While there are many startups in video surveillance, many of them have under-achieved, especially the most prominent, VC backed companies in the market. Indeed, this has caused VentureBeat to symbolize the security startup market as a sinking ship. VentureBeat concludes with a quote from a VC lamenting:
“If you aren’t in it for the passion, forget about it,” she said. “If you you’re in it for the bucks, don’t bother."
Now, this seems overly pessimistic as a description of the entire market. US VC backed startups? Yes. Other startups around the world? Not necessarily.
Nonetheless, there are many challenges that video surveillance startups encounter. With such a heavy influx of companies with IT background, there's a steep learning curve for these startups (an element we addressed in our Top 5 Mistakes IT People Make in Physical Security). Beyond that, inflated expectations and market forecasts have contibuted to unsuccessful strategies.
In light of this, we have compiled 17 recommendations on the video surveillance business that startups and investors should consider when developing their business and operational plans.