1. Innovation Network 19th January 2005 Building 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. Brief outline What were the problems for a start-up company How we created the can-do culture Rewards it has brought Partnerships Conclusion

7. 1.Entered an established, bureaucratic industry 2.Privately financed with limited funds 3.High-profile failures of new competitors 4.No customers 5.Little experience of electricity business Problems we faced

8. 1.Decided not to copy the way the electricity industry worked 2.Recruitment of “industry-experts” kept to a minimum 3.Problems seen as Opportunities and addressed NOW 4.Had to throw brains rather than money at problems 5.We needed a set of principles that would endorse the way we were to work …. and so The EP Way was born Create the Can-do culture

9. The EP Way 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….. Our company believes in….

10. 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 Create the Can-do culture (continued)

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 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… Economy Power is the leading independent electricity supplier in the UK

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

16. Innovation Network Next Event: 23 rd February 2005 Ian Jones (Cardiff University) Permission To Think A creative thinking special event To register: innovation@cardiff.ac.uk