Increased consumer choice, the exponential growth of renewables and the burgeoning blockchain technology are forcing utilities to adapt to the increasing digitization of the industry. All the while, they are still tasked with maintaining stable grids with affordable energy supply. As the CEO of a cloud-based energy solutions platform, I have witnessed how this can lead many utilities to “race to be second” when it comes to implementing new technological advancements and new business models.

This was recently put into focus by Dr. Franz Strempfl, who, according to GreenTechMedia, said: “We need more free room to make pilots, to make new, innovative projects. Maybe 50 percent of these projects will end in disaster. It’s not a pity to have this, because we learn from failure way more than from success.”

Being cautious or slow to adopt new digital trends isn’t a trait that’s solely seen in the utility space. I've observed that the road of commerce is littered with companies who were once giants of their time, but who struggled to innovate in alignment with the fundamental changes in front of them. Blockbuster Video (paywall), Polaroid and Kodak are just a few recent examples of companies whose attempts to double down on efforts to get customers to use their legacy analog products, rather than investing in new technology and new business models, were widely publicized -- and who struggled as a result.