Both companies announced the launch of seven new products on Tuesday created by Quirky inventors to help consumers become more connected to their homes. Quirky receives invention ideas from its robust community of over 1 million aspiring inventors and holds weekly meetings to select what products move forward in its manufacturing process, which uses 3D printing, among other technologies.
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"The fact that the Internet of things is coming more widely, we felt it was important that we keep our touchstone in the consumer space," says Beth Comstock, General Electric's chief marketing officer. "We thought it was a great platform to do a partnership, where Quirky would take the lead in their innovation and access to market, partnered with our deep technology roots."
The new products include a smart water sensor to track your home's moisture levels and a smart outlet that helps demystify energy bills. Perhaps most eye catchingly, was its product called Norm, which Quirky says is the death of the thermostat, and uses sensors to keep a home's temperature at an optimal level.
Quirky is bullish on the future of the smart home space. "One of the categories that has the most invention opportunity is the home," says Ben Kaufman, the twenty-five year old CEO of Quirky. "It's about taking these things that most people aren't touching and rethinking them from the ground up."
The products are operated via smartphone, specifically through the Wink app, which allows users to control various functions of their home, from the lights to the sprinkler system to the thermostats. The new iteration of the app launched just over 100 days ago and already boasts over 100,000 users.
"Instead of three separate apps for your home, you can now bring those into one user experience," says Brett Worthington, VP & general manager of Wink.
Quirky didn't make revenue forecasts on the suite of new products available for TheStreet, but they'll be sold on Wink.com, and at retail partners such as Home Depot (HD) , Amazon (AMZN) and Target (TGT) .
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At the time of publication, the author held no positions in any of the stocks mentioned.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, growth in earnings per share, increase in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
You can view the full analysis from the report here: GE Ratings Report