2. About General Electric
Founded in 1892, it is 123 yrs old American Multinational Conglomerate Corporation
Headquartered in Boston.
With Revenue of : $150,211 million
In 2011, GE ranked among the Fortune 500 as the “68th-largest firm” in the U.S. by gross
revenue
“14th” most profitable
As of 2012, the company was listed the “fourth”-largest in the world among the Forbes
Global 2000.
CEO: Jeff Immelt
4. About “Ecomagination Challenge”
Introduced the concept of “Open Innovation”.
$200 million experiment in Phase 1 in 2005.
Experiment where businesses, entrepreneurs, innovators, and students shared their best ideas on
how to improve our energy future.
Launched in partnership with venture capital firms Kleiner Perkins, Rockport Capital, KPCB,
Foundation Capital, Emerald Technology Ventures and Carbon Trust.
Director: Tore Land
Timeframe: 5 years
5. Idea of “Ecomagination”
It is a Corporate Strategy.
Vision:
“Addressing unmet customer needs in the sustainable and renewable energy sector. To offer
products and services that reduces our customers’ environmental footprint and increase customers’
competitiveness”.
Mission:
“To accelerate the development and deployment of energy technology and drive a global energy
transformation.”
6. Need for a “Change”
A decade ago, GE was considered to be one of the worst polluters in the world.
An environmental dinosaur from the industrial revolution.
In green circles GE's name was tarnished, conjuring images of greenhouse gases and toxic waste
sites.
It seemed no one would forget their notorious polluting of the Hudson River with toxic chemicals
for almost three decades after WWII.
7. Process of “Change”
Step 1: Engaging the VCs.
Step 2: The launch of “The Ecomagination Challenge”.
Phase 1: Ideas invited
Phase 2: Focused on Smart grid to home.
Step 3: Results
3 categories of results were declared;
1. Finalists: 40
2. $100,000 prizes: 5
3. People’s choice award: 1
8. Success factors
Some key factors that helped the GE to gain success in its initiative:
Bold and Forward Thinking
Lead with Transparency
Top Management involvement
Generate support to all levels of Organization.
9. Analysis
Initiative was a Corporate Social Responsibility
Complete Strategic move
Innovation
From past they led the path to future
Angel investor or Mentor
Risk taker
Long term plan
