Prashant Modi | How Will Energy Producers Spur Innovation?

As the COO and President of Great Eastern Energy Corporation Limited (GEECL), Prashant Modi has remained focused on how his company may not only transform energy industry progress in India, but across the globe as well. Believing that innovation in the energy sector is crucial to creating a more sustainable global climate—both economically and environmentally—Modi encourages all industry leaders to pursue solutions for rapid, solid progress. The Challenges of Innovation.

While the energy industry has benefited in some ways from participating in a largely globalized market, the vast expanse of these operations introduces some challenges. Modi says that the energy industry is often headed in many directions at the same time. While some may be focused on introducing renewable energy—such as wind or solar—others, such as GEECL, look to utilize eco-friendly resources that are easily attainable—including coalbed methane (CBM)

Modi says it is extremely urgent for all citizens to understand why introduction of new concepts in the energy industry is important. First, the public and the professionals of the energy industry must understand how to achieve progress in this sector. If these ideas are ignored, progress across the globe could be threatened or reduced.

Who Can Influence Innovation in the Energy Industry.

Having already witnessed the tremendous positive transformation provided to Indian society through coalbed methane exploration, Prashant Modi notes that there are many ways that people all over the globe can contribute to the progressive expansion of the energy industry. Here are just a few key factors that will increase development in this sector:• Businesses Need to Get on Board

While the collective energy industry is responsible for fueling many different other industries—and the businesses that create them—Modi says it is vital to recognize that these entities also help build the energy industry.

As an entrepreneur who has extensive academic and professional background in business administration, Modi encourages all executives to investigate the way they can contribute to progress in the energy industry. While there are many ways that businesses can impact progress through conservation efforts—such as by reducing waste and emissions—there are many strategic ways to stimulate greater progress in the energy sector.

For example, businesses may find that there are many opportunities to form strategic partnerships with other companies that are more connected to the energy field. By forming professional relationships with forward-moving energy companies—if possible—businesses can unite to show greater interest in creating more sustainable, reliable and cost-effective solutions for power.

• Support Educational Programs

Modi has found that his educational background in business administration has provided him with the necessary tools to take on comprehensive projects in innovation in the energy industry. Collaborating with other leaders in engineering, development, finance and other fields, Modi has helped develop GEECL as an up-and-coming provider of coalbed methane.

While business education is essential for greater entrepreneurial growth, Modi says it is important to also place a strong focus on science, technology, engineering, mathematics (STEM) study areas.

If colleges work to create more robust STEM programs there will be greater opportunity to attract new students to this field. In addition, donors and corporations who sponsor scholarships in this area will also be playing a major part in developing the next generation of great innovative minds that will help transform the energy sector.

Prashant Modi Urges Consumers to Support Energy Innovation.

Although the global energy industry may often appear as one solely concentrated in big business, it is essential to recognize that these operations work to serve—in one way or another—the individual consumer. For example, Modi states that energy providers that work to create more productive, safe and cost-efficient resources and technologies can pass those benefits on to the consumer.

GEECL, for instance, has worked to continue its coalbed methane exploration to help rebuild India’s economy and create a more sustainable marketplace for all national industries. Through this work, Modi and his colleagues hope to help consumers attain more reliable and affordable energy resources, while simultaneously giving entrepreneurs a greater chance to break into the growing field of industry. While it is clear that energy companies can do a great deal to transform the consumer experience and society at large, many may wonder: what can consumers do to encourage energy innovation? According to Modi, one of the most important ways consumers can help is by taking simple steps to conserve energy.

This collective effort helps demonstrate that the public is not only ready for safer, more affordable energy resources, but is willing to adopt new practices to enjoy them.

In addition, individual investors can help spur innovation by placing their investments in companies that specialize in progressive energy.Providing financial support to these companies allows them to expand exploration and technological development, as well as could provide the investor with an immense return down the line.

After receiving a degree in business administration from Boston University and completing executive programs at the prestigious Harvard Business School, Modi has become a major force in the energy industry. As a seasoned entrepreneur and executive, Modi has represented a strong set of values in organization, management and fiscal responsibility. Prashant Modi is the president and chief operating officer of Great Eastern Energy Corporation Limited.

Ready to improve the economy and the environment through sustainable measures, Prashant Modi remains a solid example of how to lead with responsibility in today’s business world.