SHAKTI
IIT Madras
SHAKTI, an innovative startup in energy management, began with a vision to address inefficiencies in power consumption through a smart decentralized system. Founded by five friends, their goal was to create a reliable, cost-effective, and clean electricity solution by integrating renewable energy sources. Their initial focus was on developing a cutting-edge technology for energy management and storage, aimed at revolutionizing energy usage.
However, their journey took a significant turn when they joined the GDC’s I-NCUBATE Program. Initially, SHAKTI’s business model was based on a broad assumption that reducing energy costs would benefit all potential customers. This approach led them to adopt a one-size-fits-all strategy, which proved to be too generalized. The I-NCUBATE Program provided critical insights that challenged their assumptions and prompted them to refine their approach.
Through the program, SHAKTI engaged in thorough customer interviews, market research, and hypothesis testing. They discovered that while reducing energy costs was important, the real market opportunity lay in optimizing energy management for specific sectors. A key revelation came when Shakti focused on spinning mills in Tamil Nadu, which faced high energy costs and declining profit margins. They found that these mills, which had already invested in renewable energy, were struggling with inefficiencies in energy distribution and storage.
The I-NCUBATE Program enabled SHAKTI to pivot from a broad solution-oriented model to a more targeted, problem-solving approach. This shift was driven by rigorous experimentation, feedback from industry experts, and a deeper understanding of real-world applications. With a refined strategy and a focus on addressing the specific challenges of their target market, SHAKTI is now well-positioned to drive impactful change in energy management and storage.
