New ideas and applications are necessary to enable an efficient transition from fossil to sustainable forms of energy generation. To stimulate innovation and entrepreneurship in the energy sector, the University of Groningen, together with partners, founded Energy VentureLab: an accelerator program that helps start-ups and scale-ups with innovative ideas within the energy transition to grow (inter)nationally.
Energy VentureLab helps entrepreneurs deal with opportunities and challenges that contribute to the energy transition. Promising ideas are developed into companies and businesses that are scaled up. “The Netherlands needs innovative companies to make the energy transition a success,” says Cees-Jan Groen, coach at Energy VentureLab. Through a tailor-made plan, where participants can choose from more than 60 different training programs and personal coaching, a select group of ambitious companies receive an entrepreneurial and innovation boost. They also gain access to a broad international network of universities, established corporates within the energy industry and the government and are brought into contact with potential investors and venture capitalists. In the article below, Groen explains how Energy VentureLab is committed to the growth of ValueA: provider of innovative software solutions for grid operators.
From startup to scale-up
ValueA, founded in 2015, provides grid operators with IoT services for the analysis of combined internal and external data. Through intelligent software, the company provides grid operators with insight into the capacity, utilization rate and lifespan of the grid cables. The data obtained forms the basis for detailed forecasts and provides grid operators with insight into the future content of the energy grid. ValueA is shaping the energy transition together with its customers. “After the proven success of the service, the next step for ValueA was to scale up so that they can serve more customers,” says Groen.
In June 2017, ValueA and Energy VentureLab started the one-year process under the personal guidance of Groen. The first step towards growth was taken by studying and, where necessary, strengthening the business plan and formulating short- and long-term objectives. In addition to growing from start-up to scale-up, attracting the right talent, expanding contacts within the energy industry and laying a foundation for international growth were also identified as challenges. To achieve this, a coaching session takes place regularly with Groen and Energy VentureLab facilitates weekly workshops and training sessions with other startups that participate in the accelerator program. Every four months ValueA presents the business plan, progress and results through a panel presentation. “During the presentation, a panel of experienced professionals from the energy industry will take a critical look at our company. This way we constantly keep our eye on progress.” said Richard Bosgraaf, CEO of ValueA.
After more than six months in the process, the first results are visible. For example, ValueA is currently in discussions with Gasunie and Engie about possible collaborations and two students from the University of Groningen have joined the company for a research assignment into an optimized machine learning algorithm for fraud detection in the energy network and degeneration of the gas pipeline network. Growth has started. ValueA now serves several customers and the company is looking to strengthen the team to continue growth. “Energy VentureLab offers a good mix of theoretical knowledge, personal guidance, concrete business objectives, an extensive business network and, not to forget, the fun factor,” says Bosgraaf.
To register
Energy VentureLab gives start-up companies the opportunity to grow faster and more efficiently. Three times a year, registered candidates are assessed and admitted to the accelerator program. You can register via http://energyventurelab.com/join-us/.