Bringing a new electronic product to market is generally difficult, risky, and expensive. To succeed, and make it to eventual profitability, you need to focus your early efforts on minimizing risk and cost.
This article gives tips if you plan to go to hardware business.
Here is another related article worth to read:
Let’s be honest, here’s why you suck at IoT
From the outside, it seems like building an IoT product should be easy. But that probably hasn’t been your experience.
Let’s be honest — you suck at IoT. You suck at it because you underestimated the complexity of the problems you need to solve, because the “IoT experts” you hired have actually never done this before, because you outsourced all of your engineering capabilities in the ‘90s when all you cared about was cost reduction, and because you’re unwilling to pursue business models that are dramatically different from your current business.
But don’t worry; these are solvable problems.