The Internet of Things is fueling the "smart revolution" and virtually every company in the tech sector is jumping on the bandwagon. While there's never been a better time to launch a smart device, it's still extremely risky. If you take the wrong steps in the early stages your entire business could fall into a state disrepair.
Failing to Build Adaptable Hardware
The ability to listen to customers is one thing, but unless you can resolve their problems and implement their ideas, what's the point? You absolutely MUST be able to remotely update firmware in order to enhance the performance of your product.
While not a smart device, Blackmagic are a prime example of how to develop hardware the "right" way. When they released the Pocket Cinema Camera in 2013 it was a major revolution for film makers. However, it didn't take long for problems to come to light: no audio monitoring, no raw recording, limited SD card compatibility. Within months of the release Blackmagic were able to resolve virtually all of these issues through firmware alone, which turned the BMPCC from good to great. If they never built quality adaptable hardware the device would have more than likely fizzled into obscurity.
Not Creating a Scaleable Infrastructure
Complex applications are filled with separate secondary systems each working together to make the primary system functional. Using an SOA architecture style and a PubSub communication pattern can make things easier to manage. Essentially, what this creates is a solid boundary between each secondary system and provides a clear distinction between services. This makes each individual application easier to maintain.
Bypassing Security to Save Money
Digital security will be a keyword through 2017. Hacking scandals are already a hot topic in the news and could pose a major threat to international relations. According to product design team ROCO Partners "encryption should be a top priority. You should secure your API over HTTPs and not be afraid to invest in extra precautionary measures." It's not just the functionality of your smart device that's at stake if you cut corners, but also the business-customer trust factor. Consumers are only becoming more aware of the dangers of cyber security and in the future will likely make entire purchasing decisions based upon how "safe" devices are.
Using an Off the Shelf IOT Infrastructure
The Internet of Things is big money. We're currently living in the digital gold rush. However, it's not the average gold digger who makes the most money, but the shovel makers and railway companies. Sometimes working from the ground up and developing your own technologies could leave you in a much stronger position. Of course, using an existing IoT infrastructure is okay if it's not possible to create your own, but don't let it hinder the development of your device.
The biggest mistake of all is to rush. Before you begin you should ask yourself: does my core idea have gravity? Can be monetized and scaled? And most importantly... is it really that good? Set the bar high and if you haven't worked out the kinks, get back to the drawing board.