What is Powerfull Technology Limited?
Q: Could you introduce yourself and your startup?
A: My name is Ifeanyi Ukwuoma. I’m the founder and CEO of Powerfull Technology Limited, commonly referred to as Powerfull. Our company’s mission is to assist businesses in owning solar assets. We’re focusing on achieving this within the African continent by offering embedded finance solutions.
Q: What inspired the creation of your startup?
A: The idea for Powerfull was sparked by a personal story. My mother runs a cold storage business in Nigeria and was looking to transition from using costly and environmentally harmful diesel generators to solar assets. However, she faced significant challenges in finding credible sources of credit and financing. This personal struggle led me to develop products that address the difficulties businesses face in acquiring solar assets. Our approach involves connecting businesses to financiers by leveraging their energy and financial data to facilitate this transition.
Why Startupbootcamp?
Q: What drove you to join Startupbootcamp?
A: I was drawn to Startupbootcamp for several reasons. They have a firm belief that innovation is key to solving many of the world’s problems, a belief I share wholeheartedly. Their deep understanding of the innovation required in today’s world, coupled with their strong connection to the global startup community, makes them stand out. I consider their accelerator program one of the best in terms of content and delivery. They also offer financial support to startups, which is crucial for kickstarting their journey.
The alignment with Startupbootcamp came from our shared belief that innovation will pave the way for a better world. Particularly, their focus on the net zero agenda resonates with my company’s direction. I joined their Renewable Energy and Net Zero program of 2023, which directly aligns with my startup’s mission of achieving net zero through our products.
Startupbootcamp Application Process
Q: Can you describe the application process for Startupbootcamp?
A: The application process was quite engaging. Initially, I met some scouts and filled out an application detailing my team, traction, product, and what we’ve accomplished so far. Our first call was with a scout who was incredibly attentive and genuinely interested in understanding what we do. The next step involved a meeting with the program manager, which felt like we had known each other for a long time. We discussed our journey, and I articulated what I expected from Startupbootcamp. The program’s approach is hands-on; after speaking with the program manager, there’s a Selection Day. This involves startups being divided into about six breakout rooms and teams. In these sessions, you pitch your idea and explain your goals. The mentors present then decide if your startup is a good fit for the program. This comprehensive process is all part of the application. This personalized attention and assessment process really appealed to me.
Q: What do you think made your company stand out during this process?
A: I believe our company stood out because we’re tackling a significant problem – energy. Specifically, we are addressing an energy crisis in a market that desperately needs it, which is Africa. Solar energy is viable in Africa, but the challenge lies in affordability. We use technology and smart metering to unlock capital and credit, creating value for the customers. Our team is strong; my co-founder has experience in smart metering with renewable energy, and my background with Amazon in scaling digital products sets us apart. We offer a product that is highly needed in the market we serve.
Inside Startupbootcamp Program
Q: Can you describe the program at Startupbootcamp?
A: The program lasts three months and is intensely paced. The first two months are especially accelerated, like driving a car at 180 km/h. It’s a period of rapid progress and significant work. The final month is more focused on refining your pitch deck, improving your financial model, onboarding customers, and similar activities. Overall, it’s a very intense three-month program.
Once accepted, the first step is a session with your program manager, where you fill out a business model canvas. This involves detailing your value proposition, revenue streams, costs, key activities, etc. The program involves regular sessions with experts on various topics like financial modeling, product strategy, and achieving product-market fit. There are weekly meetings with your program director, who supports scaling your business. The program is intensive, with weekly assignments focused on building and selling your product, validating your problem and solution in the market, and being accountable for your numbers every week.
The program culminates in a Selection Day. It’s an opportunity to showcase how far you’ve come since joining Startupbootcamp. Our Selection Day featured a large crowd with 20 startups, including 10 from my cohort, where each startup had three minutes to present. After the Selection Day, attendees have the option to express interest in connecting with any of the startups. Startupbootcamp then facilitates these connections, allowing for follow-up and potential collaborations.
Q: Did Startupbootcamp introduce you to potential partners or investors?
A: Yes, one of the great benefits of Startupbootcamp is its extensive network, which includes potential business partners, customers, and investors. Since joining the program, I have received a $100,000 external investment and am still working on closing the future rounds. The program has helped refine our product to better serve our target markets.
Additionally, my company, registered in the UK, has received a grant offer to adapt our solutions from Nigeria to the UK. This is a significant validation of our progress and future direction. Startupbootcamp has been instrumental in refining our product offering and enhancing our business prospects.
Q: Did Startupbootcamp provide funding?
A: Startupbootcamp does provide funding. When you join the program, they offer 15,000 euros and, in exchange, take an 8% equity stake in the business. However, the value they provide extends far beyond this initial funding. They offer comprehensive business support, which is invaluable. After completing the program, we were able to raise an additional $100,000 and secured funding from the UK government.
Achieving Milestones
Q: Can you share any significant milestones achieved during the Startupbootcamp program?
A: During the program, one key milestone I achieved was establishing a connection with Sterling Bank, a prominent Nigerian bank involved in solar financing in Africa. This was a significant step for us. Additionally, within my cohort, two startups and I are in the process of signing a memorandum of understanding to collaborate in business. This collaboration was facilitated by our participation in Startupbootcamp.
Q: What were the achievements following the program?
A: After the program, I secured funding here in the UK, which was a major accomplishment. Furthermore, I’m bringing two startups from the Startupbootcamp community into this venture. These startups, e-DocOnline (https://www.e-doconline.co.uk/) and Flexthor (https://flexthor.com/) were part of our cohort. We plan to leverage each other’s technology to advance our operations in the UK. Without Startupbootcamp, I wouldn’t have discovered what these companies offer. Edocs online has an open banking infrastructure for collecting payments in the UK, and Flexstore enhances battery utilization and grid frequency management. Their technologies will significantly enhance our product offerings.
Q: Do you maintain connections with the Startupbootcamp community?
A: Yes, we stay closely connected. We have two WhatsApp groups and a LinkedIn page where we regularly communicate. If I travel, like to France, I can easily contact fellow Startupbootcamp alumni living there. We also have monthly founders’ meetings to discuss our respective startup journeys and maintain our connections. Whenever I visit Amsterdam, I make it a point to visit Startupbootcamp, acknowledging their integral role in my story and exploring further collaborations.
Current Status and Future Milestones of Powerfull Technology
Q: What is the current status of your company, and what are your next significant milestones?
A: Currently, my primary focus is to deepen our operations in Nigeria, the market we’ve chosen. With the recent funding, my goal is to significantly increase our traction there. Another key milestone is an expansion into the UK market, serving different needs here. My aim is to establish a Minimum Viable Product (MVP) in the UK, understand the market intricacies, and then accelerate our growth here. So, it’s all about gaining traction in Nigeria and building a successful MVP in the UK.
Q: Have you explored any growth channels for your company?
A: Our growth strategy primarily revolves around a B2B2C business model. We sell to businesses and through them to other customers. Our growth channels involve direct sales prospecting, utilizing tools like LinkedIn Sales Navigator. We are focused on understanding our unit economics before extensively investing in them. In 2024, we plan to expand into social media marketing to create brand awareness, targeting the B2B market in specific segments, and then following up with product demos and direct outreach.
Final Advice for Aspiring Startupbootcamp Applicants
Q: Do you have any advice for founders considering applying to Startupbootcamp?
A: Firstly, it’s crucial to solve a real problem. Many successful startups begin with an observation rather than just an idea. It’s important to identify something that could be improved and then address it, rather than just conceptualizing an idea in isolation. Secondly, become deeply familiar with the problem and the customer. This understanding is key to articulating your solution and its potential during meetings and selection days. Keep your approach basic and simple. Focus on genuinely understanding and solving the problem at hand.
You can watch Powerfull Startupbootcamp Demo here.