The global pandemic has catalysed the digital revolution; decarbonisation is demanding immediate innovation; global venture capital funding is at an all-time high; and bigger funds featuring dedicated teams with industry experience have created a more mature environment for smart ideas to meet smart money.
The conditions are ripe for change.
The question is whether a conservative, fragmented industry, where corporates have rarely been rewarded for experimenting and failing, is finally ready to take full advantage of this groundswell of innovation.
Our panel of industry experts answer:
- Will the start-ups looking for scale succeed?
- Can we move away from just focusing on the asset to really considering business model innovation and create incentives to make positive change, rather than lowest common denominator regulatory enforcement?
- Can we break down the siloed development of systems and ideas to create a standardised basis for digitalized efficiencies and re-think the industry’s approach to the circular economy and life-cycle management?
- And how do we find a model that pays for all this in a more collaborative system where there is a premium available for quality, efficiency, and safety rather than a race to the bottom in terms of price?