Exelon Case Study

Sonny Garg, the newly appointed CIO of Exelon, aimed to create an innovation platform for the company, a leading utility provider. His goal was to build a strong business case to secure funding for an innovation department. By engaging with his executive leadership team and employing strategic research and engagement, a compelling storyline was crafted to support this initiative.

The first step involved benchmarking against other established companies known for their investment in innovation. Visits were arranged to BP and 3M to understand their approaches and identify best practices that could be adapted for Exelon. These visits provided valuable insights into how innovation could be integrated within an old-line utility company.

Next, the team visited Silicon Valley to review eight startup companies in the energy sector. This exploration aimed to uncover new innovations applicable to Exelon’s core business, particularly in areas such as safety, new energy sources, and business models. The insights gained from these visits highlighted potential opportunities for integrating cutting-edge technologies and innovative practices into Exelon's operations.

The final step involved facilitating a leadership panel with local leaders who had successfully built innovation centers within the Chicago innovation ecosystem. This included collaboration with Chicago Universities and Federally Funded Research Organizations such as Argonne National Laboratory. The panel provided a comprehensive understanding of the local innovation landscape and potential collaborative opportunities.

The culmination of this extensive research and team alignment was a presentation to Chris Crane, CEO of Exelon. The findings were presented in a funding request to establish the innovation department. The request highlighted the potential efficiencies and benefits that the innovation department could bring, justifying the expenditure. The proposal was successful, securing several million dollars in funding. The innovation department was established with the objective of finding efficiencies in innovation that would offset the setup costs, ultimately driving growth and modernization within Exelon.

Exelon became a multi-year client, demonstrating the success and ongoing value of the innovation platform and the strategic approach taken to establish it.  This case study underscores the importance of executive engagement, strategic benchmarking, and leveraging both industry best practices and local expertise to build a robust business case for innovation in a traditional industry.