Some critical steps have been identified before Internet-of-Things (IoT) based startups get launched. First of all, the founding team must realize that constant improvisations may need to be done to create the most perfect of product or deliver such service. A Minimum Viable Product (MVP) must be worked at that only looks at the most functional and basic version that can be created, nothing below which will be acceptable. This MVP must be clearly defined with numbers attached to its acceptance criteria. An 80-20 or even a 70-30 Rule must be applied at. This refers to the validity of the data. If companies wait for a hundred percent accuracy in its business intelligence captured, the time will run out. Thus work must be started along with strategizing ahead even with having a substantial if not complete picture. Startups must never get embroiled in legal compliances, so this part must be dealt with early on right at the outset. While the costing may be done abroad, the production phase must begin on home territory. Instead of large scale data warehousing being done internally, the seemingly infinite Cloud can be leveraged. Similarly, even hardware may be limited with increased over-the-air updates. A top notch writer must be identified to produce content for the team. An unconventional tip to succeed at such startups is to ensure that sleep is not deprived, as that disrupts entire creative cycle.

Source:http://techcrunch.com/2016/04/04/an-insiders-handbook-for-iot-startups/