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What (the heck) is the Internet of Things?

What-the-heck-is-the-Internet-of-Things

You’ve likely heard quite a bit of the ‘Internet of Things’ or ‘IoT’, but what does it mean? Eddy Home’s Vice President of Technology, Joe Deu-Ngoc explains the Internet of Things in plain language.
(The) Internet of Things (IoT) is a concept whereby everyday things are connected to the Internet. (That is not, at all, a useful definition).
Early Adoption: Eddy Home Inc – Eddy IQ

What does that really mean and why do we care?

IoT is about information. Consider household things like refrigerators, thermostats, and Eddy IQs; These things provide meaningful information about the people who use them, their environment, their tastes, their habits, their lifestyle, and much more.
Think about your thermostat. What information are you providing by simply setting a temperature?

  • Directly, this is an indication of a temperature that is most comfortable to you which can be used to heat or cool your home to your liking. However, there are many bits of information that can be inferred.
  • The rate at which your home is heated or cooled is indicative of the efficiency of your HVAC system. Once the correct temperature is reached, the system would turn off.
  • Eventually, that temperature would move from away from where you like it and the HVAC system would turn back on. Hmmm… More information. How soon until the HVAC system turns back on – along with other information like the outside temperature – may be an indicator of how well insulated your home is.

Would any of that information be valuable to a company with a background in Home Services? Equipment manufacturers? Home builders? Government regulatory agencies?
Now, think about your refrigerator.

  • Do the types of foods that you like matter? (Could this affect your choice of restaurants or entertainment?)
  • Does the rate at which you consume certain food items matter? (Tying to current events: would the knowledge of dairy consumption help with the dairy supply management?) Why do you have to remember to buy milk? Why doesn’t it just arrive at your house just before you run out?

Think about the water appliances that you use.

  • Does the time that you spend in the shower/in the bath/on the toilet matter?
  • Do the number of times you use appliances matter?
  • What products could be offered to help you with your morning routine?

But why only consider one thing at a time? Why not combine the information from multiple things?

  • How could the travel industry use the fact that a person always has their home set to 25° C year-round and loves certain foods?
  • What applications are there in the health and pharmaceutical industry when a large population goes to the bathroom more than five times a night and has a similar diet?

At this stage, IoT is about getting the information. There are many complex problems yet to solve to even achieve that. At some point, we’ll get to doing something with that information. There will be many more problems to solve then and things will really start to get interesting.
Founded in 2014, Eddy Home is an industry leader in leak protection and water visibility solutions. Our suite of smart products offer a comprehensive water management system for homeowners that protects, controls, and conserves. Our products have saved thousands of customers millions of litres of water by continuously monitoring water usage in their home, and if something unusual is detected, alerting them to the issue. For more details, visit our website or contact our customer service team at 1.877.388.3339.

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Paul Pathak​

Director

Paul Pathak is a partner of Chitiz Pathak LLP. Paul practices principally in the areas of corporate, securities, corporate finance, mergers and acquisitions and commercial law. He represents and provides sophisticated guidance to private and public corporate clients in a broad range of industries, including mining, technology, manufacturing, venture capital and merchant banking.

George Krieser​

Director

George Krieser founded Total Credit Recovery Limited (“TCR”) in 1980 and is the President and Chief Executive Officer. TCR is the largest 100% Canadian-owned and operated collection agency, solely collecting Canadian debt. George previously served as a Director of Universal Energy. He also served as a member of the board of directors of Baycrest Foundation and as a member of the fundraising committee for UJA Federation of Greater Toronto.
Gary Goodman​
Director
Gary Goodman is a Trustee and Chair of the Audit & Risk committee of Boardwalk Real Estate Investment Trust., a former Chairman of Huntingdon Capital Corp., trustee of Gazit America & Brightpath Early Learning, and is a member of the advisory boards of the Vision Funds. Gary was previously Executive Vice President of Reichmann International where he served as a senior financial executive and trusted advisor for over 30 years.

Chris Gower

Director

Chris Gower started his career in construction on the tools – framing houses, where he grew a deep appreciation for the trades. Prior to his current role as Chief Operating Officer, Buildings at PCL Construction (“PCL”), Chris held positions including construction risk manager, senior project manager, district manager and regional vice president. Throughout his more than 25 years at PCL, he has delivered iconic construction projects across Canada, Australia and the United States.

June Thomson

EVP, Sales, Marketing
& Business Development

June joined the Eddy team coming from Enercare after 10+ years in various roles, most recently as Vice President of the North American Builder Division. June has been in the HVAC industry for over 41 years, holding several roles throughout her career from Technician to Provincial Offences Officer.

Saj Khan

COO & President

Sajid Khan helped launch Eddy Solutions and has been in the role of Chief Operating Officer since inception. With more than 20 years of leadership and operational experience in the home services sector, Saj has held roles such as COO of Eco Energy Service, Vice President of Operations at both National Home Services and Universal Energy.

Boris Baril

CFO

With more than 25 years of financial experience, Boris has held both public and private company CFO roles; supported two (TSX listed) initial public offerings (IPOs), debt and equity capital raises, and M&A transactions. Boris graduated from York University and is a CPA, CA.

Mark Silver

CEO & Chairman

Mark L. Silver is President of Optus Capital Corporation. Mr. Silver has made significant real estate investments in both development stage and income producing properties in the residential, commercial and industrial sectors over his 35 year business career. Over the last 22 years, these investments have been made through his company, Optus Capital Corporation. Mr. Silver was a founding partner and Chief Executive Officer of Universal Energy which was sold in 2009 to Just Energy Group Inc. He co-founded Direct Energy Marketing and grew the company to over $1.3 billion in revenues before selling to Centrica PLC (also known as British Gas) in 2000.