Bob Chaudhuri
Livermore, CA (USA)
Role(s):
C-Level Executive (CEO, CFO, etc.)
Solar Universe, Inc.
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Startup
Location:
Livermore
Industry:
Energy
Year Founded:
2008
Number Employees:
1-10 people
Description:
Background
The company was incorporated in January 2008 as a Delaware corporation. The founders, advisors and few close associates capitalized the company with $750,000 invested in the form of convertible notes at an interest rate of 10% that convert into equity at a 40% discount to the current Offering. Original investors in the company include Fidelity Roof Company and Paul James, a custom home builder, that are also the first two franchise partners of the company. Another investor is Laurie Baggio, former Vice President of Franchise Development for 1-800-GOT-JUNK, who is also an active advisor to the company.
The Company used the initial funds to develop a unique solar installation franchise offering comprising the Solar Universe Network (or S.U.N.). The franchise offering includes design and implementation of SUNGEN systems, which are preconfigured, pre-engineered solar generation systems with energy conservation built in. A Portion of the initial funds was also used to develop SUNQUOTE, which is our proprietary online quotation and system sizing program. SUNQUOTE takes customer zip code and electricity usage and develops a customer quotation online. It is integrated with our backend processes to form a complete portal. In addition, a portion of the initial funds was used to build a state of the art training facility at the corporate headquarters in Livermore, California.
Solar Universe was authorized by Califonia to sell franchises for S.U.N. on July 30, 2008. Solar Universe is now approved to sell franchises in 29 states.
More than 75 industries deliver products and services through franchises and close to half of all U.S. retail sales are through franchised businesses. U.S. franchise sales exceeded $1 trillion in 2000 and surpassed $2 trillion in 2006. Franchised businesses also tend to be more successful. The United States Chamber of Commerce approximates that franchised businesses have a 97% success rate within 5 years of opening whereas non-franchised businesses have only a 48% success rate within their first 5 years.
Our Mission
Our mission is to create the first nationwide solar brand by leveraging the benefits of a franchise model in the rapidly growing solar installation industry. We want to build a morally conscious, environmentally friendly company that delivers consistent profitability to our shareholders.