The landscape in home security systems had been pretty cut and dry for decades. ADT home security, Brinks home security and a few others ruled the world of affluent homeowners, while DIY kits dabbled in the obscure land of the handyman/technophile. Everyone else basically held out until they earned enough money so that a professional could take care of things for them. Many vendors have recently attempted to expand home security's territory, but for those who would like home security but don't want to spend much time or money, the pickings have remained slim. We presented data in an early blog post that supports this. As for specifically why everybody else isn't buying home security systems, a recent study makes it pretty clear:
Simply put, to truly expand the addressable market for home security a solution needs to be inexpensive and very easy to use. So what are the options? With the help of Steven Nguyen and his team at the Santa Clara MBA program, we've put together a simple analysis of what's out there and how they stack up relative to these two basic metrics:
The traditional players like ADT home security distort the picture (and this despite favorable install times which reflect how fast a pro can do it), we provide here a focused view that only includes the more recent market entrants:
To summarize, most of the new generation of offerings are similar to Simplisafe - they take the old ADT home security model and make it easier to self-install. The result is lots of different pieces of hardware that still take time to install, and they're costly. Most of these offerings come with an installation CD or a booklet with pages of instructions. And they still offer a broad range of features and redundancies, which many people either don't need or aren't willing to pay for.
And then there are the more novel innovations such as Canary and August. Canary can be very easy to set up, but at over $200 to cover one room, the price point is hard to swallow for most. August is at a similar price point, but requires complete replacement of your deadbolt, and only secures one entry point.
At Korner, we designed the product from the ground to be as cheap and easy to use as possible. What we came up with was something truly unique - a connected home security solution for under $100 that can be installed in as little as a few minutes. How did we do it? By leveraging the current state of technology to its fullest extent - smartphones, low cost sensors, cloud computing, social connectivity - and by including only what people really need, and stripping out everything else.
Korner is truly the democratization of home security. You no longer need two kids, a dog and a fancy SUV before you can buy home security! Now students, renters, single people living alone... anyone can secure their home!