Setting high benchmarks – in IoT
From robots and drones to wearables and self-driving cars, technology advancements have been swift and staggering. To capitalise on this opportunity and to exploit the potential of these expansive technologies, Mohammed Rashid launched his business venture Tayar.
With corporate giants such as Honeywell and Hitachi leading the way, the IoT space is growing exponentially. Ardent entrepreneur Mohammed Rashid was quick to notice the heightened demand within the market and launched his start-up Tayar.
Tayar is an Internet of Things (IoT) based smart building system that allows the user to control and monitor any electrical device with a single add-on. In simple terms, it tracks user patterns, analyses them and then suggests the best ways for them to save energy. It also securely stores energy usage data and helps users track trends and consumption patterns.
The product leverages IoT communication protocols, data analytics and machine learning to control, monitor and save electricity. Smart, huh? And, there’s more. His technology can adapt to whatever devices you have in your building. There is a mobile application that acts as a remote control for all home appliances – allowing the user to switch devices on and off from anywhere in the world.
“As more people start to understand and embrace IoT, its implementation is gaining traction. There is such a massive opportunity available within this space; you just can’t ignore it. Our concept is the perfect marriage of technology, business and sustainability. We are not only giving users something to make their lives more comfortable, but something that will help make an impact in the long-term,” explains Mohammed.
Connected capabilities and concerns
Tayar’s technology is currently still in the testing phase. However, it’s already getting the attention of real-estate owners, construction companies and smart home installation companies. “We have pitched our idea to several stakeholders and the feedback has been fantastic. In fact, we have implemented our system in an entire Sharjah Police building as well as a few homes for testing.”
The testing phase has been phenomenal in giving Mohammed new insights about his business. He’s discovered some roadblocks and is finding ways to solve them. “One of the biggest factor affecting our business is shipping of components. We rely on other manufacturers for sensors and actuators. Depending on one supplier puts us in a disadvantageous position since we depend on them fully. Any change from their side will have negative effect on our operations and supply chain,” he says.
So, what is he doing to combat this?
We have a strategic plan set in place to find other providers willing to manufacture the products, which will give us a better stand and help in reducing the price. The cost will decrease considerably which in turn will increase our mark-up percentage. This will give us the space for further R&D investment and expansions.
Given the nature of his business, Mohammed knows he needs to continually improve his offer and better the process. “We can’t be complacent. We operate in a competitive market and research and development is the core of our business. Innovation is what drives us, we have a team dedicated for R&D. We try and reduce the installation time and ease the process of installation. We also developed an application for the installation and operations team to reduce the time spent to track our operations and increase sales growth. We are now looking at other areas of improvement – the product manufacturing and operations segments within the business can be made more efficient,” he remarks.
Made in the UAE
Tayar’s technology is definitely cutting-edge and it is remarkable to see a business of this calibre come out of the UAE. Mohammed weighs the pros and cons of operating in this fast-growing region: “On one hand, the multi-cultural environment in Middle East helps us understand the problem-solution fit from different views. This is great for brainstorming ideas – it adds new dimensions to everything we do. On the other hand, we do face challenges in terms of lack of resources and a business network – probably due to the niche field we operate in.”
But what Mohammed really admires about working within the UAE is the country’s vision for sustainability. The leadership’s objectives are aligned with his vision for the future. “In the UAE, both sustainability and technology come hand in hand. Tayar is the perfect fit solution that provides technology to help with the energy sustainability vision,” smiles.
Building a future-proof business
With things moving in a positive direction, Mohammed is charting his plan for the next level of growth. “We have programs developed in-house that allow us to track our progress and find areas where we can improve. Our company’s vision is to create a sustainable future for coming generations. With Tayar, we are planning to save electricity by providing means to save electricity where possible using data analytics and machine learning. With our Research and Development (R&D) product, WaveX, we plan to incentivise people to invest in renewable energy by allowing them to trade electricity for money. WaveX is built on top Internet of Things, Smart Grid and Blockchain technologies. We have a working prototype and are working on making it commercially viable. Once WaveX is mature, it will be incorporated into Tayar to make it an all-in-one to solution to make every house eco-friendly.”
To say that Tayar is a company built for the future is an understatement. It is in Tayar’s DNA to ascertain innovative solutions that enable people to carry out daily tasks faster, improve processes and still be sustainable. And, this is something that Mohammed hopes to achieve in markets outside the UAE as well. “Our plan is to start with the UAE. Once, we hit our target in the region we are planning to expand to MENA region first and then globally,” he envisions.
Mohammed’s closing statement is as powerful as his business concept: “The sustainability track is a growing field these days. The Internet of Things technology can be used to solve a lot of problems we face today and be more sustainable in our everyday activities. So, what is stopping us?”