- The big thing about Wyze
is it offers a lot of the features
that you might see from competitors like Nest and Amazon
and all those other companies
but it's way cheaper, it's 20 bucks.
How do you guys do that?
How do you even make money on this thing?
- Founding this company,
what we really focused on
was thinking about how do we democratize technology?
So there were four of us that founded this together.
Our background, we met when we were working at Amazon.
We bring a very customer centric focus to smart home
and we looked at the smart home industry
and realized that a lot of the products out there
weren't meeting customer needs.
So either very expensive or unreliable and glitchy
and just weren't meeting the expectations of customers
and we thought we could do better.
- So on paper, spec by spec,
it seems very similar to these pricier cameras.
Nest cameras have been around for years,
your former employer Amazon has their own version
and they also just bought Ring.
Just walk me through the specs of what this can do
and what the competition can do.
- Yeah, we're basically on par
with the other smart home cameras that are out there.
It's a 1080p camera,
very fast connection when you pull it up into the app,
we have the ability to add an SD card
which a lot of cameras don't
and that way you can do continuous recording locally
on the hardware and be able to access that through the app.
A lot of our competitors charge for the cloud storage,
we don't, we offer free cloud storage for 14 days.
So spec by spec, we're basically on par
with our competitors.
And for us, what we really think about
is not trying to make money on any individual product
but getting as many products out there
because we really believe
that this technology can help people
and we want to get it in as many hands as possible.
The idea here is you guys can go to suppliers out in Asia
and say, "This is what we want"
and they can kind of whip it together.
Talk about that process.
- Sure, so for this particular product,
we have a very strong relationship
with our manufacturer in China.
We're not just looking for suppliers,
we're looking for partners
that believe in our mission
of creating quality products at affordable prices.
We're looking for partners
that are already producing at scale,
so have expertise on the supply chain side.
So we can leverage their economies of scale
and offer products at awesome prices to our customers.
We sold 100,000 in our initial sale
and sold out almost immediately
and have been chasing inventory since then.
We have a lot of people that bought one
not really believing
they could get a quality camera for $20
and then came back and bought more.
- And what your team does
is mostly they have the hardware side locked down
and you guys come in and create the apps
that people are using?
- Yeah, so we focus very much on the user experience.
So we create a unique app for our products
but at the same time,
we work with the manufacturer to improve the hardware.
So we just launched the version two of the Wyze cam,
we just started shipping that this week
and for that, we took feedback from our customers
of how they liked the first version
and then we worked with our manufacturer to improve
primarily internal components
to improve the image quality, the night vision
and some different aspects of the chips within the camera.
So we start with things
that may be a little more off the shelf and fine tune them
and upgraded them as we hear from our customers
on what they want.
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