Manvi Goel – Director, Strategic Partnerships Initiative 

In the world of energy hardware innovation, when it comes time to test, qualify, and refine prototypes, early stage entrepreneurs need more than just a financial partner to move forward. They need a corporate partner that can provide industry expertise, resources, and knowledge of real world applications to drive the prototype to commercial product. 

We recently co-hosted our first ever open office hours with GE Ventures to facilitate this necessary corporate and startup knowledge share. The day-long event allowed startups the chance to meet one-on-one with GE Ventures professionals and top GE subject matter experts to get targeted feedback on business strategy and technology development. Experts included:

• Rick Robertson, Senior Director, Energy Ventures at GE
• Andrew Lackner, Senior Director, Energy Ventures at GE
• Abby Stoller, Strategic Marketing Leader, Renewables, GE Power & Water
• Jeff Wyatt, General Manager, Solar and Energy Storage, GE Power & Water

The day culminated with an insightful discussion between Greentown Labs’ Executive Director, Emily Reichert, and Senior Executive Director of Energy Ventures at GE, Colleen Calhoun, on what makes for effective partnerships between corporates and startups. To help entrepreneurs become more aware of how to work with GE, we captured some of the main questions and highlights from the conversation:

How does GE innovate?

At GE, driving towards innovation means much more than financial returns. Calhoun mentioned, “Innovation is about collaborating with some of the brightest minds (even those outside GE) to solve society’s largest problems.”

Each year, GE Ventures selects major energy innovation themes which become the focus areas for investment. Right now, GE is interested in exploring 1) grid optimization, 2) customer control and efficiency efforts, and 3) on-site energy generation.

How should a startup think about connecting to GE?

GE has an employee base of 350,000. It’s a huge place to navigate. The number one piece of advice according to Calhoun is to find a champion within GE, someone who can be a strong voice for you within the broader corporation and can help you effectively network and communicate your business case.

GE is on the lookout for the right startups and gets leads through its research group, business units, VCs, corporate peers, and networking events.

How should startups best present themselves to GE?

• Fitting alongside GE’s investment themes is key
• Leave a strong first impression. Make sure you’re ready to talk to GE. Do your homework of how you align with their business and articulate that story effectively.
• Update your profiles on resources corporates use. For example, Lux Research conducts benchmarking analysis on emerging technologies – ensure they have the latest details on your business.
• Be specific and bold about your request to GE. You know your product and your company better than anyone else. Be able to explain in advance what you need to learn from GE or how you envision working on together.

How does GE decide to actually invest in a startup?

GE is excited by companies that have a deep understanding of the sector they’re in and the problem they’re solving. Differentiation is also key. GE wants to invest in big opportunities and startups that are addressing these opportunities in novel ways.

Locking in the investment is another area where the GE champion plays a critical role. Having the champion be passionate about your technology and express that passion to decision makers can really set your company apart.

How have GE partnerships worked out in the past?

One success story that came to mind for Calhoun was that of On-Ramp Wireless, a company that is pioneering wireless industrial communications technology. GE saw great potential in this startup and worked to incorporate its product in far-away and underground technology communications. On-Ramp successfully customized its technology to GE’s needs.

Calhoun recalled another example in the story of a company turning plant waste into a gasoline substitute, a technology GE recognized as potentially “world changing.” GE saw an opportunity to use this technology to tap into the jet fuel market. However, the startup wanted to first develop towards the gasoline market before getting into jet fuel. There was a slight disconnect in the two organizations’ near-term strategy and ambition. As a result, partnership did not materialize. 

The talk ended with a look towards the future. Important areas include: energy efficiency, energy storage, solar, and data analytics that improve consumer awareness of energy consumption. GE sees the potential in working with early-stage startups. Calhoun expressed, “they are setting the stage for what is ahead 7 or more years from now. Some are even developing entirely new business models for energy generation and delivery – that’s exciting to us!”

We’re continuously curating the world of corporate partners so our startups can move faster. Stay tuned to learn about more panel discussions and industry collaborations!