Wonder Kid: This Student Founded a Startup That an Electric Utility Wants to Buy for P120 Million
“We only use the aircon for two hours a night,”
Unlike other youth entrepreneurship contests that select the best business plans or ideas, the GSEA is open only to students who have already put up a business that has earned revenues of at least $500 or raised a minimum of $1,000 in
The five finalists of the GSEA pose with judges of this year's competition.
Starting with just a seed capital of P20,000 from each of the founders, Exora has won an initial funding of at least P5 million from a serial angel investor. It expects to earn P50 million this year and P500 million over the next five years.
Before Exora, large power users typically took up to six months to firm up contracts with retail electricity suppliers. Exora helps cut the process to just weeks, said
At the seminar, he asked why third-party auction platforms didn’t exist to facilitate retail competition and open access in the electricity distribution industry. “They told us, first, it’s very new, and second, because the not one of the electricity suppliers trusted each other,”
Exora’s growth potential is huge, considering there are close to 2,000 electricity users whose peak demand exceeds 250 KW throughout the country. He is eyeing to aggregate the electricity requirements of those users to help them get
In a sign of the company’s bright prospects, an electric utility has offered to buy Exora Technologies for around Php120 million,
Founded in 1998 by Saint Louis University in the US, the GSEA is the premier global competition for students who own and operate a business while attending college or university. This is the fourth year the GSEA competition is being sponsored in the country by EO Philippines.
Global Student Entrepreneur Awards chair Duke Ng shares a few words at the event.
The other finalists in the Philippine leg of the GSEA contest were the following:
- Jaime Young, a 23-year old Ateneo student who founded Taikuun Technology Ventures, an online trading platform for small and medium-scale manufacturers, which was declared a runner-up in the awards;
- Diana Magtoto, a 21-year old UA&P student who founded DCCM Vegetable Trading, a social enterprise that is building an online market for organic vegetables produced by Igorot farmers in Benguet province;
- Dominique See, a 23-year old Ateneo student who founded Wholly Grain, which develops and markets healthy food products from organic sorghum grains grown by Ilocos Norte farmers; and
- Christine Tiu, a 24-year Filipina student at the Peking University in China who founded AMAMI, a social enterprise that helps create a bigger market for jewelry and fashion accessories made by poor but skilled craftsmen.
Roel Landingin is the editor-in-chief of Entrepreneur PH. He was a guest judge at the contest.
*This story originally appeared on Entrepreneur.com.ph
*Minor edits have been made by the Townandcountry.ph editors