VOXX’s ‘Organic Growth’ Road Map
Dealerscope: At CES, you said that VOXX in 2014 would pursue a strategy of “organic growth in directions that will create new channels and expand our footprint.” How has that strategy been developing? Also, you made two very big announcements there. One related to VOXX entering a very different arena for the company, with the iris authentication technology embodied in myris. The other was about your getting into the high-tech panoramic video camera area, with the 360 Fly and the 360 MicroFly. How far along are you in commercializing those products – and what sorts of additional sales channels will their availability enable you to enter?
Tom Malone: The key elements of that new strategy are built around the two new core products we introduced at CES: myris, the biometrics product, and the 360Fly and 360 MicroFly cameras. Both take us into very unique spaces – one is biometrics, which is going to expand our footprint into many customers who support computer sales and peripherals, putting us deeper in that space. It will also open up the enterprise market, as this is a true business-to-business solution; we can supply this product to stores with 10 computers up to 10,000. That whole biometric space is going to be very strong going forward, and we think our solution and the timing of it, what with all the talk lately about huge breaches in security information, accentuates that, and emphasizes why it’s so important. We think it’s a very timely product that launches us into a unique base of organic growth and new channels.
The main 360 product and MicroFly bring us right into the sports and action camera space. But we believe it will be even broader, in that our solutions are not only sports and action; they are truly broad use, and apply to every type of moment you would want to capture in full detail and in 360 surround. It’s imaging that’s fully interactive.
Those two pillars of our new strategy bring us into new channels and new categories consistent with what we said at CES. We are moving forward aggressively with the launch of both, in late summer.
Myris is a great consumer solution; you never have to worry about your passwords and you get great security – one in 2.25 trillion false positives, which is vastly improved over fingerprint, at one in 50,000. The product solution is phenomenal, plus it’s easy to use – no more sticky notes with passwords scribbled all over them. On the business side, however, when you think of banks and medical and legal applications, they are looking for solutions that help them protect their own information and consumers’ information that they have custody of. The businesses we’ve talked to are extremely interested in this solution. The customer base in retail is more limited. We know who we can sell to, and what markets they’re in. However, on the enterprise side, where we’ve never really had a product solution that could bring us so strongly into that space, myris now opens up every business in the country. And what we really love about both these solutions is that they are both worldwide. With myris and the two 360 products, there are no markets where we will not be able to sell. Not just for my group but for the corporate VOXX International, it opens up tremendous opportunity.