Why Innovation in Rail is Broken and What You Can Do About It – Introducing The Railway Innovation Champions Program | Railway Innovation
Innovation in the railways is broken. Why? Because the industry is set up in a way that disincentivises innovation. Short-term franchise awards stop operators and financiers from investing in the technology that can ultimately reduce their costs and increase passenger satisfaction. Short-term franchise awards encourage them to focus on the short-term ROI of operations and execution - rather than on the making rail better. Investments in innovation and technology make a lot of sense when you look at a medium or long term period, and have the necessary resources to implement and project manage the investments. But tragically, the industry is making it very hard for the innovators - the very ones who are trying to move things forward. Urgency Why would you take risks to improve the status quo if you don’t have the urgency to do so? Maybe the lack of urgency is the reason we have government bodies running innovation programmes, rather than start-ups. But the top down approach to innovation