As the severity of climate change becomes more imminent, businesses start to find ways to be more sustainable and environmentally friendly. Often this results in an increase in costs which inhibits growth potential. Especially during economic uncertain times, consumers are less likely to spend money on unnecessary items. However, Neurio has used it to their advantage.
I believe the combination of Neurio’s favourable value proposition of efficient and easy to use along with the strong branding of “creating awareness of how we use energy” has helped them create a competitive advantage to attract customers. Unlike other companies, Not only does it help customers decrease their electricity bills, but it also decreases the carbon footprint. Through this business, Neurio is naturally very focused on corporate social responsibility (CSR).
To me, there is much potential in the company as the world is moving towards eco-friendly methods. Now that the small business has success, perhaps similar companies may start-up to compete for a market share.
Article and Picture: http://www.theglobeandmail.com/report-on-business/small-business/sb-digital/biz-categories-technology/crowdfunding-is-risky-how-a-bc-tech-company-beat-the-odds/article15310323/