When developing a concept, many companies focus primarily on demonstrating how the underlying technology works. That is a major pitfall. The difficulty of IoT mainly stems from its scalability, reliability and security. Building a device that can transmit data is relatively easy. You should therefore invest in a realistic concept that, should the project be launched, can actually be scaled up and rolled out. Start small and develop a plan early on in the process that takes scalability, reliability and security into account.