E Spirit

Interview with Szabolcs Erki, 29 years old tech-entrepreneur, co-founder of Remagine Technologies, alumnus of EEF’s accelerator program

Szabolcs, how came the idea for Remagine Technologies?

An idea for a business was on my mind during university years, I was curious about intelligent building systems, but my professors had not much to say. So I decided to work for a professional journal called Áram és Technológia, thus getting in touch with companies using cutting edge technology.

Later, I started to work for a mobile technology company, then I joined T-Systems where I could acquire project management skills, too. I started toying with an idea about a smart socket that can save energy for households. I began going to startup meetups like Open Café Club  - which was a very novel thing in 2009 here – and met Zoli Piroska, Californian serial entrepreneur who encouraged and mentored me to develop a business.

So I decided to quit from T-Systems and build a team of four to realise my dream. We proceeded pretty well, I got admitted to EEF’s Accelerator course in spring 2010 and developed the first prototype later that year. In spring 2011 we started to win pitch competitions like Elevator Pitch Competition organised by Colabs and on other tech shows too. Inspite of all the success, we had to realise that the target customers were not ready to buy the product…

So what did you do then?

The pivot point came in the summer 2011, when we realised that our first business plan had failed. It led to a crisis both personally and professionally, but it was the biggest mistake to stop. We thought it is all over! But than, we regained confidence in our dream and the team. We persevered and improved the plan, which has been shown to be viable. Our target markets love the products and the service behind, we signed contracts with the first customers already. In two months we will begin the first test programs which could led to big product installation bases in customers. Also, we found the first investors and business partners, Márton Peresztegi and Gábor Galántai whom I met at the EEF’s accelerator course.

How different is the improved plan?

The initial product was a “smart socket” which detected electrical devices and switched them off if in standby mode. It simply did not save that much energy, so customers did not buy it. Our new device is a diagnostic tool, analysing electrical consumers and characterises them by their current pattern. So it can detect operational failures in advance and analyse consumers’ behaviour. While the first product was a B2C business, the second one is a B2B offered for industrial clients and commercial building owners. By using the diagnostic devices and the analytical background service, customers can reduce electricity costs, stabilise production processes, increase building management safety and we even provide detailed equipment utilization statistics in production facilities.

What is next?

We think the market will be ready for an energy efficiency product in 2 years. Now the focus is on the diagnostic solutions. We are about to go to the market with our first ready-made product within two months, while our prospective customers are excited, impatiently waiting for the new device!