Su Yin Anand, CEO of GlobalOre and co-founder of The Captain’s Table, discussed scalability challenges in the marine technology industry at the SplashTech Digital Leaders Forum held last week in Singapore. She mentioned approximately 4,900 technology suppliers in this field and 381 purchases made since 2017, adding that total venture capital investments in marine technology have reached around $3 billion.
Scalability Challenges and the Need to Understand Customers
Anand stated clearly that "marine sub-sectors are so small that they cannot support a scalable independent company." This led to deeper discussions in the panel, including topics such as connectivity and artificial intelligence. Ben Palmer, President of Viasat Commercial, emphasized that marine communications must be continuous and reliable. He said, "This does not diminish its value; on the contrary, reliable communications are fundamental for remote monitoring and predictive maintenance."
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Investment and Time-Consuming Growth
Marina Hadipetros, co-founder and general partner at TMV, pointed to changes in the investment landscape in this field and stated that investors need to be more patient. She referenced Nautilus Labs, which initially attracted significant investment, and noted that the company failed to align with the purchasing behavior of the marine industry. Hadipetros said, "Overall, the marine industry needs a different investment mindset."
Morten Lind-Olsen, CEO of Dualog, also addressed the importance of investors understanding the marine industry and stated that expecting quick returns in this industry can be very unrealistic. He added that "the greatest value of any company is its relationship with customers, and technology may quickly become obsolete."
Ingrid Kilstad, CEO of Klaveness Digital, also emphasized the necessity of close communication with customers and addressing less attractive problems in marine organizations. She said, "Sales cycles for marine software can easily reach 18 months."
A key point raised at this meeting was that expectations for typical returns on investment in this industry must align with existing realities. Nickel Malohra, Vice President of the Wilhelmsen Group, pointed out that most current investments in marine technology should be made in the right context and with a deep understanding of the challenges and needs of this industry.
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