The motivation to start the business was to bring to the market an environmental technology that could address the vast amounts of industrial waste heat being needlessly expelled to atmosphere. As with the origins of any business there are a number of factors that need to intersect to create the correct environment. The key ingredients in the case of Econotherm® were the right technology, access to capital and capability and a strong and growing market. The challenges of taking a new technology to market should never be under-estimated. One of the biggest was the simple lack of client references which makes the initial sales very difficult as essentially relies on individuals in prospect organisations to take risk. Access to finance is an ongoing challenge and it is essential to be able to sufficiently cash flow the business. Banks are generally unsupportive with start-ups particularly after the 2008 banking crisis, there are other options but the ability to raise capital will very much depend on lender confidence in the business

Success Factor

The firm has reached a tipping point whereby there are enough customer success stories to support new business and also a critical mass of repeat business from the existing client base. There has also been a major breakthrough with a single large customer who has started giving orders to Econotherm that are larger than its balance sheet. Finally, referrals from two clients which have opened up further oil and gas opportunities for Econotherm.

The Future

Econotherm is working to a five year growth plan currently which will see 2019 revenues of £4.1. million rising to £30 million. This includes acquiring a dedicated large APH assembly facility, recruitment of additional sales resource and expand global distribution network, complete development of new products and sector offerings, develop and market niche products and increased marketing focus starting with well-placed trade magazine articles