Boo! Our kids are layering up for a chilly Halloween and here we are updating you on our October 2017 progress. With our first NYSERDA show under our belt and some initial commitments for our friends & family round, we are feeling pretty good...but our lack of cash flow is still scary. We need to get some pilot projects going and some cash in the door from customers.
I was at one of NYSERDA’s RetrofitNY kick-off events yesterday. The opportunities in the retrofit space are incredible. The grim reality is that New York State (and the Northeast) has an incredible stock of aging buildings (public and private, commercial and residential) that are hemorrhaging energy. The good news is that the economics of retrofit have started to speak for themselves--policymakers, finance folks, and building owners are starting to get it. Add to that the increased affordability of metering and monitoring technologies to track real costs and ROI and we will continue to see an upswell in the market for giving old buildings new life. They were talking about a $1B annual retrofit market just for affordable housing in NY.
We understand that we are niche piece in the larger retrofit revolution. So, our model of active partnering will be critical. Engaging with the broader building efficiency community this month has gotten me really excited for how we can help turn our zombie building stock into vibrant, energy-efficient homes and workplaces. There are super-smart building engineers, architects, and facilities folks actively looking to use new technology to get more out of old buildings.
In a market where folks are trying to figure out how to finance 10-20 year energy payback for retrofit projects, bringing something to the table that can pay for itself in 3-5 years seems pretty powerful. There was also a big focus on how much you can achieve without disrupting tenants and relocating operations. Again, a little box that you pop into existing systems in under an hour seems to have some unique appeal.
But I digress. The month really was about learning more about our market and our customers. We are focusing into NYS buildings and the retrofit community for our initial market push. We’ve picked up some great contacts to start exploring projects on SUNY campuses and in other state buildings. Now we just need to get some projects going before we run out of 2017. It’s frightening how time flies.
Good People October 2017
Joined Herkimer Industries for a show for NY schools
More discussions with potential early stage investors
Kicked off our friends & family round with a couple of commitments
Focused in on our NY go-to-market strategy (and met another grant milestone)
Met with green engineering firm to learn more about how they source new tech
Started looking into insurance and accounting support
Kept investment discussions going with The Foundation
Exhibitors at NYSERDA’s Multi-Family Summit in Tarrytown, NY (Suzanne from Herkimer Industries also joined us and we continued to develop our partnership strategy; great follow-up with our friends from ReWire Group too)
Made an offer to a Syracuse University engineering student to join our team (and waiting on paperwork so he can get started 11/1)
Good People October 2017 Core Metrics
0 new units sold
0 in measured energy savings
? new leads (we need to refine our process to be able to track the relationship metrics better)
0 new customers
1 new partner
$? spent with NY suppliers
0 community service hours
0 community donations (including 0 donated Phoenix fan controllers)
$1,500 grant award, $0 in other outside investment
I’m in the middle of updating our metrics and expenses but wanted to get this update out, so please forgive the gaps above. I will try to fix them later.
Two pitch competitions coming up in November (FuzeHub and Commercialization Academy) plus some other exciting plans for courting investment. Subscribe to our blog updates now so we can share the outcomes in real-time.