RUMM

Origins

The idea for RUMM Ltd was born by the technical director ‘in a pub’ in Finland where he thought about applying technology to energy management. Upon confirming that this was technically feasible funding was received for £20,000 to set-up a project at the University of Glamorgan. Further research was completed to confirm the technology was available via KEF funding in order to develop product, software, technology, and methodology. The company was incubated at the University of Glamorgan for 18 months (a further £150 KEF funding) as a project before it became a spin-out company in March 2005. The University secured 15 per cent equity in the company for the benefit of all the pre proof of commercialisation of RUMM. The company has continued to develop the software, methodology and technology as shown previously with its four unique proprietary components. The team within RUMM have worked and continue to work very hard to ensure that the business supports its clients, partners and the economy. It is in fact the success of the initial technology then motivated RUMM to continue with its proven methodology.

Our main challenges when starting the business

As with any other start-up company, there were challenges faced during the first three years of the start-up process. These included creating a legal entity - RUMM Ltd - from the University of Glamorgan was a process that had a large amount of due diligence to be carried out. Once this was set up, the three directors were clear in terms of the future vision for RUMM Ltd and a business plan was drafted to pave the way for the future activity of the business

Success Factor

The three main factors that have driven the growth of the business are a driven and focused team, great product and offer, and a good marketplace - energy management – in which to operate in.

The Future

RUMM is working closely with the University of Glamorgan and currently has dedicated PhD students working within Research and Development on a project named DICTAT which is Detection of Irregular Consumption using advanced Technology. In addition, it has other PhDs that are being developed for other areas which will allow the company to stay ahead of the competition. Development of processes and practices is ongoing at weekly and monthly technical reviews and also, in the interest of the team, within appraisals. This is core to making sure that the firm’s technology is leading edge and that it stays ahead of the market. RUMM has grown its business aggressively over the last 5 years and in the last 12 months have brought in ten new team members. The future aspiration of RUMM is to continue to organically grow the business.