Two years ago, Managing Director of ADL Ventures Nolan Browne introduced concepts of partnering with legacy sector companies to identify opportunities where they could partner with startups to introduce new products and disrupt the industry. In 2017, ADL Ventures won Innovative Pathways to pursue this idea and created what has become problemspace.io an innovative platform for helping start-ups direct their efforts toward solving incumbent problems.
Profits,Economic Growth: innovation paradigm for risk-averse industries
Introducing technologies into the legacy infrastructure (energy, water, construction) industries is difficult because the stakes are high and the price of failure catastrophic. By design, infrastructure heavy industries are strongly incentivized to resist change in favor of predictability, at the cost of modernization, improvement, and growth. But these critical and change-resistant legacy sector industries are the backbone of the American economy. Nolan Browne explores challenges faced by these critical sectors as they seek new approaches, and suggests how we might use demand-driven technology innovation to transform these stagnant industries into growth industries. www.adlventures.com