In celebration of Global Entrepreneurship Week, we are taking at look at some of the global impact movers and shakers within our Terp network. Meet Babafemi Adegbite (or Femi as he’s known within Van Munching Hall) MBA ’17 who is launching a global social enterprise startup. The mission of his startup, ReEmpower, is to help alleviate global energy poverty through renewables while also empowering the communities it serves. More than 1 billion people worldwide, even those above the poverty line, lack access to energy which affects their ability to get clean water, medical care and education.
Growing up in Nigeria, Femi saw the effects of energy instability firsthand. Living in a world where women give birth in hospitals without power and children do their homework by dim candlelight, he saw a desperate need to solve this problem. While he was an undergraduate student, impact investing took off and Femi found inspiration from Jacqueline Novogratz’s book, The Blue Sweater: Bridging the Gap Between Rich and Poor in an Interconnected World. Femi looked at the issue he wanted to tackle and worked backwards to guide his career toward that goal. He started working for Solar City, the number one solar installer in the United States. After four years of familiarizing himself with the solar industry, Femi decided to pursue an MBA so that he could start his own company.
Over the next year, Femi will be working to launch ReEmpower in Nigeria. Currently he is focused on customer acquisition, project development and of course the most challenging part—financing. Within the first few years, ReEmpower will focus on setting up solar power micro grids. Customers would range from government entities to individuals who will be able to pay-as-you-go based on income levels. Femi’s long-term goals for ReEmpower are to expand into other renewables and to enter new markets outside Nigeria.