Yasser Khattak, a former pupil of Maidstone Grammar School for Boys, launches crowdfunding bid for his recreation of plug sockets and light switches
Published: 08:30, 03 April 2015
A teenage entrepreneur who has reinvented the light switch and plug socket has started what he hopes is the final stage of crowdfunding.
Yasser Khattak, who used to attend Maidstone Grammar School for Boys in Barton Road, is seeking to raise £100,000 from online crowdfunding site Seedrs.
The 19-year-old will use that to fund a product he has designed called Den, which is essentially a plug socket and light switch that can be connected to a smart phone app or remote control.
He has also started developing a system that will allow the switches to flick themselves off when they detect something has been left on stand-by.
Last year he began a crowdfunding attempt on the same website to help him raise £300,000.
It fell short and attracted £130,000 which he was not able to keep but since then Den has raised £100,000 from other investors.
British Gas and Berkeley Homes have also approached Mr Khattak to speak with him about his idea, which he predicts could save the UK economy £1.7 billion in wasted energy costs.
The business itself was set up a little over a year ago and started with Mr Khattak developing the product in his own apartment before taking it to professional engineers.
He hopes it will eventually replace all standard plugs and light switches and that developers will fit them in new homes by default.
Anyone can invest £10 and above to hold a stake in the company. Should the business fail they will not be liable to pay more.
Once all the money has been raised the website will form a legal agreement with the business to make sure they have been diligent. Should an agreement not be made the money will be returned to investors.
For more information on the business click here.
For more information on how to make an investment click here.
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James Walker