Meet The Finalists Of Dubai Startup Hub's Smartpreneur Competition 6.0: Digital Energy
"The UAE is made up of many nationalities from all over the world which offers the potential to get insights that will help companies scale on a global level."
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Digital Energy is one of the top 10 startups pitching for prizes worth a total of AED150,000 at the finals of Dubai Startup Hub's Smartpreneur Competition 6.0, which will be staged as part of Entrepreneur Middle East's Enterprise Agility Forum 2022 at Expo 2020 Dubai on January 20, 2022. Register HERE to be a part of the event.
Solving inefficiencies for energy intensive companies requires a wealth of industry experience and a commitment to in-depth research- two qualities that Morgan Eldred certainly did not lack before founding Digital Energy. Having worked as an energy research director, and in strategy development, as well as transformational program delivery for Gartner, Maersk Oil, and Shell respectively, Eldred decided that his startup venture, at its core, should be focused on "environomics," which he defines as the unification of economic strategies and sustainability practices delivered through advanced artificial intelligence (AI) solutions. "We have developed cutting edge AI solutions that are proven to significantly reduce the use of resources and the costs with precision and transparency," Eldred explains. "These algorithms are accessible from our collaborative digital platform that enables companies and their supply chains to connect and collaborate on tracking, tracing, and then optimizing their emission intensive processes."
Such innovations point to how Digital Energy got selected as one of the finalists of the Dubai Smartpreneur Competition 6.0 organized by Dubai Startup Hub, the entrepreneurship arm of Dubai Chamber. Eldred is thus hard at work at the moment preparing for his pitch at the event, which will be staged as part of Entrepreneur Middle East's Enterprise Agility Forum 2022 at Expo 2020 Dubai on January 20, 2022. "We are sharpening our messaging and value proposition," Eldred says. "The tips I would put forward [to other entrepreneurs] about pitching are to make sure to demonstrate your passion and the impact your business will have to the judging panel." Working with Dubai Startup Hub on this competition has been an extremely fruitful experience, Eldrich adds. "I would definitely recommend it to all entrepreneurs, because the structure, format, and mentoring offered by the Dubai Startup Hub is excellent, and all entrepreneurs will acquire critical skills needed to grow a business."
Related: Follow The Leader: H.E. Hamad Buamim, President and CEO, Dubai Chamber of Commerce and Industry
Eldred gives us a preview of his pitch for Smartpreneur 6.0 by reiterating that his startup works in the digital energy space, which consists of large-scale emission intensive companies, such as those in the energy, logistics, manufacturing, and construction industries, and which account for over 30% of the world's emissions. "Many of these companies have ambitious sustainability targets and digital plans, but they are focused on pocket solutions and are struggling to unlock real transformation," he says. "This is where we really excel, because, by leveraging our environomics approach and subsequent AI solutions, we have already reduced millions of gallons of fuel, which is enough to sail around the world, reduced thousands of tons of material, which are equivalent of three Eiffel Towers, increased energy production equivalent of 127,500KWh per day, which is enough to charge 1,275 Teslas, and saved hundreds of potential incidents- more than a year of loss-time injuries."
As a long-term Dubai resident, Eldred has witnessed firsthand how the UAE has built its startup ecosystem, and therefore considers the country to be a vibrant and dynamic working environment to start up a business. "Three insights that I could provide about the UAE is that it is a great place for recruiting talent," he says. "You don't need to import talent, but you can attract and grow talented individuals that are already in the country. The digital infrastructure of the UAE government is unparalleled, and this really helps fuel a vibrant startup ecosystem. Lastly, as a society, the UAE is made up of many nationalities from all over the world which offers the potential to get insights that will help companies scale on a global level." And that's the plan Eldrich has in mind for Digital Energy as well. "We are planning to expand to other geographies along with releasing new product and service offerings that are coming out of our research and development," Eldrich reveals.
Related: Winners Of Dubai Smartpreneur Competition 5.0 Take Home AED150,000 In Prizes
Image courtesy Digital Energy.
"TREP TALK: Digital Energy founder Morgan Eldred's tips for entrepreneurs
1. Make use of help wherever you can find it "Leverage the support facilities that are available, such as Dubai Startup Hub."
2. Keep an eye on your funds "Plan working capital appropriately, and use new services such as crowdfunding and contract factoring."
3. Collaboration is key "Network with the growing startup ecosystems to look for collaboration, as a lot of brilliant ideas are being put into execution every day."
Digital Energy is one of the top 10 startups pitching for prizes worth a total of AED150,000 at the finals of Dubai Startup Hub's Smartpreneur Competition 6.0, which will be staged as part of Entrepreneur Middle East's Enterprise Agility Forum 2022 at Expo 2020 Dubai on January 20, 2022. Register HERE to be a part of the event.
Related: Meet The Finalists of Dubai Startup Hub's Smartpreneur Competition 6.0: One Moto
