Product power Featured

8:00pm EDT June 25, 2010
Finalist
Retail/Consumer Products

An unrelenting chorus of naysayers once sang a song of doom for Guy H. Morgan III. That was until his perseverance and eventual success shut them up.

Morgan, CEO of BlueStar Energy Services Inc., didn’t take the traditional route to entrepreneurship. First came positions with the U.S. Navy on nuclear-powered submarines, then a degree in finance, a job in retail sales, a rock-and-roll band and the title electricity broker. But when he founded the Chicago electricity supplier, BlueStar, he knew he had a vision and a plan that would succeed. He just needed to recruit enough employees and, of course, customers.

Morgan founded BlueStar in 2002 with Aaron Rasty, the firm’s chief operating officer. With a strong belief in the company’s foundation, Morgan put his personal assets on the line.

One of Morgan’s first steps was convincing customers to buy electricity from a company virtually unheard of. He drew on his sales skills and dedication to customer satisfaction to quickly build a client list. Since then, BlueStar has focused on providing a good product and building customer relationships.

BlueStar has grown to serve commercial, industrial and retail customers in Illinois, Maryland, Pennsylvania and Washington, D.C. Its competitive advantage is that it offers lower prices, creative products and environmentally friendly options not offered by local utility companies.

BlueStar’s innovative thinking has led the company to educate and provide services to customers that reduce energy consumption and save money. While many in the industry see the idea as counterintuitive, Morgan believes it builds stronger customer relationships and creates long-term gains as opposed to a short-term hit.

The method has proved successful as BlueStar has grown from two employees to 100 nationally and a greater number internationally. More noteworthy, the company has been recognized for customer retention and renewal rates that far exceed the industry average.

How to reach: BlueStar Energy Services Inc., (312) 327-0090 or www.bluestarenergy.com