The technology business is extremely lucrative to start-ups and other entrepreneurs as it is a space that is becoming more and more commonplace and new innovations and solutions are something everyone is looking for. The smart home market is a fairly new business.
Despite having access to so much technology, not many people have warmed to the idea entirely and have stuck with their traditional homes allowing new competitors to step in and offer products that are useful and comfortable to use along with being intelligent and customizable.
For many people smart means two things, convenience, and safety. Home ownership can be a daunting task for many as there are hundreds of things that could go wrong. There could be problems that have large consequences. For example, leaving a door unlocked or forgetting to turn off a gas stove. It could also be something simpler like leaving the air conditioning on causing a rise in the electricity bills.
Most people have busy lives, be it professional, social, or personal. We often forget to pay attention to these mundane house tasks causing human errors resulting in minor or large issues. Smart homes allow humans to take a backseat from these trivial matters and focus on rather important ones dealing with human intelligence.
Smart Home and its Market
So what should a smart home offer to a client? Well, it could range from voice control of wireless speakers to an ability to start certain functions even before the owner reaches the house. One of the main concerns is security.
Sensors are the most common way to ensure this security. CCTV cameras that provide a direct feed to any screen in the house are quite nifty. There are also sensors that can check if doors are locked or not and can then further lock the doors depending on the situation.
For example, a homeowner can automate that all doors get locked on their own every night at 10 pm. There are even those who wish to monitor their children or pets or elder family members when they can’t be there. So innovation in security would pay off.
Another way to get into the game is to have tie-ups with construction companies. Most new houses in posh areas now are being built as smart homes. When houses are built they need lighting solutions and other devices like central air conditioning fixed, prior to the house being offered to prospective buyers. If your company can get a foot in at the right time, you may be the one doing these fixtures.
The licensing of technology has also become common in this industry. Creating a new, nuanced technology or service and then licensing it to a bigger firm can be useful. It takes away the heavy lifting of running a business off of your shoulders. As a result it allows you to pay attention to the core component work and not the actual selling or stocking up of inventory.
Other Side of The Coin
With this kind of work, one primary drawback can be privacy concerns. As you intend to seamlessly include your product into their homes; people may be cautious of you collecting their data and that data being used unjustly by criminals. This matter needs to be handled carefully and sensitively as it may break or make your company.
However, we believe that the next IoT wave is going to bring a massive opportunity for entrepreneurs to build innovative businesses using the combination of data, IoT connected devices and an AI-enabled platform in the smart home market.
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