Inseparable Keys: Phase II

1. Inseparable Keys: Phase II High-Tech Product Innovation (45-827) James Duan, Eric Lin, Ray Loo, Minh Vuong April 8, 2008

2. Refined Opportunity Statement Inseparable Keys fills an opportunity to create keys that cannot be easily lost, stolen, forgotten, or otherwise separated from their rightful owners. The solution shall be secure, reliable, and easier to use than traditional keys. Furthermore, an Inseparable Key can replace several separate keys that serve different purposes, reducing key clutter and improving carrying comfort.

3. Key Stakeholders • Anyone who use keys in apartments, homes, etc. • Homeowners • Apartment landlords and building managers • Honeywell Security Group • Subdivision and housing development managers • Honeywell partners who license the solution • Home security providers, e.g. Brinks, ADT, etc. • Residential insurance companies • Home improvement stores, e.g. Lowes, Home Depot, etc. • Temporary access users, e.g. housekeepers and other service employees • Locksmiths • Contractors

4. Meet Jack, a Middle-aged Homeowner Jack is a happily married father of three teenage children. At home, he has a repository where all of the family’s keys are kept. This includes keys for the house doors, three family cars, garage door, mailbox, and numerous other contraptions. If a key is lost, there is a backup set reserved for replacement or emergency purposes only. Jack often has to ask who has taken a certain key or set of keys, which can get scattered and lost easily. Leaving the house usually starts with an adventure of trying to locate and collect all of the right keys, an activity he likens to his youngest child’s favorite game, Pokemon. He feels that there are too many keys and even though he has duplicated countless keys and has set up a key management system, it can still be a hassle. Jack would like a way to consolidate all keys and make his family’s daily rituals of leaving quicker and worry-free. Top Priorities: Security and Confidence

5. Say Hello to Kevin, a Limited-Income Renter Kevin is a single guy in his early 20s. He is in his first year of graduate school and working toward a PhD. He currently shares a rented apartment with two other students. He does not have much money, so low-cost is very important to him. Kevin has a very practical attitude toward his keys and locks. He wants his locks to be secure, reliable, and easy to use. In his opinion, one situation in which current keys and locks do not perform well is when he is carryinggroceries. He also wishes he could easily give access to overnight guests. He is not concerned about making a lifestyle statement or proving that his keys and locks are cool. He is willing to pay a little more for more secure and easier to use keys and locks, but not a whole lot more. Top Priorities: Low-cost & Convenience

6. This is Kim, an Apartment Manager Kim is 30 years old and lease manager of a large complex of luxury apartments. She’s been manager for almost a year now, but she’s still learning how to keep her work life organized. She is frequently showing prospective clients newly renovated apartments, and she likes to impress them with the new kitchen appliances, built-in laundry facilities, and state of the art security system. She loves her job, but she has frequently found herself working overtime because of all the routine tasks that she has to do. One goal she wants to accomplish is to consolidate and track the hundreds of keys of the apartments that she manages. Currently, all of the keys are in a metal lockbox that is not easily secured. After a long day of meeting clients, Kim likes to enjoy dinner and drinks with her coworkers. She also enjoys the ABC’s Lost. Top Priorities: Security & Ease of Use

7. Results from Our Interviews • “Hard to find in a big bag” • “Doors are hard to get open: lock gets stuck at times” • “Would rather have master key to access everything” • “I like key cards at work” • “Not concerned about coolness” • “Would pay more for extra security and ease of use, but there is a limit” • “No other alternative” • “Locksmiths are expensive” • “Heavy for many keys (requires handbag), uncomfortable to carry” • “Needs to be easy to see with poor vision” Recurring Themes: Convenient, Reliable, & Low-cost Security Solution

8. Value Opportunity Analysis • Customizable solution with easy reprogramming that anyone can use • Added security through possible redundancy • More confidence through intelligent key system that cannot be lost or misplaced • Improved comfort though non-traditional single key solution • Innovative “obvious” solution for the masses that anyone can use • Enable customizable access to other technologies though intelligent key identification system • No wear and tear of key mechanism for long lasting solution • Building brand awareness though new industry standard

9. Key Attributes • Primary Opportunities: • Different from current alternatives by providing increased security, peace of mind, and convenience in an inexpensive solution • Compatible with future home automation products • Value-Based Product Specifications: • Impossible or very difficult to forget, lose, or be stolen • As secure or more secure than traditional keys and locks • As reliable or more reliable than current keys and locks • Easy to use, even in the dark or when hands are full • Reduces the number of keys • Not significantly more expensive than current keys and locks Honeywell can provide a trusted, integrated, end-to-end security solution

10. Our Vision Honeywell Inseparable Keys Questions?