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Ofwat, the economic regulator of water services in England and Wales, has announced a new “open access” competition for innovators as its £200m Innovation Fund evolves to encourage more diverse ideas to transform water services for customers, the environment and society.
Just as the fintech sector has used its skills and expertise to challenge and transform the highly regulated retail and business banking sectors in the UK, Ofwat is encouraging future entries to build customer value through innovation to provide better services, including for vulnerable customers.
“We need greater innovation in the water sector to tackle the significant challenges it faces. The Innovation Fund has inspired multiple collaborations between companies in and outside of the water sector. The ambition of the winning entries to date demonstrates the sector’s commitment to build a resilient water system that benefits the environment and customers. Over the next three years we will distribute approximately £120m to more innovative initiatives. I’m pleased to announce the return of the Water Breakthrough Challenge this autumn, plus an entirely new competition open to innovators from any sector with ideas capable of positive transformation for the water industry to follow early in 2023. We're also currently consulting on continuing the fund to 2030. ”
