{"id":13777,"date":"2016-11-04T17:52:36","date_gmt":"2016-11-04T21:52:36","guid":{"rendered":"https:\/\/digital.hbs.edu\/platform-rctom\/submission\/general-electric-not-so-general-anymore\/"},"modified":"2016-11-04T17:54:24","modified_gmt":"2016-11-04T21:54:24","slug":"general-electric-not-so-general-anymore","status":"publish","type":"hck-submission","link":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/general-electric-not-so-general-anymore\/","title":{"rendered":"General Electric \u2013 Not so General anymore!"},"content":{"rendered":"

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General Electric [NYSE: GE]<\/strong> the 124-year-old \u2018start-up\u2019 we all recognize from the innumerable home appliance and lighting solutions, operates and has an incredible footprint in almost every facet of industrial and life science technologies ranging from Power Generation, Oil and Gas, Energy Management for building and Industries, Aviation, Transportation, and even Healthcare. [1]<\/p>\n

In a recent Harvard Business School interview, Erdogan Cesmile (Director, GE Ventures) called GE \u201cthe most future focused, paranoid, innovation driven, technology organization\u201d. Erdogan elaborated, that for the organization to survive the next 125 years it had to fundamentally understand how GE, its products, and its people, directly impacted the world and especially how the organization must continuously evolve and improve to survive the challenges GE and the rest of the world have been facing because of Climate Change. As a result, GE has focused its efforts towards reshaping its culture, its product portfolio, and its organization to prepare both itself and the general industries it touches. [2]<\/p>\n

In 2005 GE chose to refocus its culture and launched its Ecomagination<\/strong> initiative. Ecomagination is the company\u2019s commitment to address challenges such as the need for cleaner, more efficient sources of energy, reduced emissions and abundant sources of clean water and especially do ensure that the organization does in a sustainable way that not only shapes industries and the future of industries but also provides value to GE\u2019s shareholders. [3] Today and going forward Ecomagination is GE\u2019s growth strategy to enhance resource productivity and reduce environmental impact on a global scale through commercial solutions, industrial technology, and operations. As part of the initiative, GE has spent $15B in R&D for products and services that improve sustainability. The initiative has resulted in a $200B+ in revenue, 31% lower greenhouse gas emission from its products, and 42% lower freshwater for its clients in the 2005-2014 period. [1] Libby Wayman (Global Director of Innovation, Ecomagination) in the 2016 Harvard Business School Energy Symposium Panel stressed that this focus is going to become more evident in the coming years.<\/p>\n

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EXHIBIT 1:<\/strong> Ecomagination prioritization process.<\/p>\n

Source:<\/strong> GE 2015 Annual Report<\/p>\n

 <\/p>\n

In the past decade GE has focused on developing new Renewable Technology<\/strong> products such as onshore and offshore wind turbines, hydropower plants, solar power plants, etc. which has enabled the company to grow its renewable business from a research and development idea to a functional $6B+ business unit within the organization. [4][1] Considering the future for these technologies, costs for these technologies are likely to be driven down due to technological and financial advancements. The next financial innovation for the solar industry is already gaining traction. The solar industry is now adopting a financing vehicle known as a yieldco, which has the potential to attract billions of dollars of investment and further lower financing costs for solar power systems. [5] Similarly for wind turbines, GE expanded its technology development both organically and inorganically (acquiring Alstom) from sub-megawatt wind turbines without any reliable data in 2002 to reliable turbines that can go up to 6 Megawatt and provide predictive maintaince details using GE\u2019s, Microsoft developed cloud service product called Predix in 2015. [7] Both the advancement in the design technology and the Predix software enable solutions for all types of geographical locations and weather conditions. Additionally, climate kits allow operation in deserts or very cold environments. With a design optimized for simple assembly, erection in complex terrains is even easier.<\/p>\n

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EXHIBIT 2: <\/strong>Renewable energy and the Industrial Internet<\/p>\n

Source: <\/strong>GE<\/p>\n

 <\/p>\n

GE founded its GE Ventures<\/strong> arm in 2013 and immediately dedicated $150M a year of GE Capital into energy, health, software, and advanced manufacturing startups to accelerate and commercialize innovative ideas and especially focused of directing capital to companies that help GE focus on the challenge of facing climate change. [6] One of the main focuses of the Energy and Catalyst arms of the GE Ventures team has been to find companies that optimize energy efficiency in building technology and city grids to minimize our everyday footprint. Accordingly, the company has invested in companies such as Enbala Energy which has put its software to use connecting, aggregating and managing megawatts’ worth of energy-using systems, such as industrial pumps, refrigerators, and other loads that can be curtailed or ramped up to meet grid needs. [7] The direct implementation of the software in Energy Service Companies (ESCOs) such as utilities plants and other power grids that provide energy to us is that the software is not only to enhance energy efficiency and building system organization but also co-optimizing energy demand from the consumers and energy supply from the energy provider.<\/p>\n

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EHIBIT 3: <\/strong>Grid management for process for the Enbala<\/p>\n

Source:<\/strong> Enbala Energy<\/p>\n

 <\/p>\n

[743 words]<\/p>\n

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[1] “\u201cIntegrated Summary Report, – GE.com.” N.p., n.d. Web. 4 Nov. 2016. http:\/\/www.ge.com\/ar2015\/assets\/pdf\/GE_AR15_Integrated_Summary_Report.pdf<\/a><\/p>\n

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[2] “When Big Companies Work Together They Can Solve The World’s Toughest Problems – GE Reports.”\u00a0GE Reports. N.p., 2016. Web. 04 Nov. 2016. http:\/\/www.gereports.com\/lessons-in-collaboration-ecomagination-is-partnering-with-the-worlds-biggest-companies-to-solve-societys-toughest-resource-challenges\/<\/a><\/p>\n

[3] “GE Launches Ecomagination to Develop Environmental Technologies; Company-Wide Focus on Addressing Pressing Challenges.”\u00a0Press Release Distribution, EDGAR Filing, XBRL, Regulatory Filings. N.p., 2005. Web. 04 Nov. 2016. http:\/\/www.businesswire.com\/news\/home\/20050509005663\/en\/GE-Launches-Ecomagination-Develop-Environmental-Technologies-Company-Wide<\/a><\/p>\n

[4] “GE 2005 Ecomagination Report: Taking on Big Challenges.” N.p., n.d. Web. 4 Nov. 2016. http:\/\/files.gecompany.com\/ecomagination\/progress\/ge_2005_ecomagination_report.pdf<\/a><\/p>\n

[5] “The Renewable Energy Era \u2014 GE, Ecomagination and the …” N.p., n.d. Web. 4 Nov. 2016. http:\/\/dsg.files.app.content.prod.s3.amazonaws.com\/gereports\/wp-content\/uploads\/2016\/02\/29123216\/GE_Renewables_Digital_020216.pdf<\/a><\/p>\n

[6] “GE Ventures Launches in Silicon Valley.”\u00a0Widgets RSS. N.p., 2013. Web. 04 Nov. 2016. http:\/\/www.bizjournals.com\/sanfrancisco\/print-edition\/2013\/05\/24\/ge-ventures-launches-in-silicon-valley.html<\/a><\/p>\n

[7] John, Jeff St. “Enbala Raises $11M to Take Its Buildings-to-Grid Balancing Act to a Bigger Stage.”\u00a0Green Technology. N.p., 2015. Web. 04 Nov. 2016. https:\/\/www.greentechmedia.com\/articles\/read\/enbala-raises-11m-to-take-buildings-to-grid-balancing-act-to-a-bigger-stage<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tracking how GE is evolving its Culture, Technology, and Organization to battle Climate Change.<\/p>\n","protected":false},"author":2245,"featured_media":13895,"comment_status":"open","ping_status":"closed","template":"","categories":[],"class_list":["post-13777","hck-submission","type-hck-submission","status-publish","has-post-thumbnail","hentry"],"connected_submission_link":"https:\/\/d3.harvard.edu\/platform-rctom\/assignment\/climate-change-challenge-2016\/","yoast_head":"\nGeneral Electric \u2013 Not so General anymore! - Technology and Operations Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/general-electric-not-so-general-anymore\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"General Electric \u2013 Not so General anymore! 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