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Honeywell to launch first DIY home security system on crowdfunding site

Honeywell to launch first DIY home security system on crowdfunding site
111-year-old company Honeywell has announced the debut of its first DIY home security system on crowdfunding site Indiegogo.

The company sent out an e-mail to all customers with a teasing message about the new home security system.  There’s limited information available on the new product, and the crowdfunding campaign will begin on November 1.

Honeywell currently offers thermostat, security camera and professionally monitored security system for the smart home sector. The new product will be the company’s first DIY home security system. “Honeywell Smart Home Security is an all-in-one, self-monitored and self-installed security system,” says the company.

Many smart home brands have made similar endeavors recently. Nest, well known for its learning thermostat, introduced its Secure alarm system in September; and smart doorbell startup Ring announced its upcoming Protect system in October.

Honeywell, a 111-year-old company with 132,000 employees and US$109 billion market capitalization, undoubtedly owns enough resources to launch a new product with marketing campaigns. Going for a crowdfunding platform represents a change in strategy for Honeywell.

The company told media outlet The Verge that Indiegogo’s community can provide very valuable feedback on products. “We can engage, look for new features, and improve the product based on that first launch via Indiegogo,” said the company’s representative.

Like Kickstarter, Indiegogo attracts gadget-savvy consumers that have basic knowledge about new technologies and are willing to try out something innovative. Which makes it a great platform for big companies to conduct market tests.

On Indiegogo, Honeywell will also get the opportunity to talk to various customers it has never got in touch with before.

Indiegogo also has a service called Enterprise Crowdfunding, which helps big companies crowdfund their next project on the platform. Indiegogo assists companies to pick the right project for the crowd, to optimize and promote their campaigns and provide analytics for these big companies. Big names such as GE and Hasbro have launched crowdfunding campaigns there.

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