"Innovation is about shaping the future by reimagining the present," says Ishneet Kaur, the director of innovation at a multinational utility Corporate Venture Capital fund. As a pivotal player in the evolution of the energy sector, Kaur's role at the CVC is both expansive and transformative.
Kaur works in the gas and electric utility industry, a field renowned for its safety and reliability. It now stands at the precipice of transformation in the US. With changing technologies and customer preferences—such as the increased adoption of solar and battery storage, electric vehicles, and a move towards clean energy supply—the way the grid operates will require unprecedented reform. Utilities who fail to adapt may face severe financial and reputational consequences. To that effect, Kaur's initiatives are indispensable to propelling the utility industry toward the future.
Kaur's Playbook for Innovation
As the director of innovation, Kaur juggles multiple critical responsibilities. At the foundational level, her role includes creating one view of reinvention across her vast and diverse organization. This is often performed through multiple, siloed teams that synergize to push initiatives in a vacuum. The tasks at hand can pose a challenge in any industry, but for a regulated monopoly with sparse funding for innovation, this becomes even more crucial to solve. Kaur's objective is to dismantle information silos and provide senior leaders with a comprehensive view of innovation activities across the organization. This report, initiated at the request of the CEO, has garnered significant attention and has been used as a vehicle for change. It was presented to top executives and board members, establishing alignment with the company's innovation strategy.
In addition, Kaur authored the Playbook for Innovation Report, a comprehensive best practice guide that serves as a roadmap for building effective innovation teams. This guide covers everything from defining an innovation strategy to setting key performance indicators. Its value has been widely recognized across the industry, providing a benchmark for peers aiming to enhance their innovation efforts.
Kaur's commitment to industry-wide progress is further demonstrated by her work on the industry innovation survey. This initiative involved surveying 20 gas and electric utilities globally to foster cross-utility collaboration. The resulting benchmarking report—refreshed with insights from over 200 innovation leaders—promises to offer valuable perspectives on state-of-the-art energy technologies.
Her dedication to delivering transformational innovation projects includes developing new products and business models that harness emerging technologies to achieve financial and strategic goals. These initiatives are designed to generate significant impact and create new business opportunities.
Influencing Change with Effective Stakeholder Engagement
Before spearheading the company's innovation department, Kaur wore her stripes as the director of business development. In this space, her work was instrumental in fostering relationships with energy startups, enhancing operational efficiency, and driving the commercialization of technologies that are strategically essential for the long-term success of the utility sector.
Her work involved collaborating with best-in-class cybersecurity startups to bolster the security of the U.S. electric grid, which is increasingly being targeted by cyberattacks.
She has also supported startups in improving performance and reducing costs in energy delivery by utilizing technologies that enable early fault detection and proactive asset management. Additionally, Kaur partnered with companies to incentivize customer participation in energy efficiency and decarbonization efforts. Her efforts also encompassed the exploration of sustainable alternatives for natural gas, preserving asset value while addressing environmental concerns.
Milestones and Recognition: Shaping the Future of Energy Innovation
Milestone-wise, Kaur's path was forged from day one of her university days. After completing her bachelor's degree in economics at the University of Delhi, Kaur went on to graduate with a Master of Science in Applied Economics and Management (Concentration: Applied Econometrics and Quantitative Analysis) at Cornell University. Following her Master's degree, she served as an analytics fellow and senior analytics fellow at McKinsey & Company. In these roles, she gained expertise in advanced risk analytics. She developed and validated statistical models to meet regulatory requirements for banks. McKinsey is known for its intensive, high-level immersion in business and regulatory consulting. Through this experience, Kaur attained an advanced level of skill in regulatory analysis and risk analytics.
Kaur utilizes her skillset and learnings to fuel innovation within the energy industry and outside of her workspace. For instance, she has judged startup pitch competitions, including the semi-finals for Harvard AE, and appeared as a guest speaker and panelist at industry conferences. In addition, her LinkedIn articles, such as "Building the Energy System of Tomorrow" and "Power Shift: Building an Equitable Clean Energy Future," highlight her thought leadership and commitment to advancing the energy sector.
"To truly advance the energy sector, we must embrace a culture of strategic problem solving and collaboration. Breaking down barriers and fostering cross-industry partnerships; this is how we can accelerate the development and adoption of technologies for a smarter, more sustainable future," she shares.
Energized Future: Kaur's Vision for Industry Evolution
The energy industry is transforming significantly, driven by technological advancements and shifting customer preferences. Kaur's work aligns with these changes, addressing grid modernization challenges and workforce evolution. Her insights into the industry's future emphasize the need for adaptability and innovation to remain relevant and successful.
Ishneet Kaur's role exemplifies the impact of visionary leadership in driving industry innovation. Her multifaceted slant, from unifying innovation reporting to spearheading groundbreaking projects, underscores her commitment to shaping a more resilient and sustainable energy future.
As the utility industry navigates the evolving terrain, Kaur's contributions will be crucial in steering it towards continued success and ensuring a safe, reliable, and affordable energy transition.
