The Story Behind Favoriot — Part 13: Does Winning Awards Help a Startup Succeed?

Which is more critical — customers or awards?

The Early Days and Initial Recognition

Since Favoriot’s inception, we’ve won numerous awards. One notable example is being named Malaysia’s Best IoT Startup in 2019. I remember the excitement and pride that came with that achievement.

It felt like a validation of all the hard work and sleepless nights we had put into building the company. “This is it,” I thought. “We’re finally being recognized.”

The Surge in Exposure

After winning that award, we received invitations to appear on podcasts, TV shows, and radio interviews.

The exposure was immense.

This kind of publicity was gold for a startup like ours, where getting the word out is half the battle. “Maybe this is what we needed to push us to the next level,” I mused as I prepared for another interview.

The Tough Questions Begin

But as the excitement of the award began to settle, I asked some tough questions. “Is this making a difference? Is this award going to translate into tangible results for Favoriot?” The reality, as I soon discovered, was more sobering.

Customers: The Missing Link

Did the award bring in customers? No, not really.

Despite all the exposure, we didn’t see a significant uptick in clients knocking on our door. “Surely, people have heard of us by now,” I would tell myself.

But recognition doesn’t always equate to sales.

The truth is, getting your name out there is just one piece of the puzzle. It’s not enough to be known; you must be trusted, which takes more than an award.

Investors: The Harsh Reality

What about investors? Did the award make them come running? Again, the answer was no.

“How can they not see the potential in us?” I wondered, frustrated.

But investors are looking for more than just accolades.

They want a solid business model, a clear path to profitability, and, most importantly, evidence that your startup can scale.

No matter how prestigious, an award isn’t going to convince them on its own.

Big Projects: The Elusive Prize

And then there’s the question of projects.

Did we land any big contracts because of the award?

Unfortunately, no.

“What’s the point of all this recognition if it doesn’t lead to real opportunities?” I found myself asking. It was a tough pill to swallow, but the fact remained: while awards are nice, they don’t necessarily open doors to significant deals.

The Importance of Merit

At Favoriot, we’ve always believed that if you’re going to give out awards, they should be based on merit.

Too often, I’ve seen awards handed out to those who can afford to pay for a fancy dinner or an editorial spot.

“What’s the value of an award if it’s just bought and paid for?” I questioned. We’ve never been interested in that kind of recognition.

If we’re going to win something, we want it to be because we’ve earned it, not because we’ve paid for it.

Shifting Focus: Beyond Awards

So, where does that leave us now?

The truth is, we’re no longer chasing awards. They’ve lost their luster for us.

“What’s more important,” I remind myself, “is attracting customers who believe in our product and are willing to pay for it.” That’s the real measure of success for a startup – not the trophies on the shelf but the customers who keep returning.

Aiming for Global Impact

We’ve shifted our focus to the international market.

“Let the world see what we can do,” I often think. Our aim now is to be recognized globally, not just for the awards we’ve won but for our impact in the IoT space. We want the world to see the value we bring, not because we’ve won an award but because we’ve delivered real results.

The Road Ahead: Challenges and Hopes

Of course, this journey isn’t easy.

It’s filled with challenges, setbacks, and moments of doubt. But it’s also filled with hope, determination, and a belief that what we’re doing matters.

“May our journey be made easier with the prayers of our friends,” I often reflect. And for those who have supported us, I can only say thank you.

Your belief in us means more than any award ever could.

The True Measure of Success

In the end, I’ve come to realize that awards are just that – awards.

They’re a nice pat on the back, but they don’t define success.

What matters more is the work we do daily, the relationships we build, and our impact on the world.

That’s the legacy I want Favoriot to leave behind, and that’s what we’re working towards, one step at a time.