Entrepreneurship is All About Pain
Posted on June 30, 2009 by
StephenLacey
Lyndon Rive knows a thing or two about entrepreneurship.
In 1998, he started
Everdream,
a Software-as-a-Service company that made it easier to install and maintain
software. In 2007, he sold the company to Dell.
Now he's Founder and CEO of the Solar-as-a-Service company
SolarCity, which
makes it easier for home and business owners to install solar. Started in
2006, the company now has over 250 employees and will likely higher 100 more
in the coming year.
Rive is 31 years old.
Why did he achieve so much at such an early age? He saw what all successful
entrepreneurs do: Pain.
Licensing software used to be an expensive and cumbersome affair.
Managing the installation of software on computers even those that didn't
use the programs all that much was not the easiest of tasks. But with
web-based software downloads and remote management, the process became
easier and more fluid. Everdream was starting to do this even before
Software-as-a-Service became a ubiquitous term.
Rive has carried that concept into the solar industry.
Purchasing a solar system can also be a complicated and expensive affair.
Researching contractors, navigating the patchwork of incentives and then
plunking down $25,000 for a solar system can turn a lot of people off. But
what if a company could take care of the process for you and guarantee clean
electricity that is cheaper than utility rates over a 20 year period of
time?
That alluring (and common-sense) proposition has made companies like
SolarCity, SunRun, SunEdison and Solar Power Partners some of the
fastest-growing companies in the solar industry today. It looks like this is
the future of solar and Rive recognized that back in 2006.
We saw the pain point and went for it, said Rive in an interview I
conducted with him last week in New York City.
His advice for other entrepreneurs looking to get into solar: Don't just get
into solar for the sake of getting into solar. You need to address a market
need.
The first thing you need to focus on is what is the pain point you are
trying to address. If they notice a part of the market that is not being
addressed yet a pain point that is clear that they think the can solve,
that should be their focus.
But it's not just about ideas either. You need to be able to act on those
ideas. And given how crowded the solar space is with new technologies and
business models, there will be a painful culling process in the coming
years, said Rive.
Over the last three years a lot of ideas have been established and the
investments have gone into those ideas. For the next three years, it will be
the execution of those ideas. The idea is one percent, the execution is 99
percent, Rive said.
With two successful companies under his belt, Rive is certainly showing that
he can execute.
I will be publishing my entire interview with Rive in a coming episode of
Inside Renewable Energy, our weekly podcast that features news
and interviews on all the latest industry developments.
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