Putting out the fire… with innovation
Just as David Bowie’s song “Putting Out the Fire with Gasoline” implies we need a new approach to combating wildfires. Embracing innovation and technology isn’t just a choice; it’s a necessity.
This year, our country has been ruthlessly devastated by massive wildfires. Of course, this was not the first summer, and we were not alone. Residents in Hawaii, Canada, Tenerife, and other parts of America and Europe saw tragedies that resulted in massive human and environmental losses.
Greece led a group of 20 Mediterranean countries this year, recording 1,610,080 acres of burned land by the end of August, a 270% increase over prior years (2002-2022).
Wildfires cost us a lot more after they happen. Janez Lenari, the EU Commissioner for Humanitarian Aid and Crisis Management, recently confirmed what we already knew: every euro invested in prevention saves two euros in wildfire damage. Wildfires will cost the Greek economy more than a billion euros this year.
Most people today associate Greece with summer, sun, and the sea. From a business perspective, tourism is a huge opportunity, resulting in significant investments from the government and private sector to develop this market. However, the country could also innovate in other areas that were not obvious until now. A need, a sizable market, or subject-matter knowledge drives innovation. Greece meets all three of these criteria, not just one or two.
Firstly, Greece is at war with wildfires. We need to innovate in wildfire prevention and protection. The economic cost of wildfires for our country is unbearable.
Secondly, the market for “Firetech,” the companies engaged in developing technologies for to fight wildfires, is still in its early stages, despite some technologies being applied for early detection and fighting of wildfires. There is a tremendous business opportunity, as the global market is estimated to be worth hundreds of billions of euros.
Thirdly, just a decade ago, the innovation ecosystem and startups in our country were non-existent and emerged out of the economic crisis. Today, it is an 8-billion-euro market, employing thousands of people, with Greek companies targeted by multinational giants for acquisition. We have leveraged our human capital to create an entrepreneurial ecosystem that generates value and attracts foreign investments.
There are many examples where just one of the three conditions led to innovation on a national level. Perhaps the best-known example is the Israeli startup ecosystem, which emerged out of the need to address national security issues that threatened the country’s existence.
We have a critical need, there is a huge domestic and global market, and most importantly, we have the brainpower to do it.
London, one of the world’s largest financial centers, is the global capital of fintech startups. Israel is the hub for cybersecurity startups. Greece could become a European and global reference point for technologies related to wildfire prevention and management.
Today, we have at our disposal vehicles like the Hellenic Development Bank of Investments, a fund-of-funds that manages two billion euros and supports other funds that invest in startups. We have channels for capital deployment through acceleration programs and venture capital funds that were established through Equifund and JEREMIE. We have a growing ecosystem of startups with outstanding performance in just 10 years. We already have some startups that are building solutions to fight fires. We are making significant efforts to connect with the Greek entrepreneurship diaspora.
We could look at countless models with tangible results to develop our own Firetech ecosystem, leveraging our domestic talent and importing foreign entrepreneurs and startups, similar to other acceleration programs –Startup Chile.
What we have not done yet is to make wildfire prevention and management a national initiative, to mobilize and allocate the necessary resources to create a vertical startup ecosystem that will develop the technologies to combat wildfires.
The Israeli Prime Minister “sells” products from his country on every trip he makes, and we line up to buy them. Isn’t it time to approach things differently?
Among all the actions we can take for wildfires, I believe there is room for a creative approach and innovation!
