Iot Products Business

Iot Products Business Success Stories [2024]

Pat Walls

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Updated: October 9th, 2024

The Internet of Things (IoT) products business involves creating and selling innovative devices that are interconnected to the Internet, enabling seamless communication and data exchange between devices.

Entrepreneurs in this industry design smart solutions that enhance everyday life, ranging from smart home devices and wearables to industrial sensors and healthcare gadgets.

With the rapid growth of IoT technology, the IoT products business offers a lucrative opportunity for individuals to tap into a market hungry for interconnected and intelligent devices.

Success in the IoT products business requires a combination of technical expertise, creativity, and a keen understanding of market trends.

In this list, you'll find real-world iot products business success stories and very profitable examples of starting a iot products business that makes money.

1. Grobo ($3M/year)

Bjorn Dawson, Co-Founder of Grobo, was inspired to create smart hydroponic growing systems after experiencing the joys of growing his own food in gardens at his rental property. He saw a gap in the market for indoor growing systems and began prototyping different ideas. After pivoting into the cannabis space and launching a successful crowdfunding campaign, Grobo has grown steadily, now making $165K per month and attracting both beginner and advanced growers.

How much money it makes: $3M/year
How many people on the team: 11

How We Launched A $165K/Month Automated Home Growing Box

Grobo, a smart hydroponic growing system company that creates boxes for growing plants, is making $165K per month and increasing quickly, with its flagship products enabling users to easily grow food and cannabis at home.

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2. MintMe ($120K/year)

Artur Makowka came up with the idea for MintMe while working as a Unix engineer and realizing the potential of his personal project, a free hosting service. In 2014, he decided to focus on his own ideas and grew the hosting company to become the largest free hosting service in Poland. In 2018, he created his own cryptocurrency called Webchain and later launched MintMe as a crowdfunding and exchange platform.

How much money it makes: $120K/year
How much did it cost to start: $100K
How many people on the team: 29

On Creating An Ecosystem For The Creation Of Tokens And Digital Coins

MintMe revolutionizes the crypto-crowdfunding space by offering a platform for both token creators and supporters to earn money through token trading, boasting over 1 million users worldwide and attracting clients through direct engagement and continuous improvements.

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3. Turn Touch ($12K/year)

Samuel Clay came up with the idea for Turn Touch when he wanted a simple and stylish remote to control his Philips Hue bulbs and iTunes without having to use his phone or be at the computer. After four years of prototyping and learning how to build hardware out of wood, he successfully launched the product on Kickstarter and sold over 800 remotes in 30 days. Now in its second production run, Turn Touch is revolutionizing smart home control.

How much money it makes: $12K/year
How much did it cost to start: $50K
How many people on the team: 2

How I Created The Turn Touch Remote And Raised $57,000

Turn Touch is a stylish, wooden smart home remote that controls every smart home device that speaks Wi-Fi and can also control Mac and iOS devices over Bluetooth, raising over $100,000 on Kickstarter and selling over a thousand remotes, with plans in place to expand the product line.

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Read by 5,131 founders