So you are running your energy company and staring at all the innovation happening in the energy industry. How do you spend time on innovation in a sensible way and reap the rewards? With all the developments going on, how do you make sure you have time to keep track of all those potential opportunities?
You run an energy company, not a research lab. From new generation assets, distribution technologies to digitalisation and new ways to work together with a wide variety of stakeholders. Trying to balance all that, how can you be sure you are correctly identifying the opportunities? Given that for startups, around 90% of them fails, how can you make sure you are not wasting your time and attention?
Time Issues
There are three big reasons why an energy company has too little time for innovation. The three main reasons are:
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Too busy running the business
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Studying innovation in energy takes too much time
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Trapped in the short term and not the sustainable long term
RUNNING THE BUSINESS
While you are busy running the business, it is harder to also build on the company. Let alone re-inventing your business! There is a current cash cow that needs love and attention. Time spend on innovation can be seen is neglecting your responsibilities for today.
UNDERSTANDING INNOVATION IN ENERGY
To successfully innovate in the energy industry, it helps if you have a thorough understanding of the energy industry and its challenges. But it would be best if you also were comfortable working with innovation, its frameworks and the uncertainty it brings to the table. To become good at that, and remain an expert at both domains, takes a lot of time!
SHORT TERM TRAP
Businesses too often get judged on their short term financial results. Does a project bring money in next week, or is there a chance that it might do so in a few years from now? Innovation is the long term game, which makes it hard to combine with a shorter-term focus on, for example, shareholder value. Playing the innovation/long term game makes sure your business becomes sustainable.
Hire Help
It always pays off to get help with the things at which you are not a master. If you are the expert on running your energy business, hire someone to help you with innovation in energy. Hired help has three benefits:
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It is not taking away the love and attention from the running business. It is the extra capacity focussing on re-inventing your energy company.
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They are already an expert at both the energy industry and innovation frameworks. They got there because they have a knack for it. They love to learn and stay on top of these developments; it is second nature to them.
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They can focus on the longer-term, without getting consumed in the day-to-day business.
Need a hand or want to have my feedback on your plans?