The utility space has long been forgotten when it comes to technological innovation. In comparison to many other industries, we are trailing behind.
It is imperative that we encourage tech startups to focus on the utility industry to accelerate progress that ultimately affects everyone.
Supporting new technology and startups benefits utility markets around the world by:
Accelerating Innovation Through Disruption:
Tech startups and disruptors are free from the same constraints and limitations that larger, legacy companies face. They can take more risks, experiment with new technologies, challenge business models, and trial solutions in entirely new ways. These new ideas and solutions lead to breakthrough innovations that transform and accelerate towards goals like operational accuracy and net zero - significantly benefiting market participants and the end customer.
Increasing Competition and Collaboration:
The ability for new businesses to enter legacy industries provides benefits through competition and collaboration. Introducing new products and services that are more cost-effective and user-friendly means that legacy companies must compete (reduce prices and increase outcomes) or collaborate (integrate and synergise). Resulting in better experiences for consumers and increased business efficacy.
Accelerating Agility and Turnaround times:
The advantage of new technology, fewer legacy processes and simplified systems means startups are often more nimble and more adaptable. As a result, startups can pivot strategies and respond quicker to changing market, customer, and environmental conditions. This flexibility is a significant advantage by providing faster access to new products and services that reduce pain points and accelerate innovation while maintaining positive returns on investment.
Driving Investment and Attention:
New businesses, technologies and services can attract significant investment and attention from venture capitalists, investors and other potential startups looking for high-growth opportunities. This influx of external market interest creates a snowball effect of new entrants and investment resulting in an ecosystem of rapid growth. Utility industries manage essential services used by all and are vital contributors to reducing climate impacts and increasing sustainability. By encouraging disruption, increasing collaboration, accelerating turnaround times and driving external attention, we will push the boundaries of what is possible, drive progress and create new opportunities in the utility market that benefit everyone.