It’s no secret that for technology innovation to create value, the right partnerships and business models are as important as the technology itself. This notion rings especially true in the energy sector, where large corporates – from oil majors like BP and Shell to service providers like TechnipFMC and Worley to equipment manufacturers like Caterpillar and Schneider Electric – have made focused investments in the technology of energy transition. Going forward, it will be important for energy CVCs to expand the aperture of their investing activity to include business model innovation by employing an ecosystem approach to innovation.
In late fall, we spoke at the Global Corporate Venturing Energy conference in Houston and saw themes like technology advancing the energy transition, digital transformation, and the imperative to develop an innovation ecosystem take center stage. Here are our key takeaways from the event.