Power2Switch: The easiest way to save on your electricity bill.
Today's featured member, Power2Switch, is the easiest way to switch your electricity supplier and save money on your electric bill.
In five short minutes you can compare the widest variety of rates and save an average of $200, all with one simple click. Power2Switch is a licensed web-based electricity broker that enables residential and business customers in Illinois and Texas to switch to cheaper electricity suppliers at no cost. Save 7-30% on your electricity bill and have to the option select from renewable energy suppliers. Read our interview with co-founder, Seyi Fabode.
What inspired you to start your company?
A desire to help everyone consume energy responsibly. Energy is not the most fun of topics but its one of the most important; at Power2Switch we help educate and inform people on how to make smart decisions about energy usage. We're building a 'Social Energy' movement.
Our initial product is a platform that allows residential and small commercial consumers of electricity to comparison shop for cheaper or renewable electricity supply. With best-in-industry user experience design we enable consumers to make smart decisions about electricity supply in 5 mins.
Tell us something unique about you and your co-founder(s)?
Phil (co-founder) and I are SAME PERSON according to the Kolbe A index test (a learning/working style assessment), we just lie on opposite ends of the optimism/pragmatism spectrum.
What problem does your product or service solve?
The Power2Switch website provides transparency and takes away all the confusion in the retail electricity industry. We provide convenience, ease of use and cost savings. We are redesigning the consumer experience with their utility. Starting with the experience, next the electricity billing and payments space.
What are your startup's three biggest challenges to growth?
Our three biggest challenges are the cost constraints associated with educating the populace (no startup with limited funds can afford to teach the market everything), the unwillingness of distribution channel partners to take a chance on a startup and regulatory constraints that exist in providing services in the retail electricity industry.
How has Startup America helped you overcome these challenges to growth?
Startup America has provided introductions and access to government entities and organizations that have a say in the development of regulations that are a constraint to growth for Power2Switch. Continued support (e.g. Presenting at the Clinton Global Initiative) by Startup America also provides us credibility as we talk to partners.
What Startup America Member Benefits have you used?
The DISCOUNTS! We've used the financial, recruiting and business management software discounts.
Why should startups join Startup America?
There is a movement that is going on, the movement to get America back to the top of the worlds entrepreneurial growth and Startup America is leading that movement. Startups need to get on board.
What is the startup culture like in your City/State?
The startup culture in Chicago is one of community. The Community of startups, educational institutions, Fortune 500 corporations, investors and customers is one that bands together to build solid businesses that provide valuable services.
Learn more about Power2Switch
Startup America Member since March 2012
CGI America presenter and Startup America National video participant