High Growth Firms in the Natural Resources Sectors in British Columbia: Forestry, Mining, Oil & Gas
Rocket Builders looked for early stage innovators in BC’s natural resources sectors, Forestry, Mining, and Oil & Gas, with the potential to become high growth firms. In all sectors a primary vector for the diffusion of innovation are services companies. There are ways to leverage the importance of services companies in innovation to BC’s advantage. The value structure and innovative solution of each sector is very different:
Forestry:
Profit flows downstream because suppliers have diversified and large retailers dominate demand
Only lateral innovations can improve the efficiency of upstream processing and keep BC companies in the game
Mining:
Focused on finding and building mines, not investing in innovation
Emerging opportunities to innovate in big data in the mining value chain for better data integration and coordination
Need to commit long term in R&D to maintain global competitiveness
Oil & Gas:
Robust services-based innovation but no large BC players
Emerging opportunities in data acquisition and analysis, skills development, environmental impact and potential hybrid material synergies