INESC Porto scores points in business incubation

Smartwatt is another example of inesc porto's success in technology transfer

Established little over a year ago, Smartwatt, a spin-off from INESC Porto that has the investment of the Caixa Capital (Caixa Geral de Depósitos Group) and provides energy services to companies, as well as to public and private entities, already includes important clients, such as the Municipal Council of Lisbon, the Cabelte group, or even the Municipal Council of Ponte da Barca. Moreover, in order to respond to the market demand, the company is now preparing to broaden its network of experts for the energy certification of buildings. After FiberSensing, Tomorrow Options, Xarevision, Audolici and NexToYou, Smartwatt is the most recent victory of INESC Porto when it comes to transforming the most interesting scientific results into business projects. After launching a new R&D unit exclusively for that purpose in 2007 (UITT – Innovation and Technology Transfer Unit), the positive acceptance of Smartwatt in the market is now strengthening INESC Porto’s strategic positioning as an interface institution with a market approach.

A growing market

Renewable Energies and Energy Efficiency were pushed to the front pages of newspapers after the emergence of energy policies related to the new challenges brought by climate changes, environmental sustainability and the goals for the reduction of carbon dioxide emissions. On 1 January, with the implementation of the new law for Energy Certification of Buildings, this matter became part of the Portuguese citizens’ daily life. According to this law, certification is required in new buildings or every other building for sale or rent. Buildings with areas that exceed 1000m2 (3280 square feet) or a with thermal power higher than 25k/w must also be certified. It is in this growing market – there are still only a few European companies providing energy services and energy efficiency services – that Smartwatt is included. The success is already clear and the company shares its credits with INESC Porto. In fact, according to Nelson Soares, executive administrator of the company, INESC Porto’s support from the very first moment has proved to be crucial for them to go ahead with the business. The merit for this project was also acknowledged by a banking institution - Caixa Geral de Depósitos – that has recently invested in Smartwatt through its venture capital component, Caixa Capital.

From Energy Efficiency…

With only one year of existence – the spin-off was launched in 2007 –, Smartwatt already has a considerable client base that includes public entities, service buildings and industries, although the company focuses equally on Government Buildings, Municipalities and Hospitals. The protocol established with the Municipal Council of Ponte da Barca in April 2008, which also includes INESC Porto and INEGI (Institute of Mechanical Engineering and Industrial Management), is Smartwatt’s most popular project. The aim with this project, which will last five years, is to turn the Municipal Council of Ponte da Barca into a “Clean Energy Territory” and for that an energy cluster will be established in the region. Smartwatt will also provide services to the Municipal Council of Lisbon, particularly in the area of microgeneration and photovoltaic systems. It is important to mention that Smartwatt also provides energy services to the REN – Rede Eléctrica Nacional.  The Cabelte group, Iberian leader in the optical fibre sector, turned to Smartwatt for the design of a centralised power management system that will perform remote measurements of energy consumptions. Smartwatt will also perform Energy Quality auditing for the same group.

… to Energy Certification

The new law for Energy Certification of Buildings was implemented on 1 January. This law requires that there be enough qualified experts for the emission of energy certificates in Portugal, where the number is still significantly low. Smartwatt has competences in this area, integrating certified experts in its network that are capable of performing every stage of the building certification process. The company’s proposal as far as this area is concerned consists of an Energy Auditing service that will afterwards result in the emission of an Energy Certificate and an energy category for the buildings. The market response to these Smartwatt services has been so positive that the spin-off will soon increase its team of experts and technicians.

More than an incubator, INESC Porto is a “business leader”

“Thanks to the support of INESC Porto, it was easier for us to make the decision to go ahead with the business”, Nelson Soares stated. According to Smartwatt’s executive administrator, factors such as experience and acknowledgement of excellence in business incubation were critical to turn an idea that was on paper into a real business.

The concept of “incubation” at INESC Porto is not confined, as is frequent in many institutions, to facilities and infrastructures based on the “transmission of experience for business”, Nelson Soares highlighted. The administrator underlines that the academic experience combined with the entrepreneurial experience of Vladimiro Miranda, director of INESC Porto, played a critical role on Smartwatt’s success, not only at the level of business management, but also at the level of idea and opinion sharing. The entire Board of Directors of INESC Porto was, in fact, crucial as far as networking is concerned and, even though networking is unattainable, it sustains the development of any entrepreneurial project.

Nelson Soares has no question that INESC Porto is one of the institutions with a larger capacity and experience as far as business incubation is concerned. The executive administrator of Smartwatt believes that, more than an incubator, INESC Porto is a “business leader”, highlighting the institution’s proven entrepreneurial vision. Nelson Soares even goes further stating that, in his opinion, this monitoring work and generation of business knowledge is the true foundation of “the real incubation” in INESC Porto, as opposed to what happens in those institutions that merely provide space and technology.

This collaboration between INESC Porto and Smartwatt is proving to be quite successful. As proof, we can mention the auditing work, energy certification, sector energy control and management that Smartwatt has been performing for INESC Porto. The relationship between Smartwatt and INESC Porto is increasingly one of partnership, a successful partnership that Smartwatt hopes will continue to evolve and grow.