How to get the best IoT business ideas

How to get the best IoT business ideas

The Internet of Things is changing the market for many companies, opening the way for new applications, ideas, and devices. Let’s see how you can get inspired if you are planning to enter a new world with great IoT business ideas.

Getting original ideas for the IoT business


The first thing you need to analyze is the market in which you are planning to enter. It is important to do research on who your potential competitors are. And from that point, try to interact with the IoT products they sell.

Pick up 5 competitors


Are you planning to enter agriculture, consumer electronics, home automation, or the healthcare market?

The first thing is to look for the best companies in the sector you want to be part of. Then, try to analyze how you can make your IoT business idea more attractive and interesting than theirs.

Evaluate the following aspects:

  1. Time in the market
  2. Brand recognition
  3. Customer service
  4. Performance of the IoT products
  5. Features of the products
  6. Price

Build a good prototype that stands out from your competitors


Outstanding Internet of Things business ideas require good hardware development companies that can guarantee a reliable device.

With the information you gathered from the previous step, you can realize if your IoT business idea is worth building or not. Sometimes we get awesome insights on how to solve a problem or issue, however, there is no guarantee that this idea is already being solved by another company in the market.

If you build an interesting technology, you can be sure you will attract attention from potential investors; you may need funding to make your business grow over time.

Test your IoT business idea


We wrote an article about MVP testing where you can find more strategies to test your IoT business idea. However, the most popular way is to do some A/B tests with your potential customers.

You can gather two or three groups of people, and they will be in charge of interacting with your IoT project idea. Once they are done with it, you will collect feedback and use it as a way to determine whether your product has potential or not.

IoT project ideas


There are interesting products out there that can give you some inspiration and build great IoT ideas for business.

A brand called Bloomlife launched a special IoT device for pregnant women. This device is specially designed to monitor the frequency and duration of contractions. The woman can check the information in an app and be confident that everything is ok regarding her baby’s health. They also offer advice to pregnant women with a monthly newsletter.

Smart locks for home safety are very popular nowadays. Overall, new IoT devices for home security offer video surveillance in real time, monitoring from an app through motion sensors, and the possibility to unlock the door from the cellphone.

 

In healthcare, there are products like tiny cameras that can be swallowed to perform an endoscopy. Digital patches that allow patients to monitor their glucose levels. At DeepSea Developments we created a pill dispenser that allows people to remember when it is time to take their pills.

See more IoT examples in healthcare.

If this article inspired you to develop an IoT device for a specific market, contact us, as we are IoT product design and development consultants.

More IoT definitions

 

Do you have questions? Contact Us!

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