A letter from the founders, what to expect in 2024

Hello everyone, here is a letter from the founders about what to expect in 2024!

Dear Friends,

We’re spending the first few days in a new office space here in Seattle as we count down the last few days of 2023. Big life changes like this are a great time to sit down and reflect on where we are and where we’re going, so please allow us to imagine you sitting with us in this unfamiliar conference room to do just that.

First, we want to express our appreciation for you as a Wyze user. THANK YOU for trusting us and for allowing us to to continue on our mission to make great technology accessible to everyone. It’s been six years, and we’ve made incredible progress! There are more than 10M people in our Wyze family now, which is truly hard to believe. It’s been the journey of a lifetime despite all the challenges of building high-quality hardware and software at scale, but we still have so much energy and passion to continue building this movement with all of you.

At this time last year, we told you 2023 would be “The Year of the Camera.” Over the last 12 months, our small team launched five new cameras and released 89 app and firmware updates for cameras that fixed bugs, improved reliability, and added cool new features. We also added new ways to listen to and implement feedback from users. Of course, there’s always more work to be done, but the Wyze team put in so much hard work this year, and we’re proud of the results we delivered.

If we were to pick a theme for 2024, it’s tempting to call it “Year of the Camera v2.” We have some unique cameras coming next year that we’re excited to show you! But new cameras alone aren’t enough to satisfy our 2024 ambitions.

Since the beginning, Wyze has mostly innovated on supply chain and driving down prices of products that were already in the market. Low prices have been and always will be a core feature at Wyze. But next year, more than anything, we want to invent new products that don’t yet exist.

In 2024, we will focus harder than ever on building camera AI 2.0. AI that adds significant value, ease, and automation to your life. It’s hard to make specific promises about our ability to deliver new product experiences that still need to be invented. Still, we’ve made great progress and are excited to get your feedback. With your input, we will make rapid iterations to our models and together we will democratize AI applications in the smart home.

We’ll share one more monumental goal for 2024. Over the last six years Wyze has seen unbelievable growth, but that growth consumed a lot of cash from investors and bankers. In 2023, we became more efficient and reduced our cash burn significantly. In 2024, we believe we can officially break even and be fully cash flow positive for the first time ever. Instead of taking new money from investors, we can invest cash from operations back into the company to continue to fuel growth and improve user experience.

What will that mean for you as a Wyze user? Being cash flow positive means freedom. It allows us to grow and operate the business the way we want to without additional influence from outsiders. It allows us to be more aggressive in pricing decisions and fun with our marketing. It allows us to explore more unique products like we used to in the early days. Being a sustainable company will enable us to operate in ways we never have been able to before, and we can’t wait to see how that freedom feels. It’s been a challenging transition, but we’re so grateful you’ve stuck with us through it all. We’re almost there!

We love you Wyze users, thank you for everything.

Happy New Year!

Wyze Founders,

Yun Zhang
Dave Crosby
Dongsheng Song

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I love this letter!

Anyone have any ideas of what “Unique” things could be done?

THANK YOU! :tada: I mean, I love cameras…but already I have 40+ cameras…and there is only so much you can do with a camera by itself…

The following is the most exciting thing to me:

YES! I love this new Blue Ocean Strategy outlook! Wyze has done a really great job with their “Red Ocean Strategy” (taking something that already exists and doing it better in some way to disrupt and gain market share, including better prices, new features, etc…they call it red ocean, because that market is already full of tons of sharks all fighting over a tiny share of the same market)…a really great job IMO…to the point where other competitors have come out to copy them or try to make “Wyze Killers” and Wyze has definitely driven the market in positive directions that everyone has benefited from…they take things that exist and go in and disrupt the market with better supply chain and low profit margins to make everything really affordable and then add a ton more extra customizations with their own firmware, sometimes new features, etc. I have always loved this about Wyze. I have always known that I can buy basically anything from Wyze and know I’m not getting ripped off with huge profit margins. Wyze has starting doing a ton more R&D in the last 1-2 years making more unique stuff lately that isn’t just ODM, but fairly unique product design partnerships, but even that has still mostly been red ocean markets. I love hearing in this that Wyze is branching out to dabble in some BLUE OCEAN STRATEGY (completely new things and new markets without other competing sharks right away because they will have new unique options that others don’t [yet]). That is really exciting and something I have been hoping Wyze would mature into, and it sounds like they are getting there now! This new Blue Ocean Era for Wyze could be awesome! It also stands to give them a HUGE edge for growth! I’ve been wanting to encourage them to look more into Blue Ocean Strategies, and it looks like they’re going to start doing this! Very exciting new Era for Wyze!

It’s hard to guess at what kinds of things they are considering, though since they said they are looking to do a lot with AI, maybe some new stuff with AI? That could be anything. The only item they’ve hinted about recently is the “Chore Robot”:

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That is years away, but still cool! I wonder what might come up sooner.

I am excited they mentioned that they will be improving “automation” with AI, because there is only so much you can do with a camera recording or detection if you can’t have it help with advanced automations. So, I am pleased to hear that they will be working to improve this.

This is interesting wording. I would like to tell Wyze that if they truly want to “democratize” their platform a lot better, they could publish an official documentation with a public API and let the “community” of developers create a TON of vast and useful stuff for them…for FREE…decided by their fans who put in time and effort to build useful stuff…just saying…I can’t resist throwing out this reminder about “democratizing” applications in the smart home. :slight_smile:

I do like this. I would definitely much prefer that Wyze starts to pump their OWN money back into the company to fuel growth and UX instead of seeking out investors and bank loans. I am glad this is on the right longterm sustainable path.

I am excited about the hints toward making new things that don’t even exist in the market yet. :heart_eyes: And what you have in store for AI 2.0 and improved automations.

This is a great vision! At the end of next year I’ll probably be asking you in an AMA how you think it went with all of this :joy:

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heres hoping!

maybe I need to make a trip out to HQ and ask in person lol

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Can we make it a Robotic AI Shark [with laser beams] so that it doesn’t have eat and :poop: in my swimming pool? You know, in honor of a “BLUE” ocean/pool strategy? Bonus if it doubles as a pool vacuum and skimmer. that can recharge on it’s own.

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You’ve now warped my entire perspective on the universe. robo shark ( cop) meets Austin Powers meets Mrs Doubtfire, there’s so many combinations there. And I really really really like it :slight_smile:

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I don’t believe a think in their letter! They’ve promised to fix customer service yet it’s still a pain and their reps don’t know the products. They promised to fix the AI yet all they keep doing is add more features that also don’t work. They promised to have replacement parts, like filters in stock, yet they’re constantly out of stock. It just gets old

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Happy New Year!! :tada:All the best for an awesome Wyze year for everyone.

Looking forward to what’s new in 2024! :nerd_face:

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I hope you guys figure out the RTSP feature. I would pay $5 monthly per cam for a simple solution to live stream my 2x Wyze v2 cameras to an external website. I am launching one for 3d printing soon and I would like for visitors to be able to see what I’m currently printing.

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excellent insights! Looking forward to it.

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2 posts were split to a new topic: V3 camera base broken

Clearly, by saying this Wyze aims to spark the imagination of its fans and employees. If sincere, and I expect it is, it is bold.

Happy New Year, Wyze, and good luck. :slight_smile:

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Bold :rofl:

May I present the Wyze Bidet with a Wyze Cam for targeting the zone :rofl: :upside_down_face: :rofl:

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Your skepticism only stokes the :fire: in their belly.

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Hey, the AI may be able to give you some good health recommendations based on it’s analysis of the color, viscosity, and your habits. :man_shrugging: But…I would prefer that to be more of a “Local” AI thing that guarantees not to tell my insurance provider without my consent… :joy:

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The Wyze Crapper with Intelliscat AI ™

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How about fixing your buggy software app so that I can resume using the dozen Wyze plugs I purchased in 2021?

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Bravo j’adore et vous souhaites longue vie

Mod Translation: Bravo I love it and wish you a long life

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:laughing: :+1:

You should do a mock-up video

image

Proof of concept from little poot!

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oh wow.

they could incorporate the scale into it so you know how much was lost.

I can see the ad beginning now…well, here in Seattle, things have finally gone down the drain…

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