Project Update: I want to give an update that, while still doesn’t give a definitive answer, I think gives some hope.
TLDR: We’re in the process of a merger/partnership/shared resource scenario (can’t release final details, but I can after March 14th) that will fund this opportunity and also put us in a much better spot from an operations standpoint. I will be able to fully give a timeline and project status after March 14th after the shareholders meeting.
Longer story and context:
I will post an official update regarding the company after March 14th, in which there is a special meeting for shareholders, but one of the areas we as a company struggle with (and me personally as it rests on my shoulders at the end of the day) is operations which is an area that makes or breaks companies as it represents the day to day grind of negotiations with the manufacturer, shipping, forecasting, etc.
My background is in marketing/branding, whereas Eric M’s is in technology. We’ve had to be scrappy and learn along the way how to handle operations, which has been especially challenging over the past couple years, let alone the last 5+ we’ve been in business. To be blunt, we’re getting railroaded by manufacturers and just about every investor has said the same thing, “your brand is amazing, your products are the best, but… your manufacturers are crushing you”. Which, is true.
Over the past year or so, I’ve gotten to know the President one of the top IoT companies (guarantee everyone in this forum has heard of the brand) and along the way we had this epiphany that our strengths compliment each other – he has a background in operations/negotiations and mine is in marketing/branding and each other’s business suffers from the other person’s strength, so why not help each other if we can.
This has led to many discussions about sharing resources and/or an equity purchase in Inovelli.
That said, we’ve gotten to the point where a final offer is being presented to the shareholders on March 14th to hopefully make this happen along with some backup offers who are also interested in coming on in operations role.
So, what does that mean for the 5-Button? Great question!
One of the major exercises we’ve been working on is the product roadmap for Inovelli and being realistic on what can and cannot happen (right now). Taking the current cashflow of the business, the current economic status of supply chain, and ultimately working with manufacturer(s) to get past the red tape that’s been hindering us.
We’re in the process of finalizing the financial model and wrapping everything up by early next week so that I can present this to the shareholders on March 14th. If all goes well, then we will execute the game-plan that is extremely exciting for us and ultimately for you guys. I wish I could say more.
The 5-Button switch is an integral part of the game-plan because not only is there a major need for it in a B2C market, but there’s an even larger demand for it in the B2B market as many MDU (multi-dwelling units) companies are requesting some sort of in-wall remote to activate scenes.
The merger/partnership/sharing of resources has a major focus on B2B and they view us as a premium line that would take on premium competitors (Lutron, Control4, etc) for a value price. Their portfolio is also missing an in-wall remote, so this is very attractive to them.
Regarding timeline, I know I gave myself the deadline of March 1st, and again, at any point if you’d prefer to just take a refund and come back later, you are more than welcome to do so – I completely understand. But, I should have not only some overall exciting company news, but a more definitive and confident deadline for this switch (as well as others) after March 14th (give me like an extra few days after).
Thanks again for everyone’s patience and understanding. It means a lot.
Happy to answer any questions, but know I need to be somewhat vague on the details until it’s finalized.