Chances are, you are throwing money out of the window, no really you are!
The second day of the 1776 Challenge Festival devoted itself to energy, and the deficiencies that persist, and the solutions we need to "power" the future with. Within these discussions the flawed domestic household played a central role. From the cracks in our windows to the rigid heaters in our buildings, despite our testimony to being sustainable, our households are far from being so, building and apartments still being unable to adapt and learn our energy needs and behaviors.
In effect, it does not come as a surprise that one of the two winners of the Energy semi-finals, Radiator Labs tackles old, wasteful buildings and, via a unique patent-pending product offering, improves their heating efficiencies up to LEED standard levels.
The Cozy shell that promises to end inefficient radiators. Source: Cozy
Startups like these are part of a larger process in which entrepreneurs are looking to shift consume behavior, as Philips, one of the main sponsors of the Challenge Festival has noted.
This shift will come in gradual increments as more household products move towards becoming sustainable, and versatile agents. One of these items is MIITO, a sustainable alternative to the electric kettle. The demand for these energy efficient items is underlined by the $100,000+ funding MIITO was able to generate within the first twelve hours on Kickstarter.
This demand is in part fueled by the fact that, "....smart meters and smart rates [are] being deployed nationwide [which] give[s] customers more options" as Brian Wolff, Vice President of Public Policy and External Affairs, at Edison Electric Institute notes. With more dashboards at out disposals users are realizing the sheer energy wasted on households items such as electric kettles. Nils Chudy, co-founder of MIITO notes that, "...the amount of energy wasted on electrical kettles in the UK on a daily basis, is enough to power all of its street lights!"
MIITO, innovative induction plate "kettle." Source: Kickstarter
Unlike MIITO or Radiant Labs, Base Trace is looking to the source of energy to revolutionize the way energy is generated, and monitored. Ever since Fukushima, the nuclear industry has lost a key resource, namely trust. Base Trace is rebuilding this trust, by providing "tools for trust", which trace industrial fluids, how they move, where they come from, and where they are going. "Tracing these fluids is a key element for everything from environmental monitoring to optimizing existing processes" as Base Trace notes. In essence, nuclear and energy companies will be able to detect, and monitor leaks, earlier, better, and in a digital manner, which will bolster transparency for companies, and the civil sector alike.
Base Trace as a result joined Radiation Labs as the second winner of the Energy semi-finals at the 1776 Challenge Festival. Both will compete along side the education, healthcare, and smart city finalists on Saturday for a share of the $650,000 Challenge Festival pot, which will be distributed as funding to the startups.
Be sure to check back for more Challenge Festival news, as well as post-coverage of the Challenge Festival, which will look at the bigger picture when it comes to transatlantic entrepreneurial cooperation, and the innovation being born out of Austria.
Quote of the Day
"Running your properties smartly is now the rule" Patrick J. Tyrrell, CEO of Vornado
Tweet of the Day
The 1776 Challenge Festival is creating national ripple effects, however, is DC the 'East Coast Silicon Valley'? Donna Harris, co-founder of 1776 answers on the Kojo Ndami Show.