Welcome back to your weekly dose of industry insights and tech news revolutionising the maritime industry. This week, it’s all about Singapore and how its innovation ecosystem has helped both startups and shipping companies partner up to fix some of the biggest challenges in maritime. Let’s dive in…

This week, I spoke with Thomas Ting, Chief Digital Officer at the Maritime and Port Authority of Singapore (MPA). With over 22 years of experience at the MPA he was able to share his experienced insights into the groundbreaking work the MPA has achieved through their PIER71 programme.

PIER71 (Port Innovation Ecosystem Reimagined @ BLOCK71) brings together maritime innovators in Singapore. It's a joint effort between the Maritime and Port Authority and NUS Enterprise, creating a space where new tech meets industry knowledge, talent flourishes and technological advancements in the maritime sector thrive.

Like any other maritime grant, PIER71 offers funding to support startups in their early stages of development. "To date, startups in our PIER71 programme have secured over USD $100 million in investments."

While the cash injection helps brilliant ideas move from sketches on napkins to actual working prototypes, this project goes way beyond basic funding initiatives. Thomas explained how PIER71 offers startups a range of opportunities that can’t simply be bought with funding…

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"Regulatory sandboxes allow startups to conduct trials in our busy port waters." This means emerging startups can test their innovations in real-world conditions without drowning in red tape, which can be difficult for even the most established technology providers.

"We provide these startups with access to a network of maritime companies that are forward-looking in innovation and collaboration." It's rather like having a proper introduction to the cool kids' table. These connections can make the difference between a clever idea gathering dust and one that transforms the industry.

"What differentiates our program is that we secure support from maritime companies in advance (these are real problem statements from companies that genuinely want solutions)." Unlike other innovation schemes that feel a bit separate from reality, PIER71 are matching startups with companies that have already raised their hands and shared a challenge that they are looking to fix.

Still not convinced? The results speak for themselves…"Many startups in our PIER71 programme acquire customers after completing proof-of-concept and demonstration projects."

Thomas also shared his insights into the most promising technological advancements impacting the market today, artificial intelligence being high on that list, ​​"AI will be transformational for many industries, including maritime”. The growing adoption of AI throughout maritime markets has been key to improving practices and streamlining processes.

Another groundbreaking advancement is the widespread adoption of improved connectivity on both ship and shore, which has paved the way for a new wave of technology. "Satellite communication and 5G connectivity between ships and ports is opening up a new innovation space and solutions that weren't previously possible."

Thomas also discussed the benefits of participating in PIER71 for established maritime companies, "[Shipping companies can] Get a free technology scan by participating in PIER71 innovation activities...this helps you understand what disruption is coming your way." Which is rather like having an early warning system for those waves of change that might otherwise catch you unawares whilst you're busy keeping the ships running.

From his experience, Thomas also shared his belief that the truly forward-thinking maritime companies are creating dedicated innovation teams, separate from those managing everyday operations. "Establish an internal structure to support innovation and transformation that's different from day-to-day operations."

This approach gives you the breathing space to properly explore new ideas without getting bogged down in quarterly targets and operational firefighting; it's the difference between merely surviving and actually evolving in this rapidly changing seascape.

The message is clear: While there may be a number of organisations focusing on driving innovation and supporting startups in maritime, not all are created equal. 

PIER71 is a prime example of this, going above and beyond, bringing solutions to the key challenges actually faced by shipping companies today.

And that’s all for another week folks! I’ll be back next week with insights from another industry leader. Until then, Ailsa