ThinkLite of Natick, MA has been growing at average of 300 percent per year. Last year ThinkLite was number 43 on Inc.
500’s list of fastest-growing companies.
May 24, 2014
Dinesh Wadhwani, center, co-owner of ThinkLite, and Longfellow Sports Club owners Laury Hammel, left, and Myke Farricker look over the new ThinkLight T5 LED tube retrofit for the club’s gym.
NATICK – When the Longfellow Sports Club and Natick Racquet Club wanted to score points with a better lighting system for their facilities, they turned to ThinkLite, the Natick company that pecializes in lighting efficiency. ThinkLite retrofitted the clubs’ existing fluorescent lights with its high-output LED tube lighting, and the change has been, a smash, according to Shelia Weinstock, the general manager of Natick Racquet.
“ThinkLite has been growing at an average rate of 300% per year since it was founded. Last year we were No. 43 on the Inc. 500 list of fastest-growing companies, with millions of dollars in revenue.” – Danny Wadhwani, co-owner of ThinkLite
“The lights are fantastic,” said Weinstock. “They are really bright and the members are loving them. The light is much more even on all the courts and there is a significant improvement in the lighting for play. We’re very happy with them.”
The clubs gain another advantage on the money front, too. Applying a combination of utility company incentives and rebates, the projected annual savings for the Natick Racquet Club total nearly $38,000, according to ThinkLite. “The rebates were significant”, said Mike Andersen, the company’s sales director. “We were very pleased to work directly with the utilities to secure rebates for the club.”
ThinkLite is a global lighting efficiency company that custom designs, manufactures, distributes, and installs energy-efficient retrofit solutions to commercial ustomers and governments. The company’s efficient lighting products leverage proprietary LED and induction technologies that specifically adapt to existing infrastructures.
The owners are two Natick brothers, Danny and Dinesh Wadhwani. The company was founded in Dinesh’s dorm room at Babson College, by him and fellow student Enrico Palmerino in 2009.
“We then moved to an office space in Framingham from 2010 to 2011. In 2012, we moved part of the office to MassChallenge’s facility in downtown Boston. In 2013, we consolidated to our headquarters in Natick and have been here since, ” said Danny Wadhwani in a recent interview.
“We realized an opportunity in helping businesses and governments go green without having to incur the upfront difficulties and costs associated with the change.”
What makes their product different, they say is the higher light level – the result of ThinkLite’s proprietary driverless design. Until now, all LED tubes required an internal or external driver, which consisted of an array of more than 150 electronic components, said Wadhwani.
“LED drivers generate a lot of heat, thereby limiting the lumen levels that can be achieved and impacting the life span of the lamp. However, we are able to replace the driver with four microchips that essentially perform the same functions yet give off virtually no heat while significantly improving the life span of the product.”
ThinkLite’s business model provides a “Pay as You Save” program that provides customers with a monthly payment plan to finance their portion of the lighting upgrade.
“We understand the high investment, hassle and time involved with replacing existing fixtures and infrastructure currently in place. It defies the whole objective of saving money and being more efficient, said Wadhwani. Our solution screws or plugs right into the existing fixtures in a matter of seconds with no changes to the current wiring or configurations.
Before starting this business Wadhwani worked for PwC Advisory in Boston doing finance and operations consulting.
“Dinesh is a serial entrepreneur who, at 15, founded a software development business, which he sold years later, prior to starting ThinkLite, says Wadhwani.
According to Wadhwani, the company, with a U.S. staff of 36, has been growing at an average rate of 300 percent a year since it was founded. “Last year, we were No. 43 on Inc. 500’s list of fastest-growing companies, with millions of dollars in revenue.”
It currently has operations in 14 countries and has plans for rapid expansion.