The Mess at Nest Echoes the Mess in the Smart Home
Stacey Higginbotham for Fortune: In January 2014, Google (now under the parent umbrella corporation Alphabet) said it would purchase Nest for $3.2 billion, which validated the hopes and dreams of hundreds of startups that were also building connected products for the consumer home.
After the deal was announced, the VC world went mad searching for investments, while larger companies searched for potential acquisition targets. At industry events that year, everyone I ran into with a connected product or a KickStarter was in talks to sell out or score more funds.
But two years later, the reality has set in as entrepreneurs in the space are dealing with a skeptical customer base and the challenges of seeing their grand vision for a connected home get mired in rival standards. Meanwhile, economic concerns are leading tech companies to prepare for everything from a nuclear winter to a mild recession. Cont'd...
This post does not have any comments. Be the first to leave a comment below.
Post A Comment
You must be logged in before you can post a comment. Login now.