Io T Startup

How Much Does It Cost To Start An Io T Startup? (In 2024)

Pat Walls

•

Updated: January 18th, 2023

Looking to start an IoT startup?

But curious about:

how much it costs to start an IoT startup?
what are the typical IoT startup startup costs?
or the actual cost of starting IoT startups?

Well, we have the data to prove it, supported by real IoT startups and how much they actually cost to start.

Let's go over it.

Learn more about starting an IoT startup:

Where to start?

-> Pros and cons of an IoT startup

Need inspiration?

-> Other IoT startup success stories
-> Marketing ideas for an IoT startup
-> Iot startup names

Other resources

-> Iot startup tips

Software Expenses

Your IoT startup needs software to run efficiently!

Why spend money on software? Because it can help you save time and automate certain parts of the business, so you can focus on the most important matters. Software and technology can help you grow your business, and save you from expensive personnel costs.

Cost	Required?	Min Cost	Max Cost
File Hosting Service	Recommended	$0	$299
Email marketing tool	Recommended	$0	$100
CRM Software ➜	Recommended	$12	$300
Project Management Software	Recommended	$0	$25
Internal Communication Tool	Recommended	$0	$20
Accounting & Invoicing Software	Recommended	$0	$50
IT Support ➜	Optional	$150	$2,000
Social Media Management Tools	Optional	$0	$50
Design Programs & Software	Optional	$0	$50

Office Space Expenses

It will be your call to determine if you need office space. It is not a requirement but may be necessary as your IoT startup grows.

Cost	Required?	Min Cost	Max Cost
Rent ➜	Optional	$0	$5,750
Utility Costs For Office Space ➜	Optional	$0	$1,150
WiFi & Internet ➜	Optional	$0	$100

App Creation Costs

Cost	Required?	Min Cost	Max Cost
App Development ➜	Optional	$1,000	$20,000
Apple Developer Program	Optional	$99	$99

Advertising & Marketing Costs

Cost	Required?	Min Cost	Max Cost
Business Cards ➜	Optional	$0	$50
Customer Research & Surveys	Optional	$0	$300
Affiliate Marketing Commission & Fees	Optional	$0	$250
Influencer Marketing	Optional	$0	$750
Press	Optional	$0	$500
Google Ads	Optional	$0	$300
Facebook & Instagram Ads	Optional	$0	$350