Smart Building Technology: Proprietary vs. Non-Proprietary

I have spent my entire career in the Real Estate industry, with the first 13 years being focused on the residential sector. In 2016, I was introduced to Commercial Real Estate when I was offered the role President of the Northeast for one of the nation's largest and most established Smart Building Technology companies. Stepping into this completely new arena, focusing on Office and Multifamily, my knowledge of the sector was nonexistent. Eager to learn, I spent my early days absorbing information from industry experts and literally anyone who would speak with me. One of the earliest surprises that I came across centered around the word “Proprietary”. I had always thought that proprietary was a positive word. Software companies are always touting their proprietary software and algorithms as a huge differentiator; signifying unique advantages that only they possessed. I was confused. How could proprietary be a bad thing? Wouldn't a lack of it imply the commoditization of that technology solution? Yet, as I engaged with various customers and prospects, "proprietary" kept rearing its head. Gradually, I grasped the crucial distinction between proprietary software and hardware.To make ma...