This document discusses what it means to be an Internet of Things (IoT) startup. There are four categories of IoT startups: 1) Kickstarter-addicts who repeatedly test products with early tech adopters through crowd-funding, 2) Bootstrapping consultancies that do consulting work to fund IoT product development, 3) Incubator babies that are supported by startup incubators, and 4) Corporate partnerships where startups work directly with large corporations like Bosch and GE. The document calls for more traditional funding for IoT startups and for telecommunications companies to better connect and support IoT startups.