Connected Devices: What’s so cool about a thermostat?
Nest argued and quickly proved that thermostats matter… They control about 50% of Americans’ energy bills and as much as 10% of all U.S. energy.
Spoiler Alert for those living in a bubble – Google acquired Nest early this year for 3.2 Billion. What is fascinating is the story leading up to the sale and proof that the Industrial Internet, manufacturing and connected devices will continue to flourish.
With a strong belief in a disruptive wave of next generation, connected devices – Lightwave Venture Capital (one of the initial investors) saw Nest as a massive opportunity even in the seemingly most mundane items: the smoke detector and thermostat. They were convinced that we are at the dawn of new era where every product stands to be improved through innovation around Internet connectedness, cloud-based services and data. The rise of disruptive Big Data technology is here and more and more connected devices will become smarter, more capable, and easier to use.
From Garage to 200 Employees in 3 Years
Nest shipped its first product 18-months after their inception, with 75-employees and having spent $10MM.
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