History is filled with tales of the little guy taking on giants. We cheered when Average Joe’s beat Globo Gym and gave roaring applause when Leicester City won the Premier League (anyone but City, really). Underdog stories are the most compelling.
Entry into foreign markets is a major challenge for companies of all sizes. A variety of differences in cultural, regulatory and operational practice in foreign markets has seen to the swift exit of many ambitious multi-national corporations. The problem herein lies; many of these barriers can be non-tariff in nature and perhaps, the most terrifying thing is that you do not know what you do not know.
Japan has always been a target market for Electrify. We did not just want to show up and plant a flag — we wanted to do so in a manner favourable to success and longevity in the Japanese market. It is a tricky path and Electrify would settle for no less than a significant partner. The importance of strategic partnerships cannot be overstated. Much like the business advisors we sought, we needed a partner that has ‘been there, done that’.
The team stands proud alongside the Tribe to announce that Electrify has signed a Memorandum of Understanding with TEPCO, the largest electric utility in Japan (4th largest in the world), with operations spanning from electricity generation to retail and distribution.
Our partnership with TEPCO involves co-developing a Proof-of-Concept (POC) for our P2P energy trading platform, Synergy, in Singapore. Following that, an implementation of Synergy’s architecture in the Japanese market beckons. There are no heroic moments to recount. There are only intents and outcomes. We set off with the intent to establish presence in the Japanese market, and we are now a step closer to realising that as an outcome.
Electrify came from humble beginnings. Two regular men invested their hearts into one simple vision of enablement. The foundation of this vision rests on an ability to first enable themselves. Today, a Tribe stands with them as a reminder of intent and validator of outcome.
This tale of growth and collaboration has only just begun. The next announcement coming out of Japan in May will reinforce our commitment to entering the Japanese market.