The Internet of Things (IoT) has been around for a long time, holding lots of promise but most people tend to think of as applying to the 'smart home'.
First presentation was at Signal - the post-graduate school for IT which is a joint venture between Ara, University of Canterbury, Lincoln University, Otago Polytechnic and Otago University. The title of the presentation was "Harder, better, faster, stronger – a case study in internet of things entrepreneurship". She covered how to account for IoT when developing ‘products’. Sharing her experiences to assist us to leverage off her experiences and learning.
Provided overview of her education and experiences since graduation. Has an industrial and interaction design education. Was the
first UK distributor of Arduino. London IoT meetup organiser since 2011 –
11,000 members on virtual site and usually 40 or so people at f2f meetups.
Writing a book on smart homes for Apress.
Founder of Good Night Lamp – easiest way to sync up with your
global friends and family. Provided an overview of rationale, development since
2005 and future plans. Challenges of working with cutting edge tech – in 2005
IoT was still just a concept. Especially working with existing corporations who
may be unable to see how a new concept fits into their existing portfolio. Also
academic systems not available to protect IP.
Experiences as distributor also provided learning – how to
balance a service company with a development division. (2006 – 2012).
Set up company to revive and develop the Good Night lamp
after registering trademark in UK.
Detailed development, technical, design and marketing etc. required to
work together. Also challenges in finding funders, who envisage tech investment
as software, apps etc. and unfamiliar with IoT. Kickstarter was an option but
also struggled. Cautions on using crowd sourced funding as often, after initial
funds used, there is no backup plan to keep refining and increasing market.
Found a partner – eseye – who had technical expertise –
which worked out OK. Important to establish a viable customer base – used
Shopify. Then worked with an industrial design studio to produce the ‘holder’
for the electronics. Detailed challenges with production, the design (types of
clips, LEDs), technical (shifting from 2G to 4G), material and production
(differences in craftsmanhip and quality) issues and how these had to be
resolved. Took time to trademark in US to protect IP. Stressed importance of
customer service – ensuring all customers had a good product experience. As
product is IoT, data from each item sill available and usable for customer
service improvement and future enhancements. Plans to go through IndieGoGo to
finance shift from 2G to 4G.
Being an early entry means the product is mentioned in
various books on IoT. Shared the many lessons learnt and recommendations for
support at the early stages, affordable on demand talent and specialised
entrepreneurship education and training – which needs to be trans-disciplinary –
engineering, design, business etc.
Advice to entrepreneurs is to be ‘driven’ to get ahead with
their project.
Second presentation was across lunch time to at Ara tutorial staff.
This time around the emphasis was on how education is able to
support the development of entrepreneurship, in particular, around the IoT.
Large number of failures in ‘start-up’. Therefore, a place
for support, development in the educational sphere and curriculum for inclusion
of aspects of entrepreneur preparation.
From her experience, IoT products require designing a consumer
product people will want to buy (product design, pricing, marketing); offering
solid web connectivity electronics, firmware and backend design); and designing
a universal user experience (ux, web design and e-commerce).
Product design includes product, accessories, packaging and
shipping box. Can be done by self, hire industrial designer or most costly
option of hiring an industrial design company. Working it out on your end now
more possible with hacker/maker spaces, learn CAD online, use laser cutting /
3D printer. Need to account for the supply chain.
Pricing requires selling whole sale price being 4 times of
costs which include bill of materials (use Dragon standard BOM google sheet),
labour, shipping, tax, cost of returns, IP and other registrations etc. Allow
for certification of your product if there are legislative / regulatory
requirements – e.g. connected product. Actual prices to consumer will then be
marked up 50 to 65%. Is it competitive?
Marketing requires press release, short video on social
media, spare units to give away and conventions / trade shows etc. Currently,
Consumer Exhibition showcases 50% of products with connectivity, rest a mixture
of AR, VR and cars. Build list of websites and magazines and their editors
contact details. Consider Christmas editions.
Cloud funding not the only way. Angel investment for lower
amounts; If under a million, try a group of angels; above a million is very
difficult. Incubators have a role but can cost and take time. Try government
and academic grants if looking for under ½ million.
Ability to work across disciplines is important. Helps to
understand how each discipline sees the world, what is important to them and
how they approach a problem. Much of entrepreneurship is relationship building,
resilience and ability to work through large challenges.
Provided resources for further exploration. List of books via iot.london and her blog.
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