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Conversation
Highlights
Welcome to another episode of Category Visionaries — the show that explores GTM stories from tech’s most innovative B2B founders. In today’s episode, we’re speaking with Quentin Scrimshire, CEO & Co-Founder at Modo Energy, an energy asset benchmarking platform that has raised $20 Million in funding.
Here are the most interesting points from our conversation:
- Pivotal Shifts: Quentin shared the story of Modo Energy’s significant pivot from an initial focus on trading power through battery assets to becoming a benchmarking company for the energy sector.
- Strategic Location: Modo Energy’s decision to establish its U.S. base in Austin, Texas was influenced by the vibrant technology scene, the lifestyle it offered, and strategic access to the burgeoning renewable energy market fueled by the Inflation Reduction Act.
- Survival Through Innovation: Facing near bankruptcy, Quentin and his team bet everything on a new direction for Modo Energy, focusing on publishing performance benchmarks for energy assets—a move that saved the company.
- Market Validation: The rapid market validation following their pivot, where initial concept testing with potential customers quickly turned into a profitable business model, illustrating the demand for transparent benchmarking in the energy sector.
- Community and Media Strategy: Quentin discussed how Modo Energy invests heavily in media and community, using high-quality video content and large-scale networking events to build brand presence and engage both existing customers and prospects effectively.
Actionable
Takeaways
Embrace Major Pivots:
Quentin's experience highlights the importance of flexibility in startup strategy. When their initial product failed to gain traction, Modo Energy pivoted from trading power to benchmarking asset performance. This willingness to drastically change direction based on market feedback can be crucial for startups facing similar challenges.
Choose Strategic Locations Based on Market Needs:
Quentin’s decision to move Modo Energy to Austin, Texas, was driven by the area's growing technology scene and the new opportunities in renewable energy. Startups should consider how geographical location could impact access to talent, investment, and market opportunities, especially when tied to legislative changes like the Inflation Reduction Act.
Utilize Personality and Background as an Asset:
Quentin leveraged his British identity to gain a favorable reception in the U.S., demonstrating how personal traits can be turned into business advantages in new markets. Founders might find that aspects of their personal identity can help in building relationships and standing out in crowded markets.
Invest in Building a Media Presence:
Quentin’s investment in a media business, focusing on high-quality video content, helps in building a strong brand presence and engaging customers on a deeper level. Startups should consider how a robust content strategy, especially one that uses engaging formats like video, can enhance visibility and market reach.
Create and Foster a Vibrant Community:
Modo Energy’s focus on community through events and interactions not only strengthens customer relationships but also builds a loyal user base that can provide valuable feedback and drive organic growth. Startups should look at ways to foster community both online and offline as part of a comprehensive marketing strategy.
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