David & Goliath Must Dance™ Dinner on the Future of Smart Homes
18th April 2016 / Haymarket Hotel, 1 Suffolk Place, SW1Y 4HX, London
1. What is a David & Goliath Must Dance event ?
David & Goliath Must Dance events are hosted by EntrepreneurCountry Global in order to explore the challenges and opportunities faced by an industry that is transforming, in real-time, into an ecosystem.
A history and a calendar of these events are listed here.
Brian Ryan – Energy Services Manager at Electric Ireland
Cheryl Hicks – Executive Director at Toilet Board Coalition
Eamon Conway – Managing Director at Climote
Geoff Knott – Executive Director at Ninety
Isabella Lane – Co-Founder at Smarter
Joris Jonker – Co-Founder and International Business Developer at Quby
Kathleen Kallot – EMEA Account Manager at Intel
Kenny Leitch – Global Telematics Director at RSA
Matthieu De Broca – International Business Development Director at Overkiz
Michael Jary – Director of Connected Homes at SSE
Paul Tarantino – UK & Middle East Director at MapR Technologies
Philip Steele – Founder & CEO at nCube
Shane Lyons – Director of Business Development at EI Electronics
Steve Jay – Head of Innovation at RSA
Trevor Flanagan – Founder & CTO at Alumentari
Yorick Schetgen – Product & Solutions Marketing Manager at Intel
Julie Meyer – Founder, CEO and Managing Partner at Ariadne Capital
Amit Pau – Managing Director at Ariadne Capital
Ryan Coyne – Business Development Manager at Ariadne Capital
Ilona Simpson – CIO in Residence and Senior Advisor at Ariadne Capital
Nikos Delitsikas – Analyst at Ariadne Capital
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3. Key Quotes
- Brian Ryan, Energy Services Manager at Electric Ireland said, 'The smart home market is nascent and there is not enough demand coming from consumers. For the average consumer, there is lack of awareness and interest concerning the Internet of Things. Therefore, we need products that will capture people’s imagination’
- Cheryl Hicks, Executive Director at Toilet Board Coalition said. 'TBC's mission is to provide sanitation to 2.4bn people who currently don’t have access to it. There are significant synergies between smart home and affordable sanitation: ultimately, the aspiration is the home not the toilet. We as a Goliath are keen to engage with Davids in smart home, affordable housing, circular economy sectors and beyond. We are in the unique position to adopt innovation at unprecedented pace as there is no legacy infrastructure to be taken into account which allows us to leapfrog the developed world.'
- Geoff Knott, Executive Director at Ninety said 'There are a lot of segments that will go beyond home tenants: landlords, social housing, care homes, hospitality industry, commercial property. We can get a huge volume of smart devices and data from these segments.'
- Isabella Lane, Co-Founder at Smarter said 'Consumers are used to sharing data through social media, so why would they not share data from their homes?'
- Joris Jonker, Co-Founder and International Business Developer at Quby said 'The smart home is of low interest to individuals, and we need to come up with exciting services. There will not be a single winner in the ecosystem. Instead, there will be a variety of partners who will have a minor benefit.'
- Julie Meyer, Founder, CEO and Managing Partner at Ariadne Capital said ‘If we unlock the potential of individuals owning property rights over their data, we will enable the redistribution of the personal data value currently captured by GAFA (Google, Apple, Facebook, Amazon). The citizen has to be cut into the unit economics of the trade.'
- Kathleen Kallot, EMEA Account Manager at Intel said 'All partners will share the benefits of the ecosystem and harness the huge amount of data generated. Currently, there is not a universal definition of the smart home. So, the opportunity is to get all the partners involved working together in the ecosystem.'
- Kenny Leitch, Global Telematics Director at RSA said 'We have successfully brought innovation into our insurance proposition for young motorists which allowed us to dramatically reduce insurance premiums and to improve the driving behaviour of young drivers. Now, we are focusing on leveraging smart home technology to have a similar impact in the area of home insurance. The success of the smart home ecosystem will depend on the companies that will lead, even if their revenue per customer shrinks in the future.'
- Ilona Simpson, CIO in Residence Ariadne Capital said 'Predictive analytics enabled by smart home technologies will play the key role in insurance companies moving to ‘peace of mind as a service’ providers.'
- Matthieu De Broca, International Business Development Director at Overkiz said 'The success of the iPhone was iTunes and ultimately the App Store. Therefore, the question is how can we get the App Store of Smart Homes.'
- Michael Jary, Director of Connected Homes at SSE said 'The absolute key for companies is to start with consumers and understand what they want. Customer centricity will determine which corporates win in the smart home ecosystem.'
- Paul Tarantino, UK & Middle East Director at MapR Technologies said 'The biggest problem is the proliferation of data silos, we even see data disconnect between the functions of Sales and Marketing which usually collaborate very closely and are dealing with the same customer. The key to monetisation is to connect the data across various departments.'
- Philip Steele, Founder & CEO at nCube said 'It is crucial to understand that consumers want the connected devices to work.'
- Shane Lyons, Director of Business Development at EI Electronics said 'Currently, there is no single solution in the smart home space. Integrating all different solutions will be the biggest challenge.'
- Trevor Flanagan, Founder & CTO at Alumentari said 'It all comes down to what consumers want, namely value-add products at reasonable cost, and they will be prepared to trade off their personal data for a lower cost.'
- Yorick Schetgen, Product & Solutions Marketing Manager at Intel said 'The standards are the key. Currently, there are many smart home devices, but they do not communicate with each other, and there is no single mobile application to control all of the devices. It is all about trade-off: share privacy in exchange for something else.'
4. What were the key learnings
- Customer centricity is key to the success of smart homes and there is a need to understand how close the industry is to a clear tipping point.
- There will continue to be multiple use cases that will drive the adoption of smart home devices.
- Data privacy and monetisation are significant challenges for brands and consumers. Transferring property rights of personal data to consumers will transform the entire value chain.
- It is crucial for Smart Home providers to generate economic value in the long term.
- Policy change implemented by Governments can further drive the adoption of smart home devices.
- There is a need for a Smart Home App 'Aggregator' that will attract a massive number of consumers.
- Currently, there is no clear business model in the smart home space.
- Eventually, the industry’s success will depend on the corporates who will drive leadership and provide unique customer experience in a sustainable environment, even if it leads to a reduction in their revenues.
5. Ecosystem Economics
An overview of Ecosystem Economics can be found here.
The attendees of the Future of Smart Homes dinner discussed how Digital Enablers and Goliaths could generate supra profits by incentivising individuals, creating digital revenues, and partnering with Natural Allies.
6. Digital Ecosystems
EntrepreneurCountry Global is building Europe's largest Smart Home Ecosystem with 20 partners so far from the worlds of communications, consumer electronics, devices, property rental and brokering and utilities whose customers total more than 500 million. This ecosystem will grow further.
We would like to invite you to become a Partner to the Smart Home Ecosystem. Amit and/ or Julie will be speaking with you about this very soon.
We are building a plan for managing a live digital ecosystem in the Future of Smart Homes; if you would like to be part of the planning team, please send an email to firstname.lastname@example.org . We'll be in touch.