10 Years of IoT Lessons on Definitions, Crowdfunding, Investors and More
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Presented at IoT14, Alex Deschamps Sonsino (DesignSwarm and Good Night Lamp) talks about the environment for IoT startups in the UK. What do founders need to do to create viable businesses?
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10 Years of IoT Lessons on Definitions, Crowdfunding, Investors and More
- 1. Objects in mirror are closer than they appear. Lessons from 10 years of #iot @iotwatch / @GNLteam designswarm.com / goodnightlamp.com
- 2. CEO of Tinker London 2007-2010 Good Night Lamp 2012- designswarm 2011-
- 4. Lesson 1 Don’t waste time with definitions Human-Computer Interaction Ubiquitous computing / ubicomp blogjects Internet of things Smart (insert noun) Internet of Everything Industrial Internet Wearables Connected products
- 5. Litmus test?
- 6. Lesson 2 The forbidden apple of crowd-funding A convenient way for investors to ignore you early on (you may not need them anyway) A quick way to do market research. Not a replacement for real PR. You become part of a market, people want to make money from you as an entrepreneur.
- 7. Lesson 3 You are educating investors. Early days for investors who have been investing in web for over 15 years. Most tech investors focusing on industrial / B2B Consumer-focused investments are led by US (Foundry Group/Tech Stars)
- 8. Lesson 4 Aqui-hires are a trend Nest & OR make for poor examples of success in #iot Larger problems such as distribution & retailing of smart products will need to be solved by companies who stick at it. 2 years developing a product isn’t long enough.
- 9. Lesson 5 Surround yourself with experts Supply chain & retail are known skillsets but are different communities Electronics engineering isn’t easy to find & is expensive but will help design something scalable A 20 something or a graduate can’t help you with either.
- 10. Lesson 6 Pace yourself Incubators & accelerators are often too short & shouldn’t put you off your course. It takes 3 years to really be known in all markets but also be boring to some. Decide if you’re a one product company or a products company. (Lava Lamp vs Apple)
- 11. Lesson 7 Try not to move to Silicon Valley Silicon Valley doesn’t have as much engineering & marketing as the UK but it has some money. Open a sales office there. Go to CES / SXSW / XOYO / FooCamp
- 12. Lesson 8 You’re not alone. #iotlondon has 2.7K members meetup.com/iotlondon Retailers interested in new ideas (JLab) Angel funding will catch up meetup.com/iotangels
- 14. Good luck. Lessons from 10 years of #iot @iotwatch / @GNLteam designswarm.com / goodnightlamp.com