Innovation Network

19th January 2005Building The Dragon

How to accelerate the evolution of smart innovative businesses in Wales

Chris ReadyEconomy Power

Creating a culture for success

Every organisation has problems to solve…

…we created a culture that enjoys solving problems!

What is Economy Power

• Formed in 1999

• Electricity supply company– don’t own power stations– don’t own pylons

• Buy electricity from Generator

• Sell to SME customers, only

• Send bills and collect money

Chris Ready – Head of IT

• First employee

• Couldn’t afford any PCs

• No IT qualifications

• Track record of solving problems

Brief outline• What were the problems for a start-up company

• How we created the can-do culture • Rewards it has brought

• Partnerships

• Conclusion

1. Entered an established, bureaucratic industry

2. Privately financed with limited funds

3. High-profile failures of new competitors

4. No customers

5. Little experience of electricity business

Problems we faced

1. Decided not to copy the way the electricity industry worked

2. Recruitment of “industry-experts” kept to a minimum

3. Problems seen as Opportunities and addressed NOW

4. Had to throw brains rather than money at problems

5. We needed a set of principles that would endorse the way we

were to work …. and so The EP Way was born

Create the Can-do culture

The EP Way

• Creating a fun place to work

• Exceeding what is expected

• Encouraging creativity, innovation and team work

• Promoting a fast-paced, competitive, entrepreneurial culture

• In addition…..

Our company believes in….

• Staff to bring something additional into the company

• Praise not blame culture

• Flat management structures

• Investment in training

• IT department would have to deliver every time

Create the Can-do culture (continued)

We created an incredibly vibrant atmosphere where we believed

we could do anything !

Which also meant that no problem was too big to handle

And the term ‘ j.f.d.i.’ became part of EP folklore

Rewards it has brought• Company has not gone bust !!!

• Won the Fast Growth 50 in 2003 - with unprecedented growth in the history of the competition of 10,000%

• Won Computer Weekly Best Places to Work in IT in 2004

• 76th in Wales’ top 300 companies in 2004

• Created our own green energy company – Eco2

• 100% of company shares are for directors and employees

Progress through Partnership

• Bank of Wales (now Scotland)

• Grant Thornton

• Sales Brokers

• BNFL

• Universities of Cardiff and Glamorgan

In conclusion

• We have a 5% share in the SMEs market• We have turnover of £100 million and 300

staff • We make £5 million profit after tax• We own a green energy company

Finally…

Economy Power is the leading independent electricity supplier in the UK

• Promoted a fast-paced, competitive, entrepreneurial culture

• Luck

In conclusion (continued)

Innovation Network

Next Event:

23rd February 2005

Ian Jones (Cardiff University)Permission To Think

A creative thinking special event

To register: innovation@cardiff.ac.uk