Mining Current trend | There is a linear trend towards opening up new startups
Similar to other industries, the mining industry also picks up startup trends in various related operations. Now there are nearly 200 startups operating in different continents in the world. They cover most mining activities. It is fascinating to witness the services, solutions and products they offer to the industry. Mining companies should leverage services provided by the startups instead of inventing everything by themselves. By doing that, a mining company can accelerate progress towards sustainable mining by going digital and green. There are various startups working in different domains available to help companies to improve their business. So it is highly recommended to leverage their services, solutions and products. This brings an outside perspective into the mining business as well.
As shown in the graph above, startup investors use their money to open up new startups gradually. That is a positive sign, given the recent mining downturn. The investors have seen value in investing their money into mining startups.
Startup focus areas | Investors are mainly focused on six areas
Startup owners are mainly focused on six areas to improve the mining business; technology, infrastructure, environment, finance, human resources and operations. For each category there are several focus areas as well.
Services provided by technology driven startups:
It is surprising to see that the majority of startups are based in Santiago, Chile. Next are the four big Australian mining cities, Brisbane, Perth, Melbourne and Sydney. There are not a lot of mines operating in New South Wales and Victoria in Australia. However, Melbourne and Sydney are the business hubs, and that could be the reason some of the startups are originating from there. Other contributors are Canadian cities such as Toronto, Calgary, Ottawa, Johannesburg in South Africa, and San Francisco in the US
It is good to see that startups are there to help the sector improve their activities in different areas of operation. We need to utilize these off-shelf services to improve the business. One of the main barriers is that leaders are trying to reinvent the wheel and thinking too much about it. The leadership does not realize that everything is already out there. It has to have a clear understanding of the services offered by startups, as some of them are at their early stage of developing their startup business. There are also well-established startups which have been doing business for the last 3-4 years with different mining clients.
In summary, the leadership should try to leverage lucrative services, optimized products and innovative solutions that are provided by these startups in order to improve the mining business. It would be beneficial for the development of the sector in the long run.
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