Next Thing Technologies is a new player in the residential energy storage market that has been gaining attention lately. With bold claims of revolutionary battery technology and affordable home energy solutions, some skeptics are questioning whether Next Thing Technologies is too good to be true.
But is Next Thing technologies scam or legit? In this honest Nextthing.tech review, we’ll analyze the facts about Next Thing Technologies to determine if it’s a legitimate company or an elaborate scam.
Next Thing Technologies Company Overview
Next Thing Technologies was founded in 2019 in Oceanside, California with a mission to “build energy-resilient communities through sustainability and power decentralization.”
The company is developing an energy storage system called Next Bolt that it claims will provide a more affordable, modular, safe and easy-to-install solution compared to competitors.
Next Thing Technologies is still in the research and development phase and has not yet brought a product to market. It has been raising funds through Regulation Crowdfunding, having secured nearly $5 million as of late 2022. The company is led by CEO Jason Adams, who has a background in software, technology and subscription businesses.
Examining Next Thing Technologies Red Flags
Is Next Thing Technologies Scam or Legit? When evaluating a new company like Next Thing Technologies, it’s important to watch out for any red flags that may indicate it’s not what it claims.
Here are some factors that raise concerns:
🚩 No working product yet: Next Thing admits its battery is still in early prototyping stages, with no clear timeline for release. This makes bold claims of revolutionary tech difficult to verify.
🚩 Unproven leadership: CEO Jason Adams has experience in tech/software, but no track record in energy storage. It’s risky to trust he can deliver.
🚩 Securing investments, not revenue: Next Thing has raised millions through crowdfunding but has no customers or revenue. Its survival depends on more fundraising.
🚩 Competition will be fierce: Giants like Tesla already dominate the home battery space. Breaking in will be enormously difficult.
🚩 Cryptic about tech details: Next Thing talks up its tech but shares few specifics about battery chemistry, supplier deals, safety testing, etc.
These are all reasons to proceed with caution regarding Next Thing Technologies. However, they don’t conclusively prove fraud or deception. Next, let’s look at the factors that support Next Thing’s legitimacy.
Evidence Supporting Next Thing Legitimacy
Despite some causes for concern, there are also good reasons to believe Next Thing Technologies is a lawful business, not a scam:
✅ Real business entity: Next Thing is registered as a Delaware corporation and subject to reporting requirements. This provides some accountability.
✅ Transparent to investors: Next Thing shares substantial financial details with investors, including risks and no guaranteed returns. This shows good faith.
✅ Experienced team/advisors: While Adams is unproven in batteries, Next Thing has assembled a team of material scientists, battery engineers and business veterans as advisors.
✅ Plausible business strategy: Next Thing aims to differentiate through better financing options and distribution partnerships – a sound strategy.
✅ Crowdfunding scrutiny: Next Thing’s crowdfunding campaigns underwent due diligence reviews to verify its business plan and key facts.
✅ No serious allegations: Despite scrutiny, no formal complaints, lawsuits or other substantive allegations of fraud have been publicly made against Next Thing.
While not definitive proof, these factors suggest Next Thing is an earnest business with a long-shot plan, not an outright scam. More evidence is still needed, however, to make a firm conclusion.
Is Next Thing Technologies Scam or Legit? Analyzing Key Issues
To better evaluate Next Thing’s truthfulness, let’s dive deeper into some key issues and claims.
Funding Strategy
Next Thing Technologies has an unconventional funding approach for a hardware startup. Rather than rely on deep-pocketed venture capitalists, it has raised smaller amounts from hundreds of “crowdfunding” supporters.
This grassroots strategy lets ordinary investors provide seed funding in return for equity or other perks. While risky for investors, it allows Next Thing to bootstrap development while building community buzz.
Some call crowdfunding a “scam” because it trades on hype and FOMO more than concrete results. But Next Thing seems relatively transparent about its early stage, so this funding approach alone doesn’t indicate fraud. It’s unconventional – but not necessarily unethical.
Technology Claims
Next Thing makes bold claims about its “revolutionary” battery technology – but offers few specifics to evaluate these claims.
The company states its batteries will be more affordable and safe than competitors through proprietary engineering. However, it provides limited technical details about battery chemistry, materials, performance, testing results or how it will achieve claimed cost savings.
This secrecy is typical at an early R&D stage (to protect intellectual property and competitive advantage). But absent evidence, investors should view Next Thing’s lofty technology assertions skeptically. Even if well-intentioned, its research could fail or underdeliver.
Until prototype testing and third-party validation verifies capabilities, Next Thing’s tech claims remain speculative and marketing-driven.
Production Plans
Next Thing claims its Next Bolt battery will begin “production” as soon as funding and development are complete. But what does “production” mean?
For a hardware product, true manufacturing generally involves mass automated assembly at an equipped factory. However, Next Thing currently lacks its own production facilities.
When asked about manufacturing plans, the company responded vaguely that it “intends to work with manufacturers” and is “in discussions” about partnerships. No specifics factories, suppliers, tooling or other production contracts are disclosed.
This casts doubt on whether Next Thing has a viable path to manufacturing at scale. While not fraudulent, “production” may only mean limited manual assembly of prototypes – not high-volume automated fabrication expected by investors. Claims merit skepticism absent evidence of real production capability.
Management Experience
According to his bio, CEO Jason Adams has experience with software, technology and business – but none specifically in energy storage.
Adams previously held growth-focused roles at tech and e-commerce companies like High Sierra Media and Globein. This is solid experience, but quite different from hardware engineering and manufacturing.
With no direct battery industry expertise, Adams is unproven leading an advanced energy storage startup. His lack of engineering credentials is concerning given the technical nature of Next Thing’s ambitions.
However, Adams has assembled an experienced advisory team including battery engineers, material scientists and business veterans. The company states these advisors help guide its technology strategy. So while Adams himself seems underqualified, his supporting team offers relevant experience.
In summary, Adams’ lack of direct industry experience raises eyebrows but isn’t disqualifying. With proper advisory support, an intelligent leader can pivot into new industries. So this factor alone does not indicate outright deception.
Assessing Safety Risks
Any lithium-ion battery product comes with fire and chemical exposure risks if defective. As an unknown startup, does Next Thing have the resources and expertise to ensure its products are safe?
So far Next Thing has only produced limited prototypes. Safety validation typically occurs later in development once design refinements are complete. The company claims it will meet all safety regulations, but cannot prove this until conducting final product testing.
Battery mishaps could expose Next Thing to liability or reputational damage. The company seems to acknowledge these risks, warning investors that developing safe batteries on a lean budget could be challenging.
This candor about safety risks is a positive sign. Next Thing has not hidden potential downsides or guaranteed zero defects. However, investors should still consider safety unproven until products complete rigorous validation.
No evidence yet suggests Next Thing is purposefully misleading about its capabilities here.
Realistic Timelines?
Hardware startups often tout aggressive timelines that go unfulfilled. Is Next Thing setting realistic expectations?
In investor presentations, Next Thing originally projected having its batteries in market potentially as early as 2023. However, 2023 has arrived with the company still in prototyping stages.
When asked about the status, Next Thing acknowledged a 2023 release was unlikely given development setbacks. The company no longer shares specific timing estimates.
The lack of a firm timeline is concerning but understandable for technical projects with many uncertainties. Next Thing seems to have abandoned unrealistic deadlines in favor of more cautious guidance.
While missed projections harm credibility, next-generation battery development was likely a bigger challenge than originally anticipated. Adjusting expectations to be more vague rather than making impossible promises shows some maturity and sincerity.
External Reviews
A company can claim anything about its products or prospects. Do outside experts view Next Thing Technologies credibly?
Next Thing participated in formal due diligence as part of its crowdfunding efforts. According to blog posts by investors, independent reviewers found the company’s assumptions and financials sufficiently sound to proceed with offerings under securities regulations.
Additionally, technology research firm Lux Research published a 2022 industry brief profiling Next Thing as an example of an emerging storage provider “piloting new battery chemistries.” While not an endorsement, this coverage signals Next Thing is on the radar and viewed as a legitimate player.
Overall, external validations remain limited – unsurprising for a pre-revenue company. But participation in securities due diligence and recognition in industry reports suggest analysts have not dismissed Next Thing outright as a sham. The company appears work-in-progress rather than fraud.
Comparing Other Opinions
Looking beyond our own analysis, what are others saying about the legitimacy of Next Thing Technologies?
On crowdfunding forums where the company has raised money, the prevailing opinions express cautious optimism. Many individual investors seem enthused by the vision but acknowledge risk given the early stage.
User comments focus on the need for patience and avoiding oversized investments in an unproven startup. Overall, the crowdfunding community views Next Thing as a fledgling business with potential – not a scam.
Industry analysts have echoed this sentiment in initial coverage, noting that Next Thing faces immense challenges to compete with incumbents but has put itself in the running with its novel business model. The common refrain is “intriguing but very speculative.”
No outlets or experts have staked out a strong position that Next Thing must be a fraudulent scheme. At worst, the company is viewed skeptically as an underdog with long odds. But no one has presented compelling evidence or even accused Next Thing of being a hoax. The broader consensus matches our own analysis – proceed with caution but no reason to allege malice.
The Verdict on Next Thing Technologies
In summary, is Next Thing Technologies a audacious startup or an outright scam? Based on currently available information, the company does not exhibit clear signs of fraud. While reasons for skepticism exist, none of the “red flags” indicate conclusively that Next Thing has or intends to deceive. The evidence better supports the company being a long-shot but lawful business pursuing an innovative idea.
Most concerning is the lack of a proven product or firm production plans, which make bold claims of affordable battery tech impossible to verify. This necessitates heavy caveats that any purported capabilities remain speculative wishful thinking until independently validated.
However, Next Thing’s leadership, transparency to investors, participation in crowdfunding due diligence and lack of serious allegations weigh against it being a deliberate scam. The company faces no accusations of fake products, stolen money or other unambiguous fraud.
In our judgement, Next Thing Technologies is best characterized as very high-risk pre-launch startup with grandiose ambitions it will struggle to achieve. Investors should approach with extreme caution – but no need to allege malice yet. As with any unproven company, time will tell whether Next Thing can transition from speculative R&D concept to shipping product that delivers.
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