Edison2
12 Pages Posted: 1 Jun 2017
Abstract
The founder and CEO of Edison2 and his internationally renowned team of designers, engineers, and professional race car drivers had worked tirelessly for three years to design and build the Very Light Car (VLC), which won the 2010 X Prize competition. Now the CEO is considering what path Edison2 would follow. The only thing he had decided is that Edison2 should not attempt to become a traditional auto manufacturer, given the large amount of new capital it would require and the likelihood that it would have to compete long-term with the established behemoths in the industry.
Excerpt
UVA-OM-1461
Rev. Apr. 15, 2014
EDISON2
Oliver Kuttner, founder and CEO of Edison2, smiled as he reflected on how far his small company had come. Brought together by their desire to win the Progressive Insurance Automotive X Prize (X Prize), Kuttner and his internationally renowned team of designers, engineers, and professional race car drivers had worked tirelessly for three years to design and build the Very Light Car (VLC), which won the 2010 X Prize competition. After collecting the $ 5 million prize, repaying his investors, and making a small profit, Kuttner now had to decide on Edison2's next move. The only thing Kuttner had decided was that Edison2 should not attempt to become a traditional auto manufacturer, given the large amount of new capital it would require and the likelihood that it would have to compete long-term with the established behemoths in the industry.
Edison2 History
Based in Charlottesville, Virginia, Edison2 was founded in 2007 by Kuttner, a commercial real estate developer and race car enthusiast. In his bid to win the X Prize, Kuttner recruited some of the most respected names in auto racing, who together were responsible for more than 20 victories at Le Mans, Sebring, and Daytona (Exhibit 1). The team got $ 2.7 million in funding from a group of private investors, built four prototypes, and submitted them to the competition for the 2010 X Prize.
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Keywords: Company strategy, sustainability
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