It has been just over a month since we received the 2020 Global Innovation Award (GIA) for Technology/Educational Service of the Year. The annual award ceremony, hosted by the National Home Builders Association (NAHB) recognizes the most cutting-edge, advanced, and original products, services, and homes from around the world.
Of course, we were thrilled and honoured to accept this award (and we took some time to virtually celebrate as a team), but what has it really done for Swidget?
1. Industry Validation
Given that NAHB has such a large influence on the building industry (Its members build around 80% of new construction in the US), receiving an award from them further validates our product offering and shows that we are in the right market. Being recognized by our peers is not only satisfying but it is also a down payment on our future efforts – we can’t think of better encouragement to do better.
2. Team Morale
2020 was a trying year for all of us. Covid-19 has taught us some hard, but important lessons in productivity and collaboration as most of our team worked remotely. In 2020, we developed and launched some of our most sought-after products such as the 20Amp Outlet, Air Quality and Temperature/Humidity/Motion Sensor Inserts. Winning the GIA award gives us the recognition and motivation to continue to be “best in class” for multiple consecutive years.
3. Increased Visibility
Although, it has only been a few weeks since receiving the award, we’ve seen a significant increase in web/social traffic, as well as new customer and partnership inquiries. We hope to see this upward trend continue as word spreads about our unique technology. A joint study between Georgia Tech and the University of Western Ontario tracked 600 recipients of quality awards over a five-year period and found that they experienced 37% higher growth in sales, a 44% higher stock price return and a 48% growth in operating income over a control group of similar companies that did not receive rewards.
4. Attracting Talent
For many job seekers, a young company wouldn’t be their first choice, but being an award-winning company validates our hiring stature among new recruits. As we grow, we want to attract the best talent from across the globe and pitching ourselves as an NAHB endorsed company, cements our position as a leader and long-term player in the industry.
5. Investment Opportunities
When dealing with the investment community, it is reassuring to have 3rd party validation. We have received incredibly positive comments from our current investors while sparking interest from potential investors as well – a great sign of things to come.
All in all, 2020 was an incredible year of growth for us. Winning the GIA award has put more wind in our sails and now that we have a full suite of industry-changing products, along with a best-in-class mobile app, we feel that 2021 will be Swidget’s breakout year. We look forward to attending the GIA awards ceremony in person next year to defend our title.
To check out our Award-winning suite of products, visit our online store.
To learn more about Swidget, schedule a virtual demonstration with our product experts today.