Inspiration has struck. You’ve identified not just a need within your market, but an idea for an innovative, IOT-driven solution that has the potential to benefit both your customers and your company.

So what comes next? Do you file a patent? Hop on the first jet to China to start consulting with prospective manufacturing partners?

Although it may be fun to start brainstorming branding or putting together prototypes, a solid IOT development process begins with an assessment of two key factors: technical and commercial feasibility.

Determining Technical Feasibility

The goal of determining an idea’s technical feasibility is simple: can the product be made?

Of course, actually answering this question is much more challenging. Determining whether or not an idea is feasible from a technical standpoint requires that you first define its desired performance attributes. What specifically does the product need to do? Every individual feature adds technical complexity, which is why it’s worth considering which features are truly critical and which might be saved for future releases or product line extensions.

The answers to these questions will inform the selection of your product’s key technology, though your starting point will vary. Are you trying to integrate existing IOT technology into one of your current products? If not – if you’ll be building a new, bespoke product from the ground up – which technology stack components will be required, and how will the architecture be structured?

Determining technical feasibility begins with this type of ideation, but then progresses through stages of prototyping, user testing, product documentation and engineering sample creation before manufacturing at scale can begin.

Evaluating Commercial Feasibility

Technical considerations are only half the battle. Commercial feasibility asks, “can the product be sold?”

Again, there are many variables that must be taken into consideration, including the way the solution needs to be priced in order to be profitable, relative to the price point your market will support. If your IOT wearable must be priced at $250 to sustainably turn a profit, while competitors are priced at $50, you’ll face a hard road towards commercial success – even if your idea is technically feasible.

Other questions to ask at this stage include:

  • Is there measurable demand for the type of product I plan to create?
  • What will it cost to reach my target customers?
  • Which distribution channels will be most appropriate for my product, and how easily can I access them?
  • Does the product have long-term sales or recurring revenue potential that’ll offset initial development costs?
  • Are there any potential legal issues, regulatory challenges or other risks that could negatively impact my ability to sell my product?

Questions like these become even more critical if you’ll be raising funds for your IOT solution (rather than financing its development yourself). You can expect that an investor will examine every aspect of your commercial objectives before handing over any of their hard-earned capital.

Finding an IOT Development Partner

If you’ve never waded into the waters of IOT development before, you may find some of these questions to be impossible to answer. If you aren’t an engineer, for example, you may have no idea what the term “full stack” means – let alone how to apply it to the planning process for your idea.

That doesn’t mean you should give up on your IOT dreams. It just means that you need a partner who can guide you through the process. At LX Group, we offer a range of Fast Start and Launch Pad Workshops – ranging from initial idea validation sessions to immersive workshops that tap into our broad technical and commercial expertise – that are appropriate for startups, SMEs and large enterprises like Actron, Telstra and Vodafone.

Taking the Next Steps

There’s nothing like the excitement of a new idea. If you’ve got an IOT idea that ticks all the boxes of technical and commercial feasibility, know that the road from idea to execution can be a long, but exciting one.

To learn more about how LX Group can support you on this path, book a free, confidential call with our team or call +61 2 9209 4133.

chrisharoldYou’ve Got an IOT Idea. What Comes Next?

LX is excited to be named by Analytics Insight Magazine as one of the Top 10 Most Valuable IoT Companies to Watch in 2019. “It’s a huge honour to be included in this list of companies”, says Founder and Director, Simon Blyth. “We are excited about where the industry is going, and our part within it.”

The accolade recognises companies offering intelligent and highly scalable IoT solutions, laying a path to success for thousands of global companies planning to shape their digital transformation journey across industries.

LX is an award winning innovative IoT electronics product development company specialising in the creation of next-generation IoT devices. LX offers a range of tracking & sensing solutions (CATM1, NB-IoT, LoRaWAN, Bluetooth and WiFi) to help enterprises across a wide range of industries focus on generating value.

LX’s full-stack platform, IoT Cores, accelerates the development of the bespoke IoT devices from custom IoT hardware design through to the cloud backend. LX also undertakes the turnkey design of custom embedded systems and wireless technologies from concept through to production.

Contact LX Group for more information about our IoT products and bespoke solutions.

chrisharoldLX Named as one of the Top 10 IoT Companies to Watch in 2019
The know how of branding

The know how of branding

Weaseling out of things is important to learn. It's what separates us from the animals…except the weasel. You know, the one with all the well meaning rules that don't work out in real life, uh, Christianity.

Lisa, vampires are make-believe, like elves, gremlins, and Eskimos. We started out like Romeo and Juliet, but it ended up in tragedy. Attempted murder? Now honestly, what is that? Do they give a Nobel Prize for attempted chemistry? Get ready, skanks! It’s time for the truth train! Books are useless! I only ever read one book, “To Kill A Mockingbird,” and it gave me absolutely no insight on how to kill mockingbirds! Sure it taught me not to judge a man by the color of his skin…but what good does *that* do me?

chrisharoldThe know how of branding

That sounded like a prayer. A prayer in a public school. God has no place within these walls, just like facts don’t have a place within an organized religion. Son, a woman is like a beer. They smell good, they look good, you’d step over your own mother just to get one! But you can’t stop at one. You wanna drink another woman! The Internet King? I wonder if he could provide faster nudity.

chrisharoldA corporare design to remember

There’s one way and only one way to determine if an animal is intelligent. Dissect its brain! It’s a T. It goes “tuh”. Anyone who laughs is a communist! Morbo will now introduce tonight’s candidates… Morbo’s good friend, Richard Nixon.

chrisharoldThe blog fundamentals

Cold Warriors

maybe i will give you a call sometime


Good morning, oh in case i don’t see you, good afternoon, good evening and goodnight. excuse me, i’d like to ask you a few questions. we’re going for a ride on the information super highway.
Here she comes to wreck the day. here she comes to wreck the day. alrighty then kinda hot in these rhinos. we’re going for a ride on the information super highway.

chrisharoldCold Warriors

Books are useless! I only ever read one book, “To Kill A Mockingbird,” and it gave me absolutely no insight on how to kill mockingbirds! Sure it taught me not to judge a man by the color of his skin…but what good does *that* do me? I’m a Spalding Gray in a Rick Dees world. You don’t win friends with salad. The Internet King? I wonder if he could provide faster nudity.

chrisharoldThe importance of SEO

The birth of a new brand

You want a guarantee, buy a toaster

Yes! I am a citizen! Now which way to the welfare office? I’m kidding, I’m kidding. I work, I work. Bart, with $10,000 we’d be millionaires! We could buy all kinds of useful things like…love!

chrisharoldThe birth of a new brand

Father Christmas. Santa Claus. Or as I’ve always known him: Jeff. You hate me; you want to kill me! Well, go on! Kill me! KILL ME! The way I see it, every life is a pile of good things and bad things.…hey.…the good things don’t always soften the bad things; but vice-versa the bad things don’t necessarily spoil the good things and make them unimportant. Saving the world with meals on wheels.

chrisharoldHow we created our last website

The corporate style rules

What could possibly go wrong? Aw, you're all Mr. Grumpy Face today. They're not aliens, they're Earth…liens! Saving the world with meals on wheels.

Super squeaky bum time! You hit me with a cricket bat. You’ve swallowed a planet! You know how I sometimes have really brilliant ideas? Annihilate? No. No violence. I won’t stand for it. Not now, not ever, do you understand me?! I’m the Doctor, the Oncoming Storm – and you basically meant beat them in a football match, didn’t you?

chrisharoldThe corporate style rules