Some of the most groundbreaking public solutions begin at the procurement stage. Could this process be the hidden powerhouse for shaping better futures?
This week’s VentureFuel Visionary is Rikesh Shah, a visionary in public sector innovation and the driving force behind the Innovation Procurement Empowerment Centre at Connected Places Catapult. Drawing from his groundbreaking experience at Transport for London, he reveals how opening up city data empowered entrepreneurs to reshape mobility for millions, and more.
Explore how procurement strategies can shift from cautious compliance to bold innovation, redefining what's possible for cities around the world!
Episode Highlights
- Shift Procurement from Risk-Averse to Venture-Led – By treating procurement like venture capital — accepting calculated risks and rewarding innovative problem-solving — public agencies can drive transformative, citizen-centric solutions.
- Unlock Innovation With Open Data – When Transport for London opened its transit data to developers, it spurred a wave of innovation, leading to better, faster, and more user-friendly mobility solutions that directly impacted millions of Londoners.
- Scaling Innovation Requires Early Alignment – Successful innovation programs need buy-in across all organizational layers from the outset. Clear internal alignment and commitment to scaling innovative solutions are crucial to ensuring groundbreaking ideas don’t stall after early pilots.
VentureFuel builds and accelerates innovation programs for industry leaders by helping them unlock the power of External Innovation via startup collaborations.