Surge Accelerator
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The document describes Houston's Mentor-driven Seed Accelerator program called SURGE, which will provide capital, mentorship, and connections to entrepreneurs developing energy and IT technologies. The 12-week program will support 10 startup teams with $30,000 each in capital and mentorship from over 50 mentors from VC firms, energy companies, and entrepreneurs. The goal is to help startups pilot and commercialize their technologies, with the potential for follow-on funding and partnerships. SURGE aims to build the leading accelerator focused solely on enabling energy efficiency technologies through information technology.
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Surge Accelerator
- 1. Houston’s Mentor-driven Seed Accelerator SPRING 2012
- 2. Seed Accelerator Overview Provide Entrepreneurs with Capital, Mentorship & Connections, in Return for Equity Structured 12 week curriculum culminating in “Pitch Day” to Angels, VCs and Industry Execs Similar programs have achieved strong returns in other IT verticals
- 3. Why SURGE?Growth/Success of US Seed Accelerators There is NO accelerator focused on ENERGY IT vertical
- 4. Case Studies: IT Successes Another Y-Combinator Win: WuFoo Exits for $35M, After Raising Only $118,000 $35M Salesforce.com has just announced that it is acquiring Heroku for $212M in cash $212M AOL acquired SocialThing with $550k in fund raising post TechStars $10M Limbo merges with Brightkite and announces $9M funding round $9M Localytics Raises $2.5M for Mobile Analytics Platform $3M Dallas’ TechWildcatters ImageVisionLabs raises $2M from Walden Venture Capital $2M
- 6. Raised over $500K (DFJ Mercury, HAN, Energy Co’s)
- 7. Launched Website and Attracted PR
- 8. Paying Sponsors including Energy Focused Service Providers
- 10. SMART GRID IT applications used to increase grid efficiency, measure demand, and reduce wasteIncludes Smart Grid, Smart Meter, and EV Grid TRADING & RISK MGMT(ETRM) Capital Markets + IT = Increased visibility and flexible response to supply or demand shocks DIGITAL OILFIELD Data + IT used to maximize production, safety, and efficiency at the wellhead Efficient Energy Software Technologies
- 11. Portfolio Strategy FOCUS: Entrepreneurs developing innovative applications at the intersection of Energy + IT GOAL: Take startups from theory & prototype to pilot, next round of funding and commercialization INVESTMENT: 10 teams $30k per team 6% common equity
- 12. CAPITAL CUSTOMERS COMMUNITY SERVICE PROVIDERS ACCOLADES World Class Ecosystem
- 13. Leadership: Steering Committee Kirk Coburn – Managing Director 3-time Entrepreneur: PGA TOUR Network, Chief Outsiders. Dell Exec Blair Garrou – Board Member Co-founder DFJ Mercury. Incubator Expert. Entrepreneur. Rice Faculty. Brian Landrum – Board Member Former COO Reliant Energy. Compaq GM. McKinsey & Co. Andrew Clark – Board Member Former Chairman of HAN. HTC EIR. DFJ Mercury Venture Advisor. Compaq Exec. Brett Perlman – Smart Grid Lead Former Public Utilities Commissioner. McKinsey & Co. Smart Grid Expert.
- 15. Home to more than 5,000 Energy Companies
- 16. #1 IT Services Economy
- 17. Fully Deregulated Utility Market (Gen to Cust)
- 18. Largest Population of Deployed Smart Meters
- 19. Largest Purchaser of Green Power in Nation
- 21. Business Plan and Financial Model Development Product Development and Market Validation Connect Lead Mentors to Teams Connections to Capital, Customers, Entrepreneurs, Expertise, Talent Mentor Workshops (Marketing, Sales, Ops, IT, Legal, etc.) Term Sheet Prep Customer Discovery Customer Creation Company Building Customer Validation STAGE 2: Product Readiness STAGE 1: Connections STAGE 3: Pilot Landing SURGE: Custom Curriculum Week 1 Week 4 Week 2 Week 3 Week 5 Week 6 Week 7 Week 8 Week 9 Week 12 SURGE DAY Pivot
- 22. Program Next Steps PILOT INCUBATION & FUNDING IDEA Global Entrepreneurs Incubators Texas Universities Pilots Industry Funding 40+ VC’s from SURGE DAY
- 23. Timeline
- 25. STEP 2: Identify Other World-Class Mentors
- 26. STEP 3: Identify Key Problems to Solve
- 27. STEP 4: Participate in SURGE Day
- 28. STEP 5: Agree to Pilot/Connect
- 30. Lead Mentoring vs. Ad Hoc Input
- 32. Timing Commitment: 2-3 hours per week
- 33. Focus: business model, go to market strategy, branding, pricing, the investor pitch, connecting to customers
- 35. When: June 2012
- 36. Who: 300 – 400 venture capitalists, angel investors, energy companies and corporate development teams, media, entrepreneurs
- 37. Where: House of Blues
- 39. DFJ Mercury
- 40. HAN Members (Kirk Coburn, Andrew Clark, David Steakley, Scott Southall, Hayden Hill and Brad Wilson)
- 41. Kemal Farid
- 42. Investors buy membership interests in LLC
- 45. FOUNDERS: Coachable Intelligence, Integrity and Energy
- 48. Target a large market
- 49. CAPITAL: Will bootstrap with seed funding
- 50. COMPANY FOCUS:
- 51. Information Technology that Improves Energy Efficiency
- 55. Regional: Alliance with TechStars Network, Start-up America, Kaufmann Foundation
- 56. Local: ~30 Efficient Energy Companies in HTC, Rice, UH Systems, & Local Startup Groups
- 57. Local: Connect with existing Energy ecoSystem to promote Entrepreneurship Attracting Entrepreneurs
- 59. 2012 Program & Operational Costs: $250k
- 60. 2012 Company Investments: $300k
- 61. Sponsorships & Donations: $40k
- 62. Equity Investment Y1: ~$600k - $900k
- 63. Equity Investments Secured (Aug 2011): $300k
- 65. Total Return = $2,200,000
- 68. 7 out of 10 companies are raising outside funding
- 69. Y-Combinator > 5x Return
- 70. Omnisio sold > $15M to Google
- 72. Key Application Areas: Market data acquisition Real-time position tracking Predictive analytics & reporting Carbon trading Weather Integration Demand-Response integration Customers: Energy Companies Utilities Commodity Traders Companies that hedge energy use (i.e. airlines, freight logistics) Energy Trading & Risk Management: $500M market
- 73. Key Application Areas: Real time data acquisition Reservoir management Well modeling 4D Seismic Wireless remote operations Customers: E&P companies Oil field service companies Technology vendors Digital Oilfield
- 76. Energy Trading & Risk Management Management
Editor's Notes
- EXCELERATE LABS – CLASS 170 jobs$7.5M in seed money raisedExitreturnshalf of Fund I ($6.5M exitprice)
- "If Thomas Edison looked at our power system, he would recognize it," he said. "Whereas, Alexander Graham Bell, if he looked at the communication services, he wouldn't recognize it at all. That's how archaic the infrastructure is.”Take advantage of Technology, Policy and Expertise Shift in Traditional Energy
- "If Thomas Edison looked at our power system, he would recognize it," he said. "Whereas, Alexander Graham Bell, if he looked at the communication services, he wouldn't recognize it at all. That's how archaic the infrastructure is."
- Building the necessary transmission infrastructure and utilizing modern information and communications technologies—that is, “smart grid” technologies—will facilitate the integration of renewable sources of electricity into the grid, accommodate the growing number of electric vehicles, help avoid blackouts and restore power quicker when outages occur, and reduce the need for new power plants. Smart grid technologies also provide a foundation for innovation by entrepreneurs and others who can develop tools to empower consumers and help them make informed decisions. A first generation of innovative consumer products and services—such as thermostats that can be controlled from a smart phone, or websites that show how much energy a house is using—can continue to help Americans save money on their electricity bills, and there is great potential to do even more.” – THE WHITE HOUSE
- Energy Trading and Risk Management (ETRM) solutions provide a transparent view of complex portfolios consisting of physical, financial, and natural positions across all commodities, including crude oil, fuels, natural gas, coal, refined products, and power. Complete ETRM systems also optimize business processes around the physical movement and delivery of commodities and the risks associated with those activities. They also enhance the effectiveness of settlement, accounting, and reconciliation processes.Comprehensive ETRM solutions deliver a single platform with the ability to view all exposures and risk analytics, capture transactions, execute logistics, manage positions, perform settlement and accounting functions, and meet compliance requirements. By fully integrating all data and processes into one platform, companies realize improved business process efficiency and transparency across the front, middle and back office. The volatility, complexity and pace of change in the wholesale energy markets present significant opportunities – and equally significant risks. In this environment, energy companies need to build sophisticated, functionally rich capabilities to address price, credit, operational and regulatory risks. At the same time, they need to remain flexible enough to respond to new opportunities and competitive pressures. This requires a combination of deep industry knowledge, robust business processes and integrated, scalable IT systems.We are looking for entrepreneurs that understand and can develop software solutions that offer commodity exposed companies the ability to manage all aspects of the front, mid and back-office processes. Key Application Areas:• Market Data acquisition • Real-time data, connectivity and analysis• Regulatory compliance• Analyzing and managing transaction and portfolio risk• Clearing and reconciling transactions, as well as transaction invoicing and accounting• Carbon trading• Weather Integration• Demand-Response integration