Innovation as an enabler for changing business models
September 12, 2016
Just as we have seen innovation has influenced the business models of many other industries, such as the telecommunications and automobile sectors, it is also the enabler for changing business models of utility companies.
The days when our electricity supply relied on unlimited access to inexpensive carbon fuels, passive consumers and one way flow of power and information are slowly disappearing.
With an attempt to meet climate change goals, governments around the world are leading the debate on decarbonizing our energy sources – and, according to UNEP’s 9th “Global Trends in Renewable Energy Investment 2015”, increased their green energy investment in 2014 up by 17% from the previous year, to $270 billion.
Innovators and entrepreneurs are continuously looking to improve our smart grid and distributed generation and to develop storage technologies to allow the deployment of renewable energy sources.
The rise of these innovations not only helps governments meet targets, but also provide consumers with more options for active energy consumption – many of whom now seek control over their energy usage to save money and reduce their environmental impact.
In addition, utilities may have already started to feel the impact of new entrants – such as automobile manufacturing giant, Tesla – which are willing to adopt new business models to take advantage of emerging new markets.
The new opportunities arising in the energy market will be for those able to respond to the end user urge of being more involved, as well as to adapt to the evolution of the business environment. It is an exciting time of change for the energy industry with the opportunity of new revenue streams.
How quickly will utilities need to evolve and what impact will this have on society at large? Join us at The Business Booster to listen to expert speakers in this field and to meet the 160 entrepreneurs behind the ground breaking sustainable energy innovations.