Innovation

Riversimple is a company that was founded in 2001 by Hugo Spowers, a motorsports engineer. Riversimple aims to offer affordable, sustainable transportation in the form of hydrogen-powered cars, whose only emission is water. Located in Wales, Riversimple has designed cars with a whole system approach since their first car in 2008. Riversimple is always improving its cars and making great strides in sustainable transportation. They go their own way and truly make changes in what is possible.

However, the true innovation behind Riversimple is not its cars. Riversimple has a unique business model. Riversimple does not sell cars, they offer them on a subscription model. This model makes its cars more accessible to people who otherwise would be unable to drive sustainable vehicles, as well as allows the company to reuse their cars, making the company even more sustainable. Additionally, their 6 stakeholders all have an equal say in decisions. Those stakeholders are their investors, environment, staff, customers, commercial partners, and community. Many businesses listen primarily or even exclusively to their investors, but Riversimple recognizes the important impact it has on each of these groups.

Inspiration

Hugo Spowers believes that the currently dominant economic systems in the world are not conducive to solving the problems that it creates. The world is all about creating shareholder value rather than making meaningful changes for the better. Hugo seeks to change this by developing a new, innovative business model which "puts the people's needs in line with what makes a profit". His model of listening to each stakeholder exemplifies this philosophy. Instead of just listening to the investors, who may just care about profit, the company considers every impact that they have on the world around them. In this way, Riversimple looks to make long-term profit and sustainability "without making hasty or rash decisions which could lead to disaster".

As a former motorsport engineer, it was logical for him to look to make a change in the automotive industry. Hydrogen-powered vehicles are not a brand new product, but the way Hugo has taken this innovation to the people is a brand new idea. Sustainability has been an expensive goal for years, and Riversimple has found a way to start to change that. The 3-year rental model is a great example of this. Riversimple can match the business model to what is naturally wanted or needed by consumers to turn a profit without having to resort to things that would hurt the environment.

Overall impact

The impacts of this innovation are ongoing and varied. In terms of short-term impacts, Riversimple has received various awards for its innovations in the automotive industry and business. Additionally, they have gained the interest of many investors and other stakeholders who have helped the business grow in different ways. Their innovations have also done a great deal for environmental awareness in the short term, and given a greater focus on affordable sustainability.

However, Riversimple's impact is primarily a long-term one. Long term, many of their stakeholders have begun creating networks of sustainability in their respective environments. This includes hydrogen refueling stations and a greater focus on the environment. The longer Riversimple is in business, the greater its environmental impact will be because the core of its business has been created on a foundation of sustainability. Their intelligent way of running means they are much more focused on the long-term goals than short-term. The very goal of Riversimple is to provide a product that is inherently sustainable but will still provide a profit.

Business benefit

Because of the way Riversimple was founded and is run to this day, many good things have happened. Riversimple has a plethora of investors who share their values and have garnered both local and international interest in creating hydrogen refueling networks to allow Riversimple to truly expand and provide a viable product. The interest Riversimple has garnered has allowed them to continuously improve their product and ensured that the company keeps moving towards their long-term goals.

Social and environmental benefit

Riversimple focuses on cooperation over competition. Their focus on creating inherently sustainable products from the ground up has an undeniably positive impact on the environment. Their innovations have spurred the construction of hydrogen refueling networks that will aid their goal of sustainability. Riversimple's subscription model allows them to reuse cars, increasing their sustainability as no vehicles will simply end up in a landfill.

Riversimple also benefits society by ensuring that every stakeholder has a voice in how their company is run. Riversimple is not focused on just making a profit, they want to make sure that their business decisions are what is best for everyone affected by them. Their subscription model also makes their cars much more accessible, allowing virtually anyone to drive their cars.

Interview

Hugo Spowers, Founder