Brad Gregory

ComparePower

www.comparepower.com

Year founded: 2011

Industry: Energy / Deregulated energy

When Brad started telling us about ComparePower our first thought was “How did we not know about this service already?” Options are great, right? But the process of choosing a service that suits your specific needs is not very fun, especially when there are so many options available. Spending your free time comparing different companies, rates, and special offers is actually the opposite of fun. But alas, more often than not the internet intervenes and miraculously an app or website appears that uses its magic powers to make these comparisons for you. Remember the days before Google Flights, Kayak, Expedia, etc.? Yikes. We prefer not to think about those dark times. We believe ComparePower is a service everyone should be familiar with and are excited to share Brad’s story with you!

 

 

Can you explain the basic concept of ComparePower to us?

ComparePower.com is an online energy marketplace where consumers easily compare electricity company offers in an apples-to-apples format. ComparePower has provided its free comparison service to over 750,000 users. There is simply no better way to shop for your electricity plan than by comparing costs based on your home’s usage, and that’s what ComparePower is all about. Moving? ComparePower will instantly calculate and compare plans by their total monthly bill for whatever expected usage you enter. Switching providers? ComparePower will calculate the total annual cost for each of the competing plans based on your home’s specific usage history.

 

What inspired you to launch this company?

I moved to Dallas in the winter of 2009 and had never experienced deregulated energy shopping.  When setting up electricity in my apartment I was astounded by the lack of shopping resources and bewildered by the complexity of it all.  There was a giant learning curve that took me nearly two years to master. By the end of 2011 I had a massive spreadsheet I used to analyze all the options out there. That spreadsheet was ComparePower, version 1.0.

 

What differentiates ComparePower from the competition?

ComparePower helps consumers see through gimmicks and advertised “price per kWh” rates. We show electricity plan costs based on your home’s usage so you can compare the plans apples-to-apples and you’ll know exactly what to expect on your bill. Every plan is different.  Each one has a different calculation method for how your bill is determined.  Free nights, free weekends, usage credits, usage fees, tiers, and discounts all come into play.  The easiest way to sort through it all?  Ignore the advertised rates and plug your expected average or historical usage into ComparePower’s comparison tool to shop by price based on your usage.

 

How has being a part of the WeWork community helped to grow your business?

WeWork has been an incredible investment for us. It’s given us a launchpad where we feel inspired by others around us. It’s easily accessible and has an affordable entry point. I’ve learned that I had underestimated the importance of having dedicated office space with a support staff that I wasn’t in charge of managing. WeWork amenities are great, the staff is incredibly helpful, and there is always an event or gathering being hosted that make things fun and encourage networking and collaboration. And when we travel, there’s always a WeWork nearby that we can walk into and feel right at home.

 

What can we expect to see from ComparePower in the next 2 years?

Continued innovation. We constantly evolve through user feedback and interaction.  We’ll continue to invest in developing tools that make the chore of energy shopping quick and simple while finding real savings. You’ll see us expand, also. We have plans to be in every deregulated energy market in the next two years, so if you’re not in Texas, we’ll come to you. 

 

What is one piece of advice that you can offer to aspiring entrepreneurs?

I suppose it would be this: I’ve found there really is no substitute for experience or time. It’s usually the questions that I didn’t know to ask that end up getting the best of me, so I strive to build a team with a combined perspective much larger than my own to help me see my blind spots. But the greatest team can’t always solve the time component. I have to remind myself that some things just take more time to bake, not more effort. Have patience for the process and don’t underestimate the importance of experience when building your team.

 

 

Check out the links below to learn more about ComparePower!

https://comparepower.com

https://facebook.com/comparepower

 

Find out what the WeWork community can do for you!

we.co/dfwworkspace