Tech Talk | Taking technology from innovation to market
Courtesy: Georgia Institute of Technology
Focus on the intersection of innovation and market deployment is aimed to unlock the full potential of new technologies that can reshape Europe’s energy landscape.
In a new policy paper ETIP SNET seeks to address the challenges that inhibit the effective uptake and commercialisation of innovative energy solutions.
Drawing on input from almost 50 real world example projects, including both pan-European and national projects, the study highlights that there are diverse approaches to overcoming the barriers to commercialisation and that they can impact both job creation and economic growth.
But also there are many challenges that should be addressed, the paper finds, most significantly access to funding and in particular for the small and medium-sized enterprises (SMEs) and startups that often lack the financial resources necessary to scale their innovations.
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Among the findings successful projects in the energy sector are found to often rely on strong collaboration among researchers, industry partners, policymakers and stakeholders to drive successful commercialisation efforts.
Through these networks, these projects can then leverage expertise, resources and market knowledge to navigate the complexities of bringing innovations to market.
Moreover, market orientation is crucial for projects to succeed, focusing on addressing real-world needs and challenges by understanding customer demand, market dynamics and competitive landscapes to develop solutions with commercial potential.
Another finding is that researchers and project teams must have a strong business acumen and entrepreneurial skills if they are to translate their research outcomes into market success.
They need to ensure technology readiness, optimal performance and scalability in order to attract investors and industry partners.
They also need to gather feedback from potential customers, conduct market research and validate the product-market fit for the project to break into the market and have a lasting effect.
Policy approaches
The ETIP SNET paper highlights ten policy approaches for accelerating uptake of technology project result to the market.
These are:
● Energy innovation incentives such as grants and funding programmes for R&D and financial support to promote innovation driven entrepreneurship
● Public-private partnerships to encourage collaboration and platforms for knowledge sharing
● Regulatory reform for energy innovation with streamlined processes and facilitation of market entry
● Energy technology transfer programmes to transfer research outcomes and accelerate market uptake
● Energy market access initiatives to spur innovation into new markets and support market entry
● Startup support such as incubators and mentorship programmes
● Industry collaboration to promote technology adoption and to co-develop, pilot and commercialise innovative solutions
● Energy skills development including workforce training and talent acquisition programmes
● Energy market intelligence to obtain insights into market trends and to develop market entry strategies
● Evaluation and monitoring of energy projects to track project progress as well as the effectiveness of policy.
Underlying all of these is the issue of access to funding, for which the paper emphasises the need for policymakers to streamline funding mechanisms, enhance financial support for innovative projects and foster public-private partnerships.
In addition to the financial challenges, the paper highlights the importance of simplifying regulatory processes to facilitate the commercialisation of innovative energy solutions as well as the harmonisation of standards across the EU and the establishment of a more innovation-friendly regulatory environment.
Beyond these accessing mentorship, infrastructure and expertise further propels projects towards market success, with collaboration among stakeholders another critical focus.
There also is the need to promote the uptake of new technologies and innovations within the energy sector to achieve market acceptance and widespread implementation.
To further promote innovation and research, it is essential to emphasise the urgency of accelerating the time-to-market for innovative solutions. Given the rapid evolution of the energy sector’s needs and the swift pace of digital technological developments, this is particularly critical, the paper states.
By enhancing access to funding, simplifying regulatory frameworks, fostering collaboration among stakeholders and promoting the adoption of new technologies, the European Commission should aim to create a more competitive and innovative energy sector, while reaching the 2050 targets set int the European Green Deal and the European Climate Law, the paper concludes.
“Through aligned policies and initiatives, the EU can effectively bridge the gap between innovative ideas and market realities, paving the way for a resilient energy future.”
Jonathan Spencer Jones
Specialist writer
Smart Energy International
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