Given the costs associated with alarm monitoring, a lot people within the industry believe that DIY solutions provide an opportunity to bolster the penetration rate of home security systems beyond the 18 to 22 percent range that is typically quoted in research figures. Hollis believes that Korner is well-positioned to reach customers that traditional alarm dealers have not been able to.
“Because of our price point and ease of use, we really feel we can build quite a meaningful position in the marketplace without really competing against any existing solution,” said Hollis. “We believe there are some demographics out there like, possibly, mid-to-lower income folks who maybe have a lot of technological aptitude for DIY solutions that are out there today, renters who move a lot and want something portable, so we have every intention of expanding the addressable market for home security and getting it to people that otherwise wouldn’t have bought it.”
Korner is currently in the midst of an Indiegogo campaign and has already raised more than $240,000 to help bring their product to the market. They are also in talks with other investors to help raise additional capital, according to Hollis
Hollis said they are exploring their options in how they want to bring the product to market, which in addition to retail store shelves could also include digital marketing, direct mail and even infomercials. The Korner solution could be available for purchase as early as Q1 next year; however, Hollis said that they are not making any firm commitments at the moment on an official launch date.