Smart Mentoring for Smart Tech
Joar Gunnarsjaa Harkestad and his associate Ørjan Svendsen sit at NTNU Accel where their company Hark Technologies is developing a “Smart Hub” which uses information from smart power meters to control home energy usage during peak times. This initiative is just one example of the innovation happening in Trondheim and Joar was kind enough to sit with me and share more about himself and his company.
Warming up to Entrepreneurship
After 3 years as a cybertnetics major at NTNU in Trondheim, Joar switched his specialization to a Masters of Entrepreneurship. He also took advantage of the ability to study abroad in each area of study, first at the University of California in Santa Barbara then at Boston University later on as he studied entrepreneurship. These two worlds of study collided when Joar had some early experience with the impact choices he made at home had on his power bill.
While living in an old apartment with some fellow students, Joar found their electric bill was far more than expected at NOK 2.000 in just one month. Like any student on a budget, the roommates did what they could to reduce the bill. Specifically, they shut off the heat when no one was home and during the night, changes that resulted in decreasing the bill by 40%. Not all costs can be expressed as money, however. The roommates were frustrated that they had to wake up and come home to a very cold space, and Joar knew there had to be a better way to achieve the same savings. In the absence of centrally-controlled and programmable thermostats, a solution did not exist that would work well with the most common electrical hardware in Norway. In this way, the idea for a Smart Hub was conceived.
A Powerful Idea
The Smart Hub is a device about half the size of your cell phone, with cable input ports on either side. It functions by using the data from a smart meter to first determine when times of high power usage are, then redistributes some functions to times of the day when peak power fees do not apply, all without the user even noticing a difference. The Smart Hub moves the time certain household power consumers draw electricity away from peak times, saving the customer money and reducing the simultaneous consumption load on the electrical grid. Some things that the Smart Hub can specifically control to meet the goal of moving consumption times are water heaters, car battery chargers, and home heating units.
Smart meters have a required implementation date in Norway of January 1, 2019, which also means the beginning of cost incentives to shift power usage away from periods of simultaneous consumption. Simultaneous power consumption levels establish the maximum capacity required of a power grid, and this physical infrastructure is the most expensive part of modern electricity. Adding a Smart Hub to a smart meter in households has a dual impact, both saving the customer money and reducing the amount of infrastructure required to meet the total power demand. A smaller electrical grid powered more consistently and efficiently is a key component to achieving the UN’s Sustainable Development Goals domestically.
Hark Technologies acted early to anticipate a need for a Smart Hub in a rapidly changing electricity market and the demand for a product like this is apparent. One obstacle they’ve encountered so far include the lack of standardized electric meters, which prevents the Smart Hub from being totally flexible for all applications. On the other hand, the resources made available to the company at NTNU Accel such as mentoring and prototyping have been instrumental in moving the product forward.
Sparking a Mentor Relationship
Because the founders of Hark Technologies started this project as students, they are aware that they initially lacked practical experience and knowledge of what it takes to bring an idea from the drawing board to reality. Thankfully, they were paired with their mentor Tor Andersen at NTNU Accel. Tor works at NTNU Accel as a mentor and was connected with the Hark Technologies team through the EU’s Climate KIC program. Hark Technologies was assigned Tor as a mentor in the early stages of their product development and he is now a board member and investor in the company.
“We are so grateful for all the time Tor has given our team and really don’t think we could have made it this far without him. He’s been a instrumental influence on us as entrepreneurs as much as he’s contributed to our product’s development. ”
-Joar Gunnarsjaa Harkestad
The success and forward progression of both the Smart Hub product and the founders personally are in large part thanks to the guidance and support Tor has offered over the past year. As a mentor, Tor has been easily accessible and has grown to deeply care about the project and company, taking ownership both literally and psychologically of their success.
Tor Andersen has 40 years of experience in company leadership and over this time he developed a natural sense for market analysis and understanding of the most important elements of a company’s strategy. For the past 2 years he has been a mentor to several companies, currently there are 10 companies he actively counsels and participates in as an investor or chairman of the board.
“I enjoy working with young, bright people and am glad to share my knowledge on how to build an organization by analyzing the market and developing a strategy for success.”
-Tor Andersen
Being a mentor also allows Tor to develop, forcing him to put into words and define the experience and knowledge he’s gained after decades’ of work in various markets. The people he mentors ask tough questions about things that may be natural to him but that he’s never had to actually explain. Witnessing the value he brings to each company and the growth he inspires is highly gratifying and Tor believes his work at NTNU Accel is the best use of the wealth of experience accumulated throughout his career.
The mentorship resources and physical space provided by NTNU Accel are instrumental to the initial and continuing success for Hark Technologies. Being able to share a space with so many great minds and resources with experience building companies of all sizes creates an environment of innovation where an idea can become reality.
