yourbusinesswithjamescaanwinter2023 - 41

YOUR BUSINESS _ WINTER 2023
What key skills do you think are crucial
to becoming a successful entrepreneur?
You have to be very resilient and adaptable,
with deep reserves. There'll be many tough
days and things won't always go the way you
want them to. You have to be prepared to
change your approach and constantly think
how you're going to navigate your way round
the challenges you face.
everyone to feel valued and have
confidence in what they are doing to
allow people to be the best they can be.
Have you taken on staff?
There are 28 of us now. We have an
office in London and Ayr but most of
us work remotely. We were already
geared up to work that way pre Covid,
so we didn't really skip a beat when
the pandemic hit. But we are now a
team from all parts of the country.
Did you apply for any loans or
help from the Government to
help you get started?
We are an entirely crowd-funded
business. We started with a friends
and family round and have completed
five crowd fund rounds to date, raising
an amazing £4.7 million. We now have
3,000 individual investors. But we owe
so much to our initial investors. Our
first crowd fund raised £850,000 and
at that point we were asking people to
invest in just a nugget of an idea!
What was the most challenging
part of last year?
Trying to take our model to other
markets! We looked at New York
through the Government Innovation
programme but it quickly became
clear, consumers in New York did not
engage with the electricity market. It
was disappointing but on the flip side,
we quickly and cheaply discovered it
wasn't the right move. You can waste
a lot of money entering markets that
aren't right. And there's very little
scope to get it wrong!
What is the best
piece of business
advice you have
been given?
Do it your own way.
Don't try and be like
anyone else. You've
got to be authentic
otherwise it won't
work. Remember that
just because someone
else does it differently,
that doesn't mean it's
better or worse.
And what was the highlight?
We had two in the same week! The
first was seeing our first wind farm
actually generating, proving the
whole cycle of what we set out to
do which culminated in seeing the
'Ripple' saving on one of our members
electricity bills! And we funded our
second wind farm of eight turbines -
our first had only one. We had proved
our model in the pilot scheme and
we were now funding a much bigger
model, all in the same week. A huge
highlight for us!
Where do you see the company
in five years' time?
We want to take our model and
operate in different countries. Our
next goal is to expand into Northern
Europe. But ultimately, we want green
energy to be affordable for everyone.
For more information visit
rippleenergy.com
41

http://www.rippleenergy.com

yourbusinesswithjamescaanwinter2023

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