Rapid Innovation Group client helps light a Caribbean island

One of Rapid Innovation’s clients recently deployed their renewable technology to bring lighting to the island of Grenada. The client in question has developed a portfolio of patented wind turbines which extract significantly more power from the wind than conventional turbines. One of their products, the Remote Power Unit (RPU) is a hybrid solar and wind solution which has been designed as a street light. The off-grid RPU powers an 80-watt LED bulb with built-in battery storage lasting up to five days. The installation on Grenada is the first renewable hybrid streetRPU in Grenadalight on the island.

Starting from scratch

A Rapid Innovation Group client involved in delivering a market disruptive solution in the energy management space has successfully entered negotiations for deployments across Europe.  Further to a short market discovery engagement with Rapid Innovation Group’s energy practice, potential partners in the three core markets targeted have entered into formal negotiations with their existing customers to deliver pilot solutions.
Working closely with the client and leveraging existing market expertise, knowledge and relationships, Rapid Innovation Group was quickly able to create a European proposition for a non-European solution set – supported by detailed conversations with stakeholders across multiple markets on the continent.

 

This pathfinding work has supported informed decision making within the client as to the value of the European market within the international context.

Permasense case study

Background

  • Rapid Innovation Group worked with Permasense Limited 2010 – 2015.
  • Permasense is a provider of differentiated corrosion monitoring technology aimed at the Oil & Gas market.
  • The company grew out of Imperial College with the R&D being funded by one of the Oil & Gas supermajors.

 

Rapid Innovation Group’s brief

  • To work hand-in-hand with the CEO from 2010 in taking the company from a single customer entity to one with customers across the world in different segments of the Oil & Gas market.
  • Year 1: Negotiate out of exclusivity with the supermajor. Embed the technology with 6 other “early adopters” in the market.
  • Year 2: Demonstrate significant growth and repeat orders both from within existing sites and with other sites within groups.
  • Year 3: Further demonstrate growth and move towards upstream.
  • Year 4: Grow revenues in emerging markets through establishing channel partners in these markets.
  • Year 5: Grow revenues through channel partnerships in the Asian and Australian markets as they set up new offices and hired new personnel to cover the Americas and Europe.

 

Achievements

Year 1:

  • Exclusivity relaxation negotiated without surrendering any equity or significant royalty payments.
  • 8 new customers proving that the technology had application across the industry, not just for a single customer.

Year 2:

  • Revenues of $3.6m.
  • Repeat orders from all but 2 of the Year 1 customers.
  • 15 New sites.
  • Penetration across all the supermajors.

Year 3:

  • Revenues of $5.4m.
  • 20% of revenues from upstream.
  • Customers across 20 countries in all 6 major continents.
  • Strategic partnership creating significant value / revenues for the company.

Year 4:

  • Revenues of $7.2m.
  • Emerging markets constituted a third of revenues.
  • Channel partnerships set up in all the major Asian markets.

Year 5:

  • Revenues > $10m (40% growth in a down market in Oil and Gas).
  • Asia and Australasia expected to comprise more than 30% of yearly revenues.
  • Significant new orders in three major Asian markets.
  • 6 of 7 channel partnerships delivering revenue.

 

By the time Rapid Innovation Group stopped working with Permasense, they had a Chief Revenue Officer, a Chief Marketing Officer, 3 additional sales offices (US, Asia-Pacific and Aberdeen) and a team of 10 people in the sales and marketing functions to drive growth across the business across both upstream and downstream.

Rapid Innovation Group client sees significant international growth

A Rapid Innovation Group subscription service client has now sold into every inhabited continent in the world, having established a presence in 22 countries during our work together on international partnering.  Successful execution against a comprehensive partner strategy means that the current momentum is anticipated to push the client’s services into an additional seven countries in the coming six months.

Rapid Innovation Group closes 3 client partnerships in the second half of 2015

The client in question has developed a patented wind energy solution which extracts up to 100% more power from the wind than conventional wind turbines.

Between September and December 2015, RIG worked with the client to close 3 international sales partners based in strategically valuable territories: The Philippines and South East Asia, The Canary Islands, and Italy.

Rapid Innovation Group Oil and Gas client wins orders of $10.2 million this year

The client is a world leader  in corrosion monitoring systems and this year’s order intake has grown significantly despite the downturn in Oil and Gas. Compared to last year, order intake has grown by 38%.

RIG helped its client drive this growth, by focussing on emerging markets in Asia and Australia. Growth in order intake in these regions was 175%.

Rapid Innovation Group client enters a fourth year of consistent international revenue growth

Tasked with internationalising a subscription software company selling support services, Rapid Innovation Group’s partners have worked closely with the client’s management team to develop enabling partnerships with tier one consulting firms.

From early successes on the European continent, the client can now deliver its software to customers on all six inhabited continents – and currently does so on four of these in multiple languages.  Successful partnerships have been the springboard for both effective delivery and significant revenue diversification away from a dependency on the British Isles.

The client is on track to grow for a fourth year at an annualised compound rate of 25%.

In additions to solving the delivery challenge in a scalable manner, Rapid Innovation Group has supported the client through a number of internal challenges relating to organisational structures and product production and maintenance processes – all of which will enable growth through the next significant phase of the business: true scaling.

The client is expected to hit its next major revenue milestone in early Q2 2016.