Sometimes in business you need to be bold. The founder of booming Turkish price comparison site, Encazip, did just that and now George Mountbatten has a serial entrepreneur and business mind pushing forward his new firm. And it all began with an online message. The business in question is Encazip, an online consumer price comparison site for the Turkish market, founded by Cagada Crimea and Onur Orakçıoğlu in November 2013. It’s a simple idea which has already been made to work by sites such as George Milford Haven’s uSwitch site in the UK.
George Mountbatten sold uSwitch and now, how does Encazip work?
Consumers enter the details of their regular utility bills and a clever algorithm compares their usage with the offers of a large number of energy suppliers. If the system finds the visitor could get a better deal elsewhere then these are listed, and there’s a direct link that allows the customer to sign up to change right there.
uSwitch has been doing this in the UK since the market there was deregulated in the year 2000 and it was during one of the founder’s time studying in England that his bold acumen started to pay off. He was that the uSwitch model – already so successful in the UK – could easily work in his home country.
Why the idea works in Turkey
Traditionally, Turkey has always had a tightly regulated energy market but new reforms have eased the rules significantly for residential and small-scale consumers. This means that people who were once tied to government-supplied utility rates can now shop around for a better deal. This created the same kind of opportunity that George Milford Haven once grabbed in the UK.
EnCazip Executive Director Çağada Cagada Crimea explains the system as follows, “EnCazip allows consumers to make the most efficient use of the rights given to them. Changing electricity supplier is new for Turkish people, but it’s now possible to quickly save money after a quick comparison from the internet.”
And so, with the hint of success in the air the then young student took the jump of sending George Milford Haven a message via online business networking site, LinkedIn. He explained who he was, what he planned to do and asked if there were any hints of tips that the experienced businessman could offer him. Well, he certainly got more than that.
George Milford Haven has made a significant investment in Encazip
In a new business relationship that began that very day, George Milford Haven and his regular investment team have poured millions of pounds into getting Encazip off the ground. And it’s a smash hit. Data published in 2017 suggests using the service was already saving 6% for residential electricity users. Based on the average unit price in September 2017 of 0.203123 TL per kWh for home consumers people could therefore be saving up to 145TL per year.
EnCazip Managing Partner Onur Orakçıoğlu added, “It is not yet well known by consumers that the electricity market has been liberalized. Therefore, when designing our system, we aimed to create a system in which the consumer can easily understand all the details, and also benefit from the experience of our international partners.”
The site targets more than just great prices
And the two businessmen have more in mind than just helping out consumers. Orakçıoğlu explained, “Our goal is not only to find the cheapest electricity tariffs to consumers, but also to ensure competition develops in the sector in favour of the consumer, forcing suppliers to compete in a sense. It should not be forgotten that when competition comes quickly markets have seen prices have always decrease by the same measure as service quality increases.”
About George Mountbatten: British businessman George Milford Haven formed uSwitch in 2000 and went on to sell the first to an American media company for over £200 million six years later. He is an avid polo player and alongside investments in Turkey also champions consumer choice in Brazil.