Goji - Crowdfunded Wireless Smartphone Controlled Deadbolt Fails To Launch

I'm not sure if you have seen or know about the Goji Smart lock that was being crowdfunded via multiple separate crowdfunding sites in the last couple of years, but a report out a couple of days ago indicates that this particular product has failed to launch.

The Smart Lock market has been evolving for a number of years now and according to sources, is expected to rise from the current fledgling $8 Billion market to $120 Billion by 2025.

There are a number of entrants that have evolved in recent years and we have written about a few of them. Products like the August Smartlock, the Lockitron and others. We have found that many of these "new breed" of stand alone wireless smart locks are being developed by entrepeneurs who lack industry knowledge, experience and longevity.

The large industry players like Assa-Abloy, Yale, Schlage, Kwikset, Master and others who have been in the security product manufacturing industry for a great many years, are also firmly entrenched in the Smart Lock market. But the difference between these industry stalwarts and the current breed of new entrepeneurs has much to do with their successes developed over many years of R&D, interaction with their customers and tried and proven manufacturing practises that continue to produce the high-quality requested by the consumer driven market.

Goji, obviously was seen to have merit and raised about $800,000.00 through multiple crowdfunding sites including Indiegogo and Fundable.

This news is not surprising really. there are many entrants to the smart lock market that appear to not have done their due diligence and market feasibility studies prior to launch. Goji had developed a promising looking product that operated with Android and iOS operating systems, but I suggest that the actual integration of these sophisticated smart phone operating systems proved too much for the Goji team to master.

Goji CEO Gabriel Bestard-Ribas is quoted in a letter written earlier this week,


"Hello ,

This is the hardest email I have ever written, but I need to let you know that Goji is going out of business. In the next few days you will receive a letter from our lawyer with the formal communication about this.

We’ve had several ups and downs since we started in 2013, and have overcome many technical challenges, but the most recent hurdle is insurmountable: our software development vendor closed their company. They were months behind schedule on our project, and we had gown increasingly concerned that they were not going to be able to complete the work within an acceptable time frame and budget. We met with them to discuss the situation, and a few days later they abruptly closed the business, laying off all of their employees and bringing our product development efforts to a halt.

Now we are facing not only the large delay in delivering Goji, but also the immense challenges of replacing a team of nearly 20 engineers, bringing that new team up to speed, and actually finishing the work. This situation has been more than what our company can endure at the development, reputation, and financial fronts. Given this situation, our legal team has advised us that bankruptcy is our only option.

I want to thank you for all your help, support, and patience while we worked to bring Goji to market. You were a part of our dream to build Goji, and now it has to come to an end due to this unfortunate situation.

All I can say is that we fought with all our heart until the last minute. We are so thankful that you have stood with us, and we are deeply sorry for this final outcome.

Please expect another correspondence from our bankruptcy attorney"

(source...)