Does it ever seem like one day your home or apartment is in good condition and then one by one things start going bad? A smoke detector goes bad one day, an alarm breach the next day, and finally a blown pipe leak! Well it may just seem like bad luck, but these deteriorations have been in the making for years and you are only noticing them now. If you don’t want to be surprised by these types of malfunctions, then you have the opportunity to monitor it with Notion!
CEO and cofounder Brett Jurgens is “proud to announce the launch of the most affordable and simple DIY home monitoring system ever.” AND chats with us about how we should to take notice of our surroundings in the digital age..
Give us a brief description of your company.
For over 2,000 years, spaces have not been intelligent. Apartments, homes, multi-family buildings and most office buildings are wasting billions of dollars on water leaks, inefficient energy usage and operational inefficiencies. $10B is lost every year to water leak damages alone, and energy costs could be decreased by 30%/year with more efficient programming and monitoring.
Notion keeps owners, building managers and maintenance staff connected to their properties anytime, anywhere. Through a single sensor with eight powerful functions, a mobile app and data tracking and analytics, we help you save money by tracking and monitoring things like water leaks and temperature fluctuations; we give you peace of mind by monitoring and alerting you and/or your staff the second a restricted area is accessed; and we give you insight by providing you with data you’ve never had before.
What’s the size of the market you are attacking?
Global Home Security is currently a $31B market and expected to be $47.5B by 2020. More specifically DIY Home Security, a new category, is expected to reach $1.7B by 2020 in the US alone. Only 20% of homes in the US have a monitoring system. This means 112m homes do not have any kind of monitoring system.
What’s the business model?
Our business model hits on the consumer, insurance and property managers/owners.
- Consumer: cost of hardware with plans for monthly recurring revenue for premium features & services.
- Insurance: cost of hardware plus monthly recurring revenue for API / data access per system / end-user.
- Property Managers / Owners: monthly recurring revenue for hardware and data access per system / end-user.
What inspired your business?
Ryan (cofounder) and I have been childhood friends who had always aspired to start a company together. One day, Ryan came home to a newly adopted puppy howling at the low battery chirp of a smoke detector. The idea of a smart sensor that could alert him of the many potential events that could happen when he wasn’t home became our guiding light at Notion.
Does the thought of someone like Nest moving into your space keep you up at night?
No. We see Nest as a partner and are working on integrations with their products to provide our customers both insight into and control of their homes.
What kind of traction have you achieved since joining the Accelerator?
Before MetaProp, Notion was very much focused on the consumer marketplace. We had always believed that there was opportunity within multi-family housing working with property managers and owners, but through MetaProp we’re realizing this potential through the many introductions afforded to us to world-class property managers and owners. The net of these conversations has been significant interest and many proposals we’re working through as we speak.
What was the experience like working with the Metaprop Accelerator?
MetaProp has connected us with some of the world’s largest property owners and managers. Connecting with the right high-level executives at these large owner/operators has helped us better understand our value, which would have taken us significantly longer to identify without MetaProp.
What was your favorite part about being in NYC?
What’s not to like about NYC?! The energy is palpable and the proximity and density of valuable contacts is unlike anywhere else in the world.