Home Business NewsTech News The billion dollar question: how to build a successful tech company?

The billion dollar question: how to build a successful tech company?

by LLB Reporter
24th Jun 16 6:00 am

Want to be tech titan? Look no further…

How do you build a successful smart home technology company? This is the billion dollar question.

There are multiple areas of a tech business that need careful nurturing in the early days. Here’s what you should focus on:

1.      Create an engaging product

To have success in technology you have to create a smart and connected product. However, it does not stop there.

You have to add one more ingredient if you want to realise your dreams of launching a truly successful solution. That ingredient is engagement.

We combined a smart thermostat with an energy display to get a foothold into the smart home market. As a result Quby is now one of the largest smart thermostat suppliers in Europe with over 200,000 units installed so far.

The way that we have engaged the end user is multi-faceted. We took a familiar product, a thermostat, and combined it with a graphic visual display to enhance the value that it offers our users.

The result is a smart thermostat that offers new energy services.

We developed a mobile platform allowing remote access and additional features to give customers a different way to engage with our product.

Additionally, we have a culture of innovation that means our team constantly introduce new services and applications for the Quby device.

2.      Choose a winning business model

Do not be afraid to reconsider your business model.

After a year of trying out different approaches from within our company (known at Home Automation Europe), we came to understand that we needed to focus on one area of the smart technology market.

We chose to target primarily the energy market, whilst continuing to offer a device with more general smart home applications. That way we could work to prove our value to energy customers (almost everyone) and then develop a more general tool for the smart home at a later date.

3.      Build lasting relationships

The customer always comes first. Your customers are your greatest asset when it comes to engaging them and encouraging them to adopt new technology and behaviour.

A loyal customer is one of the strongest brand ambassadors there can be. Trust is a fundamental part of the business-customer relationship.  Look after your customers and they will contribute significantly to your future business accomplishments.

We found a business model that allows us access to a large energy customer user base, whilst continuing to be equally beneficial to our utility partners. Our partners enable their customers to build a smart home as we expand our business.

Starting out in a smart home technology company can be one of the most exciting and exhilarating places to be.

If you have a great product and the drive to make your business a success, then there will be very little to hold you back.

 Joris Jonker, founder and partnership manager, Quby

Quby is one of the largest smart thermostat suppliers in Europe, having distributed over 200,000 units in The Netherlands and Belgium.

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