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The Journey of a Business Idea

The Journey of a Business Idea

The Journey of a

Business Idea

AJIL  ABRAHAM

Stumbled upon a compelling business idea? The hard work actually starts now! There are many stages of hard grind before an idea actually becomes a bankable, business idea, and at each stage of the journey, there are many a slip between the cup and the lip. More than half of the small businesses who tried to build a business based on an idea have bit the dust at any point in time. Here are the things to keep in mind to ensure your idea doesn’t become a part of this statistic. Also, before going to the details, check out this infographic from us for a nutshell of what it is like traversing a business idea:

Evaluate the Feasibility

An of the Idea is not a business proposition but only a hobby if it is not scalable, marketable and sustainable. The first step when struck with an idea is to evaluate its feasibility or understand where the idea leads.

The moot point is whether the idea actually solves a problem, or is the idea a solution in search of a problem? A viable approach identifies a pressing pain-point upfront and thinks of ways to solve such a problem. For instance, while rolling out a mobile app is basically a good idea, trying to identify situations to fit an app makes it a solution in search of a problem. On the other hand, has identified a need to track the location of small objects such as keys or reading glasses, and then brainstorming an idea, such as a solution based on geotagging and mobile apps, works as a viable business proposition. More often than not, the initial idea requires much brainstorming and whetting. Only ideas which survive an inquisition against cold, hard practical facts, to demonstrate it can solve a clear and pressing problem or satiate a compelling need becomes a sound and bankable business idea.

For instance, a solution to track keys may be workable, but a solution to track humans may be reinventing the wheel, considering people with smartphones can easily be tracked even with existing solutions. Even a solution to track keys may be reinventing the wheel if done using a SIM card enabled keychain. A successful business idea may need to leverage IoT or some other emerging technology to offer a simpler, easier and cost-effective solution to users.

Even when the idea is sound and workable, visualization is one thing and translating the ideas into action quite another. Visions of being able to solve the problem remain a vision unless one has the technical expertise to actually do the needful. For instance, in the example quoted of tracking keys and reading glasses above, one may require the technical expertise to plot objects in a map with a high level of accuracy, within a few meters inside a room, which normal GPS may not deliver.

Structure the Business Goals

After establishing clarity of what is to be achieved and work on the “how.”  Formulate a blueprint of how the idea progresses into a definite product.

Structure the business goals in a clear, measurable, and workable manner. Identify a group of people who would benefit from the idea, and capture user stories from them. Use the user stories and other accumulated insights to identify the exact gap between the actual state and the desired state, and structure the business plan in a way it is able to close the gap.

Success depends on utilizing the right channel to reach the right target groups. For instance, while a scheduling app delivered on smartphones may be a good idea, rolling out such a smartphone based scheduling app for a group of remote workers in a desert location, where there is no reliable internet connectivity requires co-opting plans for full-time Internet connectivity at the facility.

Any new idea invariably includes innovation. An idea is essentially a new way to solve a problem. Without innovation to power the idea, there would be no departure from the existing paradigms, and the idea would essentially be tinkering with the existing solution, or “old bytes in a new code”.

 

 

 

“The stars will never align, and the traffic lights of life will never all be green at the same time. The universe doesn’t conspire against you, but it doesn’t go out of its way to line up the pins either. Conditions are never perfect. ‘Someday’ is a disease that will take your dreams to the grave with you. Pro and con lists are just as bad. If it’s important to you and you want to do it ‘eventually,’ just do it and correct course along the way.”

TIM FERRISS
Author – The Four Hour Work Week

Just Do It

A product or solution which packs in every imaginable feature possible is rarely successful. A truly, successful solution offers exactly what the targeted users require, nothing more and nothing less.

Identify the core or basic features as an essential requirement of the product. Above such core requirements, classify the list of possible features as need-to-have and good-to-have.  It may be worthwhile to pack in such good-to-have features as optional add-ons to a core basic product, to keep cost low.

Getting everything right the first time round happens only by fluke. There is no shortcut yet to the quintessential trial-and-error method. Start with an alpha release and gather feedback.  The best well-wisher of any new product is its most ardent critic. Criticisms of the alpha release constitute a good basis to enhance and reposition the product. Take cognizance of all the feedback and sort it out for the beta release. Of course, it helps if the feedback is given by the targeted users of the product! The cycle invariably continues, with corresponding sprints and releases made as extensions to the beta release, until a perfect solution is found. The official full-blown launch follows when everything is in place.

While trying to translate ideas into workable business solutions, it pays to rely on a competent tech partner conversant with emerging technologies such as intelligent apps and analytics, conversational systems, the blockchain, IoT, and more, and who has demonstrated a flair for successfully facilitating product dreams.

The state of IoT in India

The state of IoT in India

IoT is on a roll everywhere, and IoT in India is no exception. IoT adoption in India has increased from 12% in 2013 to 29% in 2017. The number of IoT connected devices has touched 50,000, which is double the 2016 levels. IoT development shows no signs of abating either, with the total IoT in India market poised to reach USD 9 billion by 2020.

More-and-more enterprises now seek to embed IoT within their business processes, rather than treat it as a distinct add-on functionality. About 46% of IoT adopters in India have already integrated various IoT-based technology to their core systems, such as Enterprise Resource Planning (ERP). About 49% of IoT adopters power up their analytics through IoT, to improve business decision-making. IoT outsourcing has also caught on big time.

IoT in India Action over the years

The spread of IoT cuts across sectors.

About one in every five manufacturing companies in India use IoT based applications to increase production and/or reduce costs. IoT enables process automation, actualize quality control, facilitate real-time tracking of inventory and raw materials, aids pollution control, and more. For instance, TVS Motors applies IoT to achieve process automation, enforce traceability in shop floor, pollution, optimize power consumption, and measure water flow. Hindustan Petroleum captures information from field-based sensors to capture temperature, pressure, and other site information, to improve process efficiency and safety. So is the case with V Guard industries, Kerala who has deployed IoT in their new commercial appliances releases

Various stakeholders of automobile industries use IoT to install stolen vehicle tracking (SVT) and intelligent emergency calling (eCall) capabilities in vehicles, and actualize usage-based insurance (UBI). Volkswagen’s IoT powered SAP system keeps track of the supply pipeline. Hero MotoCorp uses IoT to keeps tabs on vehicles available in different locations, to optimize sales and marketing efforts.

Healthcare has embraced IoT in a big way. Several IoT applications enhance in-patient care, post-discharge care, outpatient care, and also preventive healthcare. SUGAR, the diabetes management initiative of Apollo Hospitals, leverages IoT enabled technology, to monitor specific blood sugar levels on a constant basis.

The telecommunication is another big adopter of IoT. Bharti Infratel uses IoT to manage and monitor in real time fuel management, energy distribution, site surveillance of towers, and more.

The government is also now a big player, thanks to the initiative to build smart cities across the country. Such smart cities would co-opt futuristic trends such as intelligent transportation system, smart grids, digital signages, digitally optimized waste management system, intelligent water management capabilities, and more.

LoRa Network launched in Technopark, Kerala

ICFOSS an autonomous institution under the Government of Kerala who backs up FOSS initiatives in the region has come up with the LoRa Network in Technopark yesterday. State IT Secretary Mr.Sivsankar IAS launched the network at Technopark yesterday. Seminar on LoRa Network was also conducted as part of the event. Explanation of Smart water meter, parking solution using this network were also explained in detail. Lora Network will be available at around 5 Km range. Startups in IoT and educational institutions around Technopark will get benefited with this initiative. Since the sensor nodes require only low energy, the battery power may last up to 10 years. LoRa network which uses low range protocol will help gateway to achieve more range. LoRa Network growth in India is on a boom with Tata communications planning the largest LoRa network deployment in the world by 2019. LoRa Network implementation in Technopark is a major leap in the state of IoT in India.

Why Adopt IoT?

IoT gains widespread popularity on account of the real and tangible benefits on offer. IoT has increased revenue or opened up new revenue streams for more than 51% of IoT adopters. Companies invested in IoT have already received 19% returns on their IoT investment, per year, on average. There is also a positive correlation between the scale of adoption and return on investment (ROI), which greater adoption leading to better returns.

Overall, IoT adopters improve efficiency, reduce risks, cut costs, and increase market share or revenue. Vodafone’s Fifth Annual IoT Barometer Report reveals 81% of Indian enterprises holding IoT as the key to digital transformation.

Challenges and Solutions

The benefits and potential notwithstanding, the IoT marketplace is complex, with multiple vendors and multiple platforms offering piece-meal solutions. Worse, even when enterprises conjure up a configurable stack, it is rarely scalable.
In such a state of affairs, “SuperIoT,” Vodafone’s new IoT platform is noteworthy. It offers an end-to-end solution, bringing together all aspects of IoT. This industry-first solution enables end-to-end management of device and applications, offering connectivity, service, support, and security. Embracing SuperIoT promises a host of benefits such as rapid application development, seamless device management, and embedded analytics. The platform also offers a host of IoT solutions such as vehicle and asset tracking, tracking school students and employees, and more.

Such secure end-to-end, secure solutions spare enterprises from the complexities and hassles IoT deployment. Free of the complexities of infrastructure or managing multiple suppliers and providers, enterprises could focus their energies on innovation and business outcomes, with faster-time-to-market and unprecedented value.

Multiple vendors launch several other solutions, to further the cause of IoT in India. Two new offerings, which stand out are IBM’s “Bluemix” and MediaTek’s “LinkIT ONE.” Bluemix, a cloud-based platform, offers a viable application infrastructure and databases for connected devices. LinkIT ONE is a development platform to design and prototype IoT devices and wearables.

There is a consensus the Internet of Things (IoT) is the next big thing in computing, and that IoT would disrupt on a large-scale. However, the application of IoT requires specialized skills and expertise, rarely available in-house. IoT adopters actively seek IoT development companies as partners to fill skill gaps. About 75% of them use partners on an extensive scale to deliver or manage IoT projects.

We are one of the leading IoT development companies in India. Partnering with us enables you to offer cutting-edge IoT enabled solutions to take your business to a whole new level.

Additional References :

Current state of Internet of Things in India

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Theory-Y Technologies

Theory-Y Technologies Inc. is a global information technology solutions & products company, offering progressive & full stack end-to-end software Product Development, especially in startup space.

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Ajil Jose

As the name sounds, he is agile – able to move easily and quickly through the operational aspects from handling large account customers to the minor details of rolling the operational wheels of a corporate. He is a Senior Operations & IT Practitioner with an entrepreneurial flair. He always have his ear to the ground for new challenges which is one reason clients comes to him with new ideas and aspirations. He also plays the role of a customer advocate when it comes to balancing on the thin lines between stake holders as a technical and business relationship facilitator with the team.

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