Blockchain is a new foundational building block for doing business on the internet.
It’s the underpinning technology for cryptocurrencies such as bitcoin and ethereum. But it’s also the underpinning technology for micro-grid electricity sharing plan. There is a lot of value in looking at the technology’s application to the clean technology space and Genr8 is tokenizing green energy by utilizing it.
Based in Dubai, this start-up aspires to create “The Word’s Smartest Energy Exchange” by creating a decentralized peer-to-peer energy exchange platform, specifically around renewable energy systems such as solar, water & wind, transforming the energy sector with blockchain technology — which is already beginning to disrupt many existing industries.
Let’s see how did Abdullah Al- Mansoob build the world’s smartest energy exchange with blockchain!
What motivated you to start a company involved in clean tech?
It was evident that governments around the world were not doing their job to keep our environment clean, safe and healthy which ultimately gave way to the private sectors taking matters to their own hands. This is exactly what we are seeing today, many Fortune 500 companies are adopting clean tech not because it is a mandatory law but on the contrary, because they see the long-term benefits of doing so and it aligns with the values of these organizations
Since the Kyoto protocol in 1997, many countries came to an agreement of fighting climate change by setting binding emission reduction targets under the United Nations Framework Convention.
Now, over 20 years later, emissions are still on the rise. I realized a more effective way to combat this challenge was through entrepreneurship.
We decided that the timing was ripe for a new technology to disrupt traditional utility companies, and we were right.
What does the name Genr8 signify?
Genr8 is more than letters that add up to a word. It represents creativity, and by having a creative name and logo, it creates a spirit of innovation within the startup where the best and most aspiring ideas win. We allow the curiosity and creativity of those reading the name to define the true meaning of Genr8.
We find ourselves defining Genr8 in two ways:
- First, it is as simple as the generation of energy.
- Secondly, we challenge our name by saying that it signifies the current and future generations being activators and witnesses of a clean energy revolution.
What’s the hardest decision you’ve made so far?
There are a lot of hard decisions to be made, however, some of them are undeniably complex. To be specific, I feel that decisions regarding people that have to be made are emotionally harder. I also find myself having a hard time dropping ideas that we already started, although it is necessary to do so at times in order to concentrate the focus and energy of the team.
I believe that hard decisions are often what define the boundaries of organizations.
What daily steps do you take to promote sustainability?
Our daily mission to promote sustainability is through continuous research and innovation to bring alive the idea’s of sustainability in a practical manner.
We are also raising a following through digital marketing that aims at driving people to empower ecosystems. We often share best practices and technology that is in the alternate energy space that is impact driven in our pages to demonstrate the potential of energy technology.
Which alternative energy projects are you most excited about?
I’m really excited about the projects that are happening in developing countries. Many inspiring stories are spinning off from Africa, South East Asia, and South America.
For me, it is pretty amazing to see people putting power into their own hands by installing renewable assets. People around the world are feeling the benefits of grid-parity first hand.
In these places where utility companies are unreliable and expensive, people find it more beneficial to live off the grid.
Even in the West, the same pressures can be found. Also, now we are seeing regulations supporting decentralized and independent grids and more and more off-grid communities.
Where do you see yourself in 10 years?
Hopefully by that time, I can spend more time with my family and Genr8 will need less of me.
I also think its important to launch a company involved in water, because I believe in that time water will be the most valuable natural resource and issues regarding water will be the most important to address.
What have been your biggest milestones to date?
Here’s some of our best moments in no particular order:
- Made the worlds first smart energy exchange system.
- Winner of the Hult Prize Intra Competition.
- Listed by Entrepreneur media as one of the top 10 startups to lookout for in 2018.
- Shortlisted as one of the top 20 blockchain projects to present in the Global Blockchain Challenge.
- Featured in Arabian Business, CNN and other media outlets.
What challenges did you faced initially building Genr8?
With all new and disruptive technologies, a hardship is always reaching MVP for novel technology and demonstrating it.
It gets very challenging convincing other people to believe in your mission when you’re at the idea stage and equipped with limited financial resources.
Taking a leap of faith although necessary is always a difficult jump because you are risking yourself and the project in the process. It can be difficult starting off and tough to navigate the acquisition of top talent in very specialized fields.
All of these challenges are precisely the reason I chose to be an entrepreneur, because I enjoy solving important problems.
To know more about Genr8 log on to www.genr8.io.