Bringing customised IoT solutions to the industry masses
For many companies, designing an Internet of Things (IoT) solution from scratch can be a time-consuming process, but an off-the-shelf solution is often too pricey. Lynxemi’s plug-and-play modular platform strikes a balance between the two. Its Chief Executive Officer, Paymon Rasekhy, discusses the importance of open innovation.
1. What is Lynxemi all about?
Lynxemi is an IoT hardware design and manufacturing company focusing on the industrial market. We partner software analytics and system integrator companies to create custom hardware solutions for our partners at a very low, even near zero, development cost. This will help our partners push their products out to the market faster, while differentiating themselves from their competitors. We also offer our customers services under the HaaS (hardware as a service) leasing model.
2. What are some challenges that Lynxemi faces as a company?
We often encounter customers who are not sure what they want exactly. Many organisations want to add IoT to their buildings and factories, but they don't know where to start. As such, it could sometimes be difficult to get things going.
Also, IoT works by helping users reduce cost by increasing system efficiency, improving customer experience and satisfaction, and preventing breakdowns in production lines. The benefits of IoT are both tangible and intangible. This is where IoT differs from other business expenses, where Return on Investment (ROI) targets are set based on direct revenue generated from capital investments.
3. Why is it important for companies to embrace a mindset of collaboration and open innovation? How does Lynxemi foster a culture of open innovation?
This is the age of collaboration – the age of competition has long past. In order to survive, we need to collaborate to be relevant. One benefit of collaboration is that companies are able to stay lean while maximising profitability. This is achieved by focusing on core strengths and eliminating peripheral and non-core jobs by engaging others who are better at them.
Other benefits include companies getting their products out to the market faster, and reducing developmental costs as the cost is shared between them and their collaborators. Collaboration also allows all partners to learn from the shared experience.
4. Could you share more about Lynxemi’s participation and experience in TechInnovation? What are the benefits of participating in TechInnovation?
TechInnovation is an excellent platform for Lynxemi to share its plug-and-play modular IoT platform and services with the wider world. TechInnovation always impresses me with its forward-thinking attitude towards bringing benefits to their participants.
One such example is the technology matching activity that I first learned of when taking part at TechInnovation. IPI takes effort to facilitate partnerships between exhibitors and potential collaborators. The management and staff of TechInnovation truly put the interest of their partners ahead of their own.
5. How do you see IPI’s role in helping Lynxemi grow as a company?
Lynxemi participates in various exhibitions, but TechInnovation is the one that has provided valuable insights, and connected us with potential customers. TechInnovation is set up in a way that encourages dynamic interaction between technology seekers and providers. For instance, it added food tech to the event last year. This allowed the electronics industry to become acquainted with the food tech sector. Such cross-industry relationships are precious opportunities that are hard to come by.
