Inspired by David Cummings
The term Industry 4.0 was coined in 2011, and in the years following many startups were founded to capitalize on the Industrial Internet of Things.
It turns out that progress has been much slower than expected, and many startups never even reached Product Market Fit (PMF) and lacked the speed to outpace the incumbents.
I recently discussed this with several startups in that space, and there are 3 common principles that all of them highlighted:
1. Move beyond the project mindset and embrace products
Forget one-off projects. It's tempting to cater to everyone, but resist the urge. Focus on building a robust, reliable product that scales effortlessly. Think repeatable installations, not custom solutions. Saying "no" to non-scalable customizations sets you free to move faster.
2. Hire a salesperson
Involving your salesperson early helps them truly understand customer needs and guide the customer towards product-aligned solutions. This transparency builds trust and respect and fosters long-term relationships.
3. Go beyond flagship customers
While valuable, don't rely solely on big names. They may leave you exposed. Diversify your customer base and focus on building a sustainable core.
All of this is counterintuitive, and none of it is easy. And yet, it is the way to get out of pilot purgatory or to avoid it altogether.
This article was first published on LinkedIn on February 13, 2024
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