Before founding the company Crystal Idea in 2013 for research, development, and application of advanced and alternative technologies for the preservation of water, air, and the environment, Inga Kovačić Sindik, an entrepreneur from Split, a graduate engineer of chemical technology and a master’s degree holder in analytical chemistry, worked in several companies as a head of research and development of new technologies and materials, as well as a water and air purification technologist. Innovations have always been her passion, and she is internationally known for the invention of the smart air purification technology iTherapy, for which she was named the best innovator in Europe in 2018, and the iTherapy device has received numerous global recognitions and awards at innovation fairs.
Market Penetration
The air purifier iTherapy is a modular and intuitive technology that connects and synchronizes the operation of eleven technologies that jointly control, monitor, and purify the air from the majority of pollutants in the space. The device is designed to detect air pollutants within 30 seconds and initiate the air purification and sterilization process. This is not the only product of Crystal Idea; there are several, and they are sold in both domestic and foreign markets.
– We have already covered the national and European markets quite well, and we are in the process of expanding into North America and the Middle East. Our products have found themselves at the right time in the right place on a global level, so from 2019, when we started marketing them, to 2020, sales revenue grew by 600 percent. Based on current sales results, we expect at least a 50 percent growth by the end of 2021 compared to last year. I am satisfied with the development of the situation because in 2020, compared to the year before, we also increased export revenue by 300 percent. The largest part, 60 percent of that revenue, was achieved through a network of distributors, while 10 percent comes from franchises and 30 percent from direct sales – explains Kovačić Sindik.
Crystal Idea achieved revenue of over 1.6 million kuna last year, operated profitably, had five employees, and this year it has ten, with the most jobs created in the last two years.
The Hardest Part is the Beginning
Kovačić Sindik emphasizes that it took two years from the idea to the realization of the iTherapy product, after which the commercialization process began with presentations at international innovation fairs, as well as a series of B2B meetings and contacts.
– At that time, there were not enough financial resources, but although we worked on the edge of sustainability, I managed to maintain faith and motivation that I could carry it through to the end. The development of the iTherapy technology is measured in tens of thousands of euros, but after that, the development of our new products costs significantly less because we have developed infrastructure, tools, machines, suppliers, and skilled personnel. It is difficult to calculate how much has been spent over the years on developing the idea to market placement since there is one important segment that we never account for, which is our own effort, constant dedication to work without weekends, holidays, or vacations. If I were to start calculating that, I am sure no bank would be satisfied with such a high cost in the business plan – emphasizes Kovačić Sindik.
Unlike the innovative ideas that she never lacks, financial resources for their realization are always lacking. Crystal Idea finances most of its research and product development projects from its own funds, often balancing between sustainability and priorities. There was some money from European funds, but it was small amounts. However, Kovačić Sindik emphasizes that even that money was extremely important as it enabled them to develop two generations of filters, certify the devices, and participate in international fairs.
Open to Investors
– We have just opened the investment phase for further development, especially the development of the Smart wall, so we are open to investment offers and the entry of investors into the company – notes Kovačić Sindik, whose mission is to contribute to the effective reduction of the ecological footprint on a global level through innovations, patents, and products.