How to sell a smart grid startup: act like enterprise software
Now that smart meter software company eMeter found an exit with Siemens, perhaps it’s time for a bit of discussion about how to get a deal like that done. One of the key ways that eMeter has developed over the past 20 months since its current CEO Gary Bloom came on board has been to act like an enterprise software company, according to an indepth interview with Bloom in Xconomy. It’s an interesting shift and no doubt one that other smart grid software companies should take to heart.
Bloom, who has a long background in the enterprise software industry, supposedly brought in new execs with enterprise software chops for sales, marketing and business development. Bloom tells Xconomy that eMeter shifted its strategy to mimic how enterprise software works in terms of selling products, servicing customers, delivering maintenance upgrades and providing fixes for customers when they need it.
Kyle Arteaga, eMeter’s global head of corporate communications, tells Xconomy that as a result of the shift, eMeter “doubled our customer base, our deals became more profitable, and the company was worth more.” While eMeter and Siemens aren’t disclosing the size of the deal, Atreaga says: “Everyone is going to see a return on their investment, which isn’t always the case in cleantech. I think everyone is quite happy.”
Despite a task completed, Bloom, plans to step down as soon as the deal is closed to pursue other opportunities.