Bryon Western and Jim Lewis of Little Bird Systems talks with us about the internet of things.
- Rapid Commercialization System for the Industrial Internet of Things - lego building block approach to building electronics
- Difference from other companies : Giving the very quick path from the bench-top prototype to something that they can commercialize and take to market.
- Internet of Things - trend in industry that connect electronics to any physical object, measure data on such object and perform an action on that object.
- FOCUS : Industrial Market
- Bandwidth Discipline - optimize protocol - system that are not highly bandwidth thing
- Sale Cycle - Up to a year from completion of development cycle (which takes about 18 months to 2 years) for them to get back or realize income
The Business Model and How Money is Generated from this product
- GOAL : To move people from that bench-top prototype to a 2nd stage ruggedize prototype (mass produced unit) - provide service to create their customer electronics - sell them the hardware they need to sell their products to customers
(JIM’s Perspective on what they do)
- What is the market? 15 Trillion dollar market
- Glad to have partners with business intellects
How to startup a company (based on their experience)
- Laying plans - what is the market? how to approach the market? what would set you apart from someone else?
- Getting everything in place - operating plans, financial model
- Opportunity to make difference in the world, in the industry you are attacking
(BRYON’s Perspective on what they do)
- Be involved - hire people who can contribute
- Entrepreneur Programs could help you operate the business - adding technical knowledge
- CEO vs employee in the startup : As an employee, you have to deal with every aspect of the business - keeping contacts - inform the people what you are doing and Delegating tasks - trust people that they can also do what you can do
ADVICE : Creating a company Based on Technology
- Get a business person - somebody who have worked with technology - if you explain something to somebody and don't they get it, it is not their fault it's your fault - practice the skill of simplifying things and communicating it to people
What’s the future of Technology-based businesses in Arkansas
- Prediction: 2020 - 50 billion devices will connect to internet - whereas right now 90% are not connected.
- What’s right in Arkansas as an area of startup technology companies?
- A lot of Manufacturing and Agriculture is going on so the advantage is you can get first hand information from people who needs the solution
- For Arkansas to grow with technical startup companies/businesses
- companies must be responsible for specifically defining what is to be done to be a technical startups (e.g. execution of invention assignment agreements)
- Research areas must be confined to such specific business that they are in
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