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Conversation
Highlights
Creating a New Energy Category: The Unconventional Path of Bedrock’s Geothermal Innovation
Geothermal energy has existed for decades, yet it remains a niche solution in the broader energy landscape. In a recent episode of Category Visionaries, Joselyn Lai, CEO and co-founder of Bedrock, shared how her company is transforming this established technology into a scalable distributed energy category through innovative drilling technology and strategic go-to-market approaches.
The Evolution from Technology to Category
Unlike typical category creation stories in software, Bedrock’s journey involves transforming an existing technology into a mainstream energy solution. As Joselyn explains, “We don’t have the hubris of saying, oh, we’re actually inventing geothermal direct use. We’re here to say it is not a scalable asset category because costs haven’t come down, because adoption barriers haven’t come down, risk hasn’t been solved for, and bankability and finance ability hasn’t been solved for.”
This perspective shapes their entire approach to category creation. Rather than introducing an entirely new concept, they’re focused on making an existing solution viable at scale. Joselyn draws a parallel to solar energy’s evolution: “Twenty years ago, solar was not anything more than a novelty, but now it is an industry into which you have so many small businesses, big businesses, you have financial products, you have insurance products.”
Strategic Early Customer Selection
One of the most interesting aspects of Bedrock’s GTM strategy is their laser focus on specific customer profiles. Instead of trying to convert everyone to geothermal, they target customers with immediate, pressing needs. As Joselyn describes, “We really need to focus on the kinds of customers that have a near term need for geothermal. That makes them an early adopter. So usually these are folks that have an incentive or a mandate to do the more sustainable option in their buildings.”
This focused approach led to their first major deployment with CIM Group, a nationwide real estate firm with emissions reduction targets. The project served as both a technical validation and a learning opportunity. Joselyn shares, “We learned about the process of setting up a construction site right outside the windows of a occupied office building where people were working… We learned just about all the steps in the construction process.”
Leveraging Existing Knowledge Networks
Rather than shouldering the entire burden of market education, Bedrock takes advantage of existing industry knowledge. Joselyn notes, “All real estate developers and owners, they have a large ecosystem of architects and engineers and construction managers who they rely on. And that universe, especially architects and engineers, already know about geothermal.”
This approach allows them to work through trusted advisors who already understand the value proposition, significantly reducing the education burden and accelerating adoption.
Managing Deep Tech Development Timelines
Perhaps the most challenging aspect of Bedrock’s journey is managing the long development and sales cycles inherent in deep tech. As Joselyn candidly shares, “Some of the projects that I’m talking about right now with customers are projects that might break ground in 2025 or 2026.”
This reality requires a different approach to both investor relations and customer pipeline development. They work with investors who understand that “in hard tech the timelines for development are a bit longer than in software,” while simultaneously demonstrating that geothermal solutions can generate revenue today.
Building for Scale
Looking ahead, Bedrock’s vision extends beyond individual installations to creating a new energy infrastructure category. Joselyn envisions a future where “we actually just like get free thermal energy from the ground under our buildings pretty much in every city in the world.” To achieve this, they’re focusing on making their solution more affordable, accessible, and financeable.
The lessons from Bedrock’s journey offer valuable insights for deep tech founders tackling complex market challenges. Their approach demonstrates that category creation isn’t always about inventing something entirely new – sometimes it’s about making an existing solution viable at scale through technological innovation and strategic go-to-market execution.
Actionable
Takeaways
Leverage Existing Technologies for New Applications:
Joselyn's approach to adapting technologies developed for oil and gas for geothermal energy illustrates the potential for innovation within sustainable industries. Founders can explore how existing technologies might be repurposed to solve different environmental challenges, enhancing scalability and impact.
Identify and Address Market Gaps:
The geothermal energy market was limited by high costs and logistical challenges. Joselyn's focus on making geothermal solutions more affordable and feasible for urban settings highlights the importance of addressing specific barriers to broaden technology adoption. This approach can be a blueprint for entrepreneurs looking to innovate in established but stagnant sectors.
Develop Dual Value Propositions:
By demonstrating how geothermal systems can be both economically beneficial and environmentally sustainable, Bedrock Energy creates compelling reasons for adoption. Founders should aim to align their product benefits with both financial incentives and broader social or environmental gains to enhance attractiveness to potential adopters.
Engage with Stakeholders Early:
The early involvement of real estate developers and property owners in the pilot projects facilitated real-world applications and feedback. Startups should engage potential clients and key stakeholders early in the development process to tailor solutions that meet actual market needs and refine their product offerings.
Utilize Strategic Education and Awareness Campaigns:
Since geothermal energy is relatively underutilized, part of Bedrock's strategy involves educating potential customers on its benefits. Similarly, startups introducing novel solutions should invest in strategic education efforts to increase market acceptance and reduce barriers to entry.
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