they do not guarantee success on their own.
Also covered is the importance of knowing when to outsource as a young company. IoT is fast-moving and innovation is continuous, but the ecosystem supporting IoT is maturing and many of the functions and capabilities needed to support an IoT project are available on an as-a-service basis. This means IoT start-ups don’t have to invest time and money in re-inventing existing capabilities.
IoT start-ups should assess whether they really need to build everything themselves or whether they can outsource functions. These include organizational capabilities as well as IoT-specific functions in manufacturing, hardware design, and go to-market expertise. Download the guide to read tips for success on strategic issues around vision, timing, organization, and how to achieve effective outsourcing.