Clean Energy Firm Says Planet Hatch Accelerator Will Help Power Future Growth
FREDERICTON – No matter how many years you’ve been in business, there’s always more to learn. That’s the mindset Naveco Power had when it applied for Planet Hatch’s Startup Accelerator program.
The company, founded in 2015, offers businesses and municipalities a one-stop-shop when it comes to implementing energy projects, from the initial energy needs assessment, all the way to operations and maintenance. They applied for the program to get some help in growing its solar energy offerings in particular.
“Before the accelerator, we realized that even though we expanded into different spaces from the renewable energy industry, we did not have a clear strategy about where wanted to go in New Brunswick. We also did not know what was that target market that will make us grow quicker and efficiently,” said Oriana Cordido, Naveco’s business development manager, during the company’s presentation at the accelerator’s final Demo Day Monday afternoon at Planet Hatch.
“We also realized the importance of the value proposition for potential clients. Sometimes as a company, you say ‘this is our value proposition,’ but when you explain it to a client, the wording is completely different.”
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Through the program, the company got to work with Atlantic Growth Solutions, who taught them about multiple ways they can talk to clients and communicate their value.
“Whether you’re a commercial office building, we would have a different way to speak to you,” said Sarah Arsenault, marketing and communication manager for Naveco. “Or if you’re a municipality, we’d be able to provide them with those different value propositions that relate to your businesses.”
Naveco Power was one of four companies that took part in the first cohort of Planet Hatch’s startup accelerator. Unveiled back in September, the program helps entrepreneurs gain the essential knowledge and skills to turn their idea into a profitable, growing business.
Participating companies received comprehensive training and tailored business counselling over 12 weeks on topics such as market research and competitive intelligence; positioning and branding; pricing and financial modelling; customer validation and go-to-market strategies.
In addition to training, Planet Hatch Startup Accelerator participants are eligible to access up to $25,000 in low-interest loan funding through the Impact Atlantic Fund. Companies were also paired with marketing and communications students from St. Thomas University to help them develop their brand and communications strategy.
The other participants were NouZie, a community media site that centralizes event announcements and descriptions, general interest stories for a specific geographic location in one platform; Colum Consultants Inc., a full-service Science Research and Experimental Development (SR&ED) consultancy firm located in Saint John; and OT Fort, whose cloud-based product PoolWatch simplifies and streamlines swimming pool management.
The cohort varied widely in terms of industries and what stages of business they were in, which was the intention, says Planet Hatch director Adam Peabody.
“It is probably the most broad [mix] of any of our programs in terms of the types of businesses, industry, the models. Really what this is intended to do is help to find a market and develop a plan and validate that plan from a product to a market fit … It’s really been all over the place, but that’s what the program is designed to do.”
Participants left the program with clear business plans and goals for the New Year. Naveco Power hopes to have at least 10 solar energy projects approved in 2020. It currently has proposals out from several projects, including ones for two for schools in Southern New Brunswick.
“We’re really thankful for this opportunity. We have met so many incredible people. I don’t think we have ever been exposed to Atlantic Growth Solutions,” Cordido told Huddle after Monday’s event. “And now we love the sessions that we had with them and maybe we’ll keep working with them in the future. I think it’s something really interesting.”
Since this was the accelerator’s first cohort, Planet Hatch kept the number of company’s intentionally small. But next year, Peabody says the Planet Hatch will run the program multiple times a year.
“We hope to grow it over the coming years. We’ve actually seen such a big demand from an applicant viewpoint this first go around, and obviously there been a positive impact in terms of the program reaching its objectives that we’re likely going to run it two or three times a year going forward.”
The applications for the next cohort of the Startup Accelerator cohort will be open sometime between late January and early February next year.