The billionaire founder of Octopus Energy, Greg Jackson, should be recognised more for his achievements in business and made a national hero, according to marketing veteran Rory Sutherland.
The vice chairman of Ogilvy added it’s “tragic” that the UK doesn’t “make more heroes of our really innovative business successes” in the way the USA does.
Speaking on an up-coming episode of City AM‘s Boardroom Uncovered podcast, Sutherland praised Jackson for his ability to rethink the industry in which Octopus Energy operates.
Sutherland said: “I’m very interested in people who have the capacity to rethink a business category. So Greg Jackson at Octopus Energy, in business terms, you know, Hannah Gibson at Ocado.
“I’m really interested in those businesses. And I think it’s tragic that in Britain we don’t make more heroes of our really innovative business successes.
“In the US, things like Monzo, Wise and Ocado – they are kind of seen as national champions for some weird reason. We don’t do that.”
Greg Jackson’s Octopus Energy worth over £7bn
In February, City AM reported that profit had been slashed at Octopus Energy as rising costs and falling sales ate into its margin during the giant’s latest financial year.
For the 12 months to 30 April, 2024, the group reported a net profit of £83m, down from the £203m it posted in the prior year.
Its revenue also dipped from £12.54bn to £12.4bn over the same period. In its previous 12 months, the group’s revenue had tripled from £4bn.
In a statement Octopus Energy Group, which was founded by Greg Jackson, said its UK energy retail business had taken on another £74m of costs “to keep customer bills lower during the energy crisis and support the ones most in need”.
The group added that its non-UK retail customer base had tripled to 1.2m while its global workforce surged from 4,800 to 8,500.
Octopus Energy recently became the largest energy supplier in the UK and serves 7.3m households.
In May 2024, City AM also reported that Octopus Energy was worth more than £7bn after two of its largest investors increased their stakes in the company.