Lumos – an IoT Startup
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|Startup With which name it was founded||Lumos|
|About||Lumos is an IoT Startup Focused to develop smart switches. They call it Switches which do not need switching. |
Lumos switches are internet connect electrical switches and wall plugs that come with embedded sensors to detect ambient conditions in a room.
The key features of Lumos smart-switches are:
1. Self-learning and swarm Intelligence among switches that minimizes user intervention
2. Provide Detailed consumption analytics of every appliance.
3. Wireless network connectivity removes the need for hardwiring and a wi-fi gateway.
4. Embedded Sensors that measure ambient conditions along with electrical conditions to ensure rapid decision making for switches.
While they provide a mobile app to control the switches, they have designed the product in such a way that you won’t need to use it ever.
|Founders||Founded by Pritesh Sankhe, Tarkeshwar Singh, Yash Kotak graduated from IIT Gandhinagar.|
|Startup Period||2014-2015 Closed with 5 months after founding.|
|Reasons for Failure||1.No experience of the IoT market is the primary reason that had made the startup suffer.|
2.No analysis of the market. The market value of the product is overestimated. With no proper idea of the demand for the product, the founders went on to develop.
3. Hardware Product startup require huge capital, which was not available for the startup and failed to raise more investments
4. The ROI of the product is not analyzed before starting the company. It is found at later start that ROI doesn’t make any sense in this product.
|Founders Message||Why My IOT Startup Failed|