Geothermal Start-up Keeps You Warm
Name of business: HeatSpring Energy
The Team: from left, Duncan Miller, Brian Hayden, Michelle Park MBA 2007, Becca Caspe
Mission: HeatSpring Energy delivers the resources needed to be successful inthe rapidly growing geothermal industry. Through trainings, project design and consulting services we promote consumer awareness and responsible industry growth.
Began in: 2007
Where: At Babson College (of course) in the “Entrepreneurship” class with Steve Spinelli and “Marketing for Entrepreneurs” class with Bob Caspe
Founders: Duncan Miller MBA '07 and Brian Hayden MBA '07
Employees: 4 – Duncan Miller, Brian Hayden, Michelle Park MBA '07 and Rebecca Caspe
Founder's Past Life/Business: Duncan has a background in entrepreneurship and consulting. He is also a licensed real estate agent with educational experience in green building, HVAC systems, and construction project management. Brian was a product manager at a candy company in Portland, Oregon. His previous experience was in technology consulting.
How the Idea Began: We wanted to get into clean energy – geothermal seemed to have reasonable business challenges and accessible opportunities. We thought we could address the business challenges more easily than inventing some kind of new technology for other areas of the clean energy industry. Our industry contacts said that their businesses had expanded greatly in the last few years and that the industry was growing. We took the idea and then really used our resources at Babson to bring the business to life.
Initial Preparation to Germinate Idea: The idea was developed through two different classes at Babson. In Steve Spinelli's “Entrepreneurship” class we did market research and compiled our knowledge about the industry. Then in Bob Caspe's “Marketing for Entrepreneurs” class we worked on implementing our business plan and finding customers.
Favorite Thing about the Business: We are selling a service that we believe in. Also, as a start-up we have the flexibility to do whatever we want to try or think will work.
Worst Thing about the Business: Not enough time in the day!
Biggest Challenge: It has been a challenge to convince consumers that geothermal is a viable and efficient clean technology at a time when there is a lot of interest in solar and wind.
Lesson Learned: Listen to your customers first and deliver second. This has opened many doors for us in terms of opportunities.