How do you build a climate tech product that balances user needs, complex infrastructure, and real-world impact? The scale and urgency of the transformation required to fight climate change has never been more clear. Building hardware and software products, acquiring the funding and creating a diverse community to enhance talent capacity and to drive innovation, is essential to tackling this global environmental crisis. In this episode, Silicon Valley Bank SVP of Climate Tech & Sustainability Maggie Wong meets with Stepwise CEO & Co-Founder Jane Chen to discuss aligning incentives and user journeys of homeowners, electricians and utility companies to optimize EV charging products, building a product to maximize economic and environmental benefits regardless of macroenvironment, as well as creating a strong feedback loop between sales and engineering early in the development process.
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Show Notes
- Stepwise Electric helps consumers go electric and get paid for using energy efficiently by aligning incentives for homeowners, electricians, and utilities.
- The company’s core product is a smart controller that manages energy usage in homes, allowing installation of electric appliances without expensive panel upgrades.
- Their go-to-market strategy focuses on working with electricians and utilities rather than directly with homeowners.
- The founding team’s diverse backgrounds (business, electrical expertise, and engineering) were crucial to the company’s product development.
- Stepwise plans to expand from EV charging to whole-home electrification, covering various electrical appliances.
- The company is committed to domestic manufacturing, moving their supply chain entirely to the US.
- Jane Chen emphasizes the importance of “doing well and doing good” by creating financially sensible climate solutions.
- The startup overcame hardware testing challenges by building personal connections with testing lab personnel.
- They prioritized designing hardware specifically for electricians’ installation experience.
- The company is working with Lawrence Berkeley National Lab to improve their energy management algorithms.
- Diversity is a key principle in their team building, with a focus on inclusive hiring across gender and cultural backgrounds.
- The current political environment creates uncertainty but also opportunities for climate tech innovations.
- Stepwise is developing a consumer-focused platform to help users understand and optimize their energy usage.
- The company integrates weekly insights meetings to bridge communication between engineering and sales teams.
- Jane Chen recommends a growth mindset and continuous learning for product development.
- The startup sees financial incentives as a key driver for climate technology adoption.
- Their product allows homeowners to enroll in utility programs and potentially earn money through smart energy management.
- The company started by focusing narrowly on EV charging to gain market traction.
- Jane Chen advises aspiring climate tech professionals to take action and get hands-on experience.
- Stepwise Electric represents an innovative approach to home electrification, making sustainable technology more accessible and economically attractive.