BUILDING A HIGH-GROWTH PROPTECH START-UP FEATURING ENERGYWISER
Welcome Energywiser! Please introduce yourselves to the Pi Labs community.
Energywiser wants to make saving on energy bills as easy as turning the lights off when you leave the room. UK households collectively overspend by £8 bn on their energy bills and we want to bring that number down to zero. To do this we’re creating a web & mobile based toolset the first of which is a Switching engine on autopilot: sign up once and it’ll help you stay on the cheapest tariff for life.
How did Energywiser come into being?
Listening to a radio program two years ago, our founder was miffed at the fact that people would happily spend 30 minutes moaning about why their bills were high and how the energy companies and the switching companies and everyone else was to blame, but them – despite the fact it only takes only takes 5 minutes to switch and save money.
On researching we found that 60% of UK homes have never switched suppliers & of course are being ripped off. So we’ve created a tool which uses people’s inertia to their favour. In short, a switching engine “does it for you” over and over.
What’s your business model?
EnergyWiser is free for users. We’re making money off a lead generation fee from the energy suppliers, meaning users are always getting the most transparent rate.
How do you aim to change the market?
They say Alexander G Bell, the inventor of telephone would not be able to recognize his invention in 2015; however Thomas A Edison, the inventor of power utilities will see that people in 2015 are using power in fundamentally the same manner as he envisaged.
That long overdue revolution in energy is unfolding now. In the next 5 years all the 26 million homes in the UK will have smart meters fitted in them. This means the way we think of and use energy will be different going forward and that’s where EnergyWiser sees itself making a difference.
We aim to become the only source people come to for anything to do with saving on their energy bills.
What brought you to the Pi Labs programme and where do you want to be by the end of it?
Because of our focus on providing a holistic digital toolset for households we were looking for a partner who would enable us to give us the right foundation to launch the business. Pi Labs fit the bill perfectly due to its focus on prop-tech. By the end of this programme, we hope to have our product-market fit nailed, and show traction so we’re well on our way to raising the seed round of investment.
To close, which entrepreneur do you admire and what does success mean to you?
Elon Musk – but then that’s a cliché. So we’ll go with Transferwise and their founding team – they were an outsider who have disrupted their industry on the back of an amazing value proposition and a very slick product. That’s exactly what we intend to emulate in the energy industry.
How to get in touch?
Founder – Rishabh@energywiser.co.uk
Rishabh – has led a very dangerous life at the junction of technology consulting & sales within the energy industry. In another life, when he had spare time, he used to climb mountains, scuba dive and strum.
Design Lead – Ben@energywiser.co.uk
Ben – is a creative at heart and is responsible for re-designing our website. Before getting into design he used to be an architect & a musician!
Marketing Lead – Rosana@energywiser.co.uk
Rosana – finalist in UK’s 100 funniest women, Rosana is a stand-up comedian, a film-maker and a creative at heart. Oh, and she also handles the marketing function for EnergyWiser.