The competition to earn a spot as one of Startup50-Network World’s 10 Hot Internet of Things (IoT) Startups to Watch began with 79 nominees.
The competition consists of three separate rounds, with a variety of data points accumulating as we progress. We’ll use these data points to distinguish good-bet startups from high-risk longshots.
Round One: Can you follow directions?
In Round 1, I ask startups for some basic information.
- When were you founded?
- How much funding have you raised?
- What exactly do you do?
- Give me the #1 reason you should be considered a top startup:
That’s all I ask for, and at this stage, that’s all I want. Yet, several startups instead sent me boilerplate pitches, press releases, and other e-clutter.
If you make me chase down info that I expressly asked for, sorry! I’m just going to hit delete.
That eliminated 9 startups. Another 5 were eliminated because they’re just not IoT startups.
All told, Round 1 eliminated 14 startups.
Round 2: Online Voting
After the first set of cuts, we’re left with 65 IoT startups that range from high-risk/high-reward stealth-mode startups to more established startups with big-dollar VC rounds in their back pockets.
Each could be the next big thing in the IoT land grab, and I need your help to narrow down the field!
To learn more about these 65 IoT startups, refer to our Hot IoT Startups Contenders post.
Come back to Startup50 tomorrow at 10 AM PT to for your favorite IoT startups!
The top 20 vote-getters will move on to Round 3, while the bottom 45 will be eliminated.
How We’ll Evaluate Startups in Round 3
Startups that accumulate enough votes to enter Round 3 will be evaluated on the following criteria:
- The uniqueness and strength of your value proposition
- Funding
- Named customers
- The strength of your market niche (i.e., is there a good mix of incumbents and hot startups?)
- The strength of your most direct competitors (i.e., if you’re targeting a bunch of no-names or have “no competitors,” we’re not going to believe you’re positioned in a viable market.)
- The track record of your C-level execs and co-founders
- The Startup50 Smog Test
Wait, you put startups through a Smog Test? Really?
Yep. Really.
Well, okay. Kind of really.
I’ve been evaluating startups since the dotcom bubble started to inflate. So, I’ve been working with, in, and around tech startups for close to two decades now.
In those years, this old dog has learned some new tricks. For instance, I’ve developed shortcuts and tripwires that help me ferret out the startups that have been smelling their own exhaust for too long.
You know the ones, those startups who are “leading providers” before they even ship their first product, who have “no competitors,” or who “are going to be bigger than Uber” or Google or Airbnb, etc.
Of course, a certain degree of hyperbole is inevitable. Comes with the territory. All startups do it, but there’s a difference between well-earned confidence and blatant B.S.
There’s a difference between a startup full of over-enthusiastic employees and startups that look and act like borderline cults.
I’m not going to reveal any more about the pollutants we test for in the Smog Test, but let’s just say that if you seem too good to be true, I’m going to suspect that you are. . . and you’re going to have a tough time making the final 10.
And that’s all there is to it.
Good luck to our 65 remaining startups! It’s a tough competition. Congratulations for joining it!
Come back to Startup50.com tomorrow at 10 AM PT to for your favorite IoT startups!
