Exelon: Prizing Entrepreneurship
Few industries would qualify as more old-line and conventional than the Rust Belt electric-utility business. But Chicago-based Exelon has emerged from that with a pace-setting big-to-small strategy that belies its traditional roots.
Last year, for example, Exelon invested in two local startups “that have had a real impact for us,” Sonny Garg, the company’s chief information and innovation officer said in 2014. ADMCi is a “design thinking” school, and the other new Exelon partner, AKTA, is a mobile-development company that since has been recognized as an Inc. 500 company.
“We’re looking to drive a culture of innovation, develop emerging technologies and work with entrepreneurs,” explains Brian Hoff, Exelon’s director of emerging technology. “We’ve even shown the board our program. From a high-level program with board-level visibility, down into the weeds with specific startups—everything weaves together.”
One successful “weed patch” for Exelon has been an annual program it began in 2013 called “Dancing with Startups,” in which the company hosts emerging startups at a smattering of cities across the country for a day of presentations and partnership discussions. It offers prize money for the best ideas and business models, and it has brought some of the entrepreneurs into the company “to try out their products and technologies,” Hoff says.
“If we think there’s an investment opportunity, we have an investment arm, and after we’ve piloted something and seen that it has value, we can make an equity investment,” he says. That’s how ADMCi and AKTA got on Exelon’s radar. Or sometimes there’s a good fit within Exelon. Or maybe the startup is more interested in strategic advice than cash.
Hoff notes that the process already has produced a steady deal flow. Exelon’s courting of outside innovators also has raised the company’s esteem in the eyes of its own employees, based on
internal questionnaires, and is “impacting the culture,” he says.
Of course, there are dangers for the company in plunging so dramatically into the exciting new realm of the startup: Garg recently resigned to join one of the startups in which Exelon invested, Uptake, a data-analytics company.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
0
1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
