Do maritime innovation centers produce results?

Abstract

Over the last decade, numerous innovation centers, accelerators, and incubators have been developed globally to facilitate startup firms within the global maritime sector or as it is a part of what is called the “Blue Economy.” Several of these industry-focused centers have a venture funding connection as part of their offerings. The intent is to spur development of new technologies to be incorporated within the maritime logistics industry or totally reinvent processes that have been in place for decades. Ideation competitions have been developed in some instances and entrepreneurs are urged to participate in programs that will provide networking opportunities and access to funding. Despite this development, the number of maritime startups that reach minimum viable product for introduction and investment remains small in comparison to other industries. This study will examine the current state of maritime innovation centers around the world and consider the value of these programs in the evolution of the industry toward digitization.