LIGHTNING LAB ELECTRIC VENTURE UPDATE: WEEK 4

We’re already four weeks into the Lightning Lab Electric programme, would you believe it? How time flies when you’re working hard on your business venture. We spent a few minutes with our Lightning Lab Electric ventures; Polany.io, MLabs, emhTrade and Ampli to get an insider perspective on Lightning Lab and find out how everything’s going for them so far, including how their product/service will most benefit their customer and what song anthem is encouraging them to persevere through the hard bits. If you missed our first meet the ventures post, read it here

Lightning Lab electric venture

How is everything going for you and your venture 4 weeks in?

Polany.io | We are being firmly challenged by the programme and encouraged to closely examine all the assumptions about our project that we brought into the lab with us. That’s a healthy outcome from our perspective, particularly because we are the only team that does not spring from an electricity industry background. On the other hand, we are benefiting greatly from access to expertise that we might not have had otherwise. Lightning Lab Electric has unlocked doors for us.

MLabs | Everything is going well, we are making progress with our problem discovery sessions and learning a lot about the future of the industry.

emhTrade | Hectic. The LL process helps take us back to basics and what people are experiencing now. We have been reaching out to dozens of consumers and industry professionals for a layered dialogue to really get behind their needs and problems. We have really enjoyed speaking to so many people who have enthusiastically shared their experiences and challenges (and a few great ideas). But with so many people and so much for them to share, this takes a lot of time and energy!

Ampli | It’s been equal parts rewarding and exhausting. We’ve been busy working to understand the gains & pains of our customers problems.

Lightning Lab electric venture

What has been the highlight of the programme for you so far?

Polany.io | The highlight of the programme so far has been meeting a wide range of people from across the industry, including our fellow Lightning Lab teams. Our biggest learning has been around the complexity of the electricity industry. We worked out really quickly that we need to partner with existing players to help solve significant pain points within the energy sector. We also learned that building those relationships can take time. Although the energy sector is ripe for disruption, the slow moving incumbent players are not always open to working with upstarts.

MLabs | The highlight of the programme so far was meeting the past participants of previous Lightning Labs. It was fascinating to hear the highs and lows of their experiences. It was inspiring that they got investment and their businesses are up and running.

emhTrade | We are amazed at the interest everyone has and range of challenges consumers and the industry face in their daily life. We have already had our first joint meeting with a group of enthused consumers and one of their major suppliers in the electricity sector to see how we can collectively address their separate – but surprisingly related – opportunities and challenges in a single solution. Whilst we generally do not spend too much time thinking about our power supply and electricity bill – and it’s rarely a talking point over a pint – many people really think about the convenience, comfort, sustainability or cost of their daily lives and when and how we use energy is intrinsically connected.

Ampli | Our biggest learnings have been taking the time to talk to customers to deeply understand their problems and our biggest win has been using these learnings to design a stronger offering.

Lightning Lab electric venture

How will your product/service most benefit your customer?

Polany.io | Polanyio is looking at using machine learning and data science technologies to address problems related to electricity demand management. At present our target customer are intermediaries that provide energy management solutions to larger consumers. We are proposing a tailored platform based software that gives their end customers proactive demand response management and better data visualisation. Improved demand management provides some opportunities for savings on electricity pricing and asset investment costs.

MLabs | Our service will enable creative engineers to build innovative networks solutions.

emhTrade | We can take complexity out of people’s lives, whilst delivering better outcomes. This applies to each of us as individual consumers at home and the electricity supply industry. Folks at home can get a lower power bill or rewards for doing the right thing, as well as better choices to use sustainable energy, efficiently run their EV or other lifestyle options. The electricity supply industry can lower its costs and have more flexibility to meet future changes.

Ampli | Our product will help our customers provide smarter, data-informed offerings for their clients.

Lightning Lab electric venture

What’s your ventures anthem this week?

Polany.io | Livin’ On A Prayer – Bon Jovi

MLabs | Virtual Insanity – Jamiroquai

emhTrade | I Don’t Sleep, I Dream – REM – as there is too little time to sleep with so many engaged people firing the dream of delivering better choices.

Ampli | Eye of the Tiger – Survivor – This week for us is all about translating our learnings into actions and starting to build our product.

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