So you have an internet of things startup? I have one, my friends have one, and Kickstarter is coming to the UK. But really, money is only one part of the entrepreneurial equation.
With the brith of IOTWorks last week in Boston, really, the only question is: why not in London? I have been living and working here for 5 years and the confluence of web development / product development and manufacturing expertise in the UK are a perfect mix for anyone wanting to start an internet of things startup. It’s also a type of business that has challenges that are unique but also predictable. Here are some challenges which I’m encountering which would make a good framework for a 1 year internet-of-things incubator:
IP
– IP advice and support for ideas that cross the boundaries of product / web
PRODUCT DEVELOPMENT
– Training in Arduino for initial prototyping & pitching needs
– Training in more advanced electronics prototyping to prepare for electronics engineering support
– Training in using CAD packages and rapid prototyping tools for prototyping 1.0 (beyond paper prototyping)
– Support in finding local industrial designers to give you advice about engineering the product so it is easy to manufacture
– Support in finding local manufacturing partners for prototyping 2.0 needs (pre-production prototyping)
– Access to electronics engineering consultancy services
– Access to workshop space for light prototyping / light production for user testing.
– Access to web development expertise for CTO level positions
– Access to expertise from Cosm, Evrthng and other web-based iot platforms.
SELLING STUFF
– Support in making e-commerce decisions
– Traning in understanding the challenges of selling in retail environments
– Training in how to manage PR / press
– Help in making links to local retail environments like Selfridges
FOUNDERS DEVELOPMENT
– Training in investment structures / processes
– Training in presentation skills for Founders
– Training in financial models
– Organisation of show and tell events with investors
This isn’t rocket science but a mashup of what the British Library IP Centre, Metropolitain Works and White Bear Yard might offer. The combination of support across business, product design and web development are really paramount and often founders will have strong links in one area and not in others.
I have no ideas how such a place would make money initially unless it’s sponsored by the government, a local university (yeh right) or a corporation. But the opportunity is there.
PS. If someone in government is still wondering what to do with those buildings in Stratford…take note.