Envaluate Co-founders Ahmed Babikir and Sabrina Gill tell us why they joined the Barclays Black Founder Accelerator.
Tell us about Envaluate.
Envaluate builds technology that helps consumers to measure their carbon footprint, via their spending. We do this by leveraging Open Banking and our unique Carbon Models, calculating a carbon footprint estimate for each transaction made. Our mission is to empower people with the data they need to gain a holistic understanding of their environmental impact, vote with their £’s and lead a greener life.
Why did you join the Barclays Black Founder Accelerator?
Our target market is retail banks and through joining this accelerator we're excited to be able to widen our network within the retail banking and Fintech space. Joining an accelerator at one of the UK's largest retail banks and a bank committed to innovation in the Fintech space will help us to ensure that we are truly aligned with providing the best solution for our banking customers. We're also excited to meet like-minded black founders in the tech world.
What would be your desired outcome from this programme?
Our ultimate goal is for our technology to be tested in the Barclays Launchpadd app. We would like to use the network to build relationships with the main stakeholders within Barclays (retail banking/digital product/sustainability leads) to identify the key KPIs we would need to hit, better understand the sales cycle and consider how we can fit in to the bank's wider sustainability strategy. We would also like to pin down our revenue model whilst on the programme and find mentors/advisors who are aligned with our mission and have a good understanding of the Fintech space.
Which entrepreneur inspires you the most and why?
Ismail Ahmed, founder of WorldRemit, used a problem close to his heart to help build a company revolutionising the remittances industry; an industry at the heart of the economy of developing countries. After whistleblowing fraud at the UN and losing his job, he took the UN to court and received a payout which he used to start WorldRemit. His ethics before and during his life of entrepreneurship and his vision of helping people use tech to help improve the lives of people they care about are truly inspirational.
What has been your biggest win in your entrepreneurial journey?
In early September, we were accepted on to the Bethnal Green Ventures Tech for Good program and received an investment. The investment and our participation in their accelerator has helped us kick-start our business, produced interest from investors and given us access to a network of mentors and resources.
And your biggest challenge?
Our biggest challenge so far has been navigating our competitive landscape. Although there are differences in our business models (our competitors are B2C apps and we are offering a B2B product), over the next couple of months, we would like to focus on how we can differentiate ourselves from our competitors using our focus on carbon modelling.
Where did you go for business advice and how did it help you?
We have been receiving ad-hoc and regular support from our immediate network of contacts (start-up founders, climate change professionals and tech professionals) and since joining Bethnal Green Ventures, we have been receiving advice from the BGV team and their network of mentors in the Tech for Good space. This has helped us refine our business model and widen our network.
What drives you to make your business a success?
Both founders have a background In Statistics which has given them a passion for data alongside their passion for environmental issues. As well as building a successful tech startup, we want to use these passions to help tackle the climate crisis - one of the most important issues facing humanity.
What advice would you give other founders thinking about starting their own business?
Talk about your idea! Talk to your friends and family about your idea. The more people you speak to, the more encouragement and advice you will get in return. Before you know it, you will have built a support system for your business and a group of people willing to help you reach your goals.
Why did you want to start your business?
Ahmed and Sabrina met at Warwick University where they studied Statistics and built their passion for data. Whilst working in their roles in the finance world; Ahmed a Consultant, advising renewable energy projects and Sabrina a trader and involved in ESG matters, they realised that they wanted to use their passion for data to help make a positive impact and help tackle the climate crisis.
On the African side, we wanted to assist with providing local developers a means to finance, around affordable housing units.
What do you do to relax when not working?
Ahmed's side passion is music and Sabrina's is photography. Outside of this, you'll regularly find us taking on data science projects in our spare time.
How has covid made you pivot your business?
As a software product with no supply chain impliactions, we felt minimal impact from Covid-19. Our outlook is positive as we believe Covid-19 has provided momentum and desirability for our product. The pandemic has globally tied our behaviour/health and developed a "we are in this together" mentality, similar to what is needed to avert the climate crisis. A study by YouGov showed that Britains were were concerned about the impact of climate change than coronavirus on humanity.
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