How to know if pivoting is right for you - Alex Smith, HAMR Energy

Alex Smith, the co-founder of HAMR Energy, shares his experience being on SBC’s Energy Next Program and the key actions it takes to grow and pivot your business (if the opportunity arises).

For those who are unfamiliar with how waste recycling works, it’s about taking waste material, for example food-soiled cardboard that cannot be recycled, and using high temperatures to gasify the waste and turn it into methanol that can then be used as energy.

This was only the beginning for Alex and David. After starting SBC’s Energy Next program, Alex and his partner decided to pivot their business idea. This second business idea consisted of a few factors, as they had already learned how to convert waste to methanol, they used the same technology to convert waste to hydrogen as well. But instead of replacing the original business idea that he already had, the team decided to go ahead with both ideas!

It was not an easy decision to pivot but Alex mentioned three key factors that had to align for it to be the right decision for them.

Firstly, pivoting their idea to produce hydrogen as well as methanol was not a big shift for their technology. They had the building blocks and all they needed to do was apply it in a different setting. Secondly, the opportunity and timing was something they couldn’t pass up. There was a significant amount of funding that could come out of the project and it all had to be in by a certain date, which allowed them to sprint towards a target and see if this pivot would pan out. Lastly, it didn’t preclude them from still working on their other idea in the meantime - lucky there were two of them as co-founders.

If given the opportunity, Alex is confident that he would go through an experience like this again. It is a choice that you can make as a business owner/partner that might help your business grow!

Ultimately, this pivot and they continual growth was due to a chance meeting and a chance discussion through the SBC Energy Next program, which they stumbled upon, again, by chance.

With coming on the program and with pivoting their idea, both Alex and David had the same mindset, “what have you got to lose?”. That mindset is key in entrepreneurship, opening as many doors as possible until one leads you down the right path.

Alex also goes into more detail around the support, encouragement and knowledge they received from the program.

If this sounds interesting to you, applications are now open for the next year intake of Energy Next ! You can apply here: https://www.startupbootcamp.com.au/programs/energynext