"I am a firm believer that the "Internet of Things" is going to generate a tidal wave of innovation and successful Startups. After understanding their product and vision, I believe that Lumos Automation has the right vision and game-plan to leverage this and become a successful player in the home-automation market. This market is on the verge of inflection point and Lumos is targeting the exact pain-points that will make it happen. They are building smart, cheap and easy to use plug-and-play products that can achieve quick adoption not only in affluent households but also in millions of households with middle class incomes, globally.
I see Yash and Tarkeshwar as an excellent team who can pull this off. Both, being Gold Medalists of their respective undergraduate batches, are very talented people. I taught an Engineering Entrepreneurship course to Yash Kotak and found him to be driven and passionate about entrepreneurship.
Tarkeshwar and Yash have worked with me as interns and full-time employees at Ricoh Innovations where they reported to me directly. They are innovative & hardworking with a focus on providing a solution for the customers/users and at the same time creating profitable revenue stream for the company. They think big and look at the big picture while building products and have taken responsibilities much greater than what their official role.
India is in the early days of adopting home automation. Having consulted many companies on digital transformation, I have seen the trend towards creating smart homes. I know that the Indian market hasn’t seen any success in the IOT space. I think this gives Lumos Automation a clear advantage. They will be among the first few companies to work in the home automation space making it affordable and accessible to all. Considering the sheer market size of luxury homes that cost more than INR 60 lakhs($100,000), I think Lumos has a huge demand to meet.
The founders of Lumos Automation, Tarkeshwar Singh & Yash Kotak, attended an Engineering Entrepreneurship I taught. They are young and passionate about their start-up.
Their start-up is in home, office and factory automation which is a very large market. They have also implemented a smart-phone interfaced software strategy that will allow customers to tailor product features on-site to suit their needs. The value proposition of its product is excellent and the product has great export potential.
Lumos’s initial entry strategy is to outsource manufacturing and sales of its hardware. This will allow them to keep the initial investment to a manageable level.
Lumos Automation has a verbal commitment from IIT Gandhi Nagar incubation center for start-up funds and is seeking additional funding to accelerate hardware design and software development, customer validation of product offering and accelerated launch of the their business.