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Accelerating Smart Businesses in Wales: The EP Way to Innovation and Growth

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On January 19, 2005, Chris Ready discussed the transformative journey of Economy Power, a UK electricity supplier, at the Innovation Network meeting. He shared insights on building a successful and innovative business culture in Wales. Through a unique "can-do" approach, Economy Power tackled industry challenges without relying on traditional methods. This talk highlighted the company's rapid growth, achievements, and the principles behind fostering creativity and collaboration among employees, proving that a vibrant workplace can lead to remarkable progress.

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Accelerating Smart Businesses in Wales: The EP Way to Innovation and Growth

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  1. InnovationNetwork 19th January 2005Building The Dragon How to accelerate the evolution of smart innovative businesses in Wales Chris Ready Economy Power

  2. Creating a culture for success

  3. Every organisation has problems to solve… …we created a culture that enjoys solving problems!

  4. What is Economy Power • Formed in 1999 • Electricity supply company • don’t own power stations • don’t own pylons • Buy electricity from Generator • Sell to SME customers, only • Send bills and collect money

  5. Chris Ready – Head of IT • First employee • Couldn’t afford any PCs • No IT qualifications • Track record of solving problems

  6. What were the problems for a start-up company • How we created the can-do culture • Rewards it has brought • Partnerships • Conclusion Brief outline

  7. Problems we faced • Entered an established, bureaucratic industry • Privately financed with limited funds • High-profile failures of new competitors • No customers • Little experience of electricity business

  8. Create the Can-do culture • Decided not to copy the way the electricity industry worked • Recruitment of “industry-experts” kept to a minimum • Problems seen as Opportunities and addressed NOW • Had to throw brains rather than money at problems • We needed a set of principles that would endorse the way we were to work …. and so The EP Way was born

  9. Creating a fun place to work Exceeding what is expected Encouraging creativity, innovation and team work Promoting a fast-paced, competitive, entrepreneurial culture In addition….. The EP Way Our company believes in….

  10. Create the Can-do culture(continued) • Staff to bring something additional into the company • Praise not blame culture • Flat management structures • Investment in training • IT department would have to deliver every time

  11. We created an incredibly vibrant atmosphere where we believed we could do anything ! Which also meant that no problem was too big to handle And the term ‘ j.f.d.i.’ became part of EP folklore

  12. Rewards it has brought • Company has not gone bust !!! • Won the Fast Growth 50 in 2003 - with unprecedented growth in the history of the competition of 10,000% • Won Computer Weekly Best Places to Work in IT in 2004 • 76th in Wales’ top 300 companies in 2004 • Created our own green energy company – Eco2 • 100% of company shares are for directors and employees

  13. Progress through Partnership • Bank of Wales (now Scotland) • Grant Thornton • Sales Brokers • BNFL • Universities of Cardiff and Glamorgan

  14. In conclusion Economy Power is the leading independent electricity supplier in the UK • We have a 5% share in the SMEs market • We have turnover of £100 million and 300 staff • We make £5 million profit after tax • We own a green energy company Finally…

  15. Promoted a fast-paced, competitive, entrepreneurial culture Luck In conclusion (continued)

  16. InnovationNetwork Next Event: 23rdFebruary2005 Ian Jones (Cardiff University) Permission To Think A creative thinking special event To register: innovation@cardiff.ac.uk

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