PowerHouse2030 Event Summary: Wednesday 23rd March 2016 at Elexon.
Ever thought about becoming an entrepreneur? Peter Bance did just that when he created Origami Energy in 2013. Last Wednesday he spoke with the PowerHouse2030 members, sharing his motivation for doing so, some of the challenges he encountered and his opinions about how the energy sector is evolving.
Our hosts, ELEXON, opened the event with a welcoming speech from Mark Bygraves, CEO, and a talk from Thomas Routier, Market Analyst, about ELEXON‘s role as administrator of the Balancing and Settlement Code. It was a helpful scene setter, introducing the current arrangements in place to settle electricity contracts in Great Britain, as well as how recent technological developments are beginning to challenge the system and how ELEXON is engaged in supporting the need for change. This was followed by a talk from one of the companies creating this shake up, Origami Energy.
Created in 2013, Origami Energy aims to create the ‘technology and financial mechanisms’ that are required to actively manage the range of current and future distributed energy technologies. Peter Bance, Origami’s founder and CEO believes that this new world is developing extremely quickly. He recognises that many of the ‘big dirty assets’ from the past will remain for some time to provide a secure power supply, but the UK market is inviting innovative ideas for change. He believes that in this new distributed world we will see a different mix of assets, including power generation and storage technologies, but also an evolution in both the commodities we trade and the currency which we use.
His thoughts on being an entrepreneur… firstly it’s really hard! You need an idea or toolkit which you believe in, and that you can convince others to share your vision of the future. Most companies are extremely risk adverse which is a significant challenge for start-ups who need a lot of capital to develop their idea into something tangible. However the UK market is beginning to offer more grants for innovation. His final words of wisdom were that you need to sell your team, as people back people who they believe can deliver.