energyBID: Your Gateway to Transparent Energy Prices

26 January 2024 - James Tucker

Q: What is the business model of energyBID?

A: energyBID operates as a live auction site for business energy, connecting businesses directly with energy suppliers. We address the lack of transparency in the energy market, where million’s of businesses that purchase electricity and gas use energy brokers. Our platform allows businesses to register quickly, within minutes in fact, as we gather their meter and consumption data automatically from the market. Energy suppliers then participate in a bidding process over several days, with feedback on ranking. The reason for this to take place over several days is because energy prices fluctuate for various factors. This bid model encourages competition and helps to get the customer the best price. Suppliers do not incur any fees to use the platform and customers pay a small transparent flat fee for each accepted contract.

Q: How does energyBID differ from energy brokers in the market?

A: energyBID is not a traditional energy broker but an intelligent auction marketplace platform, which we believe is a unique offering in our industry. Unlike brokers who often provide one-time price comparisons, we facilitate a continuous auction process, ensuring customers receive the best possible prices. Brokers typically receive commissions from energy suppliers, which can lead to conflicts of interest. energyBID, on the other hand, charges customers a transparent flat fee and does not take commissions from suppliers. Our service is accessible to millions of business customers including large corporates and smaller businesses, making it inclusive and fair to all.

Q: How user-friendly is the energyBID platform for business owners to set up an account and receive bids?

A: We’ve designed the energyBID platform with user-friendliness in mind. It enables customers to follow a seamless process, and our energy agents will assist in setting up accounts, ensuring a smooth experience for our customers.

Q: What inspired the idea for EnergyBID, and how did the journey begin?

A: The idea for energyBID arose from the need for a fairer and more transparent energy purchasing option in the business market. Having worked in the energy industry for a long time, I saw an opportunity to create a platform that benefits both energy suppliers and customers by removing unnecessary risks and increasing transparency. Also my experience as a customer on auction sites, where I felt in control and enjoyed the competitive aspect, led me to envision an auction platform for energy. In 2021, a team of energy, IT, and sales experts came together to address the trust issues between energy brokers, suppliers, and customers and from here energyBID was created.

The founders of our business are; myself, Utilidex and Lestir Investments. Together we have many years of experience working within the energy sector, building IT systems and large scale telesales operations and are all passionate about reducing energy costs for UK businesses.

Q: What are the barriers or challenges you are facing during the development stage of energyBID?

A: During the development stage, our primary focus is ensuring we comply with all the necessary regulations in place, including protection against cyber fraud. We’ve partnered with Microsoft’s startup program to help us address these concerns. Additionally, as we invite select customers to trial the software in the pre-launch stage, so that they can give us their feedback and we can address any issues that arise promptly.

Q: What is your perspective on the business environment for entrepreneurs in the UK?

A: I have always found the UK to be a favourable place for entrepreneurs. The business market in the UK has a structured framework, and I believe the country leads the world in sustainability initiatives, particularly in the green energy sector.

Q: How have Scrutton Bland supported energyBID?

A: Scrutton Bland have been instrumental in supporting energyBID as our accountant, handling all of our day-to-day financial matters. The team complete our bookkeeping and VAT returns for us and helped get us set up on Xero. More recently, after our seed capital raise to build the software,  their team has helped us with  the Seed Enterprise Investment Scheme (SEIS). We have now appointed their Corporate Finance Team to raise growth capital, so that we are ready for a live launch after our test phase. We really like working with the Tech team at Scrutton Bland, as they are used to working with businesses like ours, the services and help that they can give us can develop as the business expands and grows meaning that we can build a strong relationship with a team that understands our business.

Q: What can you share about your fundraising plans for energyBID?

A: We plan to raise growth capital for energyBID, building on the funds we’ve already secured for software development. Early this year, we will be conducting tests with customers and energy suppliers, with the goal of completing our fundraising efforts by this summer.

Q: What is the most significant lesson you’ve learned so far on your entrepreneurial journey with energyBID?

A: The most valuable lesson we’ve learned is to prioritise simplicity and to always think from the customer’s perspective. We believe in building what the customer truly wants and continually staying in touch with their needs and preferences throughout our journey.

Visit https://energybiduk.com/ to find out more and register your interest to trial the software in the pre-launch phase.

To speak to our Tech team about your business and to see how Scrutton Bland can help you on your journey, please get in contact with us by calling 0330 058 6559 or emailing hello@scruttonbland.co.uk

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