The ultimate goal in consumer technology is to develop software and robotics that enhance customer experiences, making interactions seamless and efficient. This pursuit, however, often yields varied results.

Take Ocado, for instance. The company set out with ambitions to revolutionize the global grocery delivery market. Yet, its track record has been somewhat inconsistent, reflecting the unpredictable nature of tech ventures.

In contrast, Uber has significantly reshaped the transportation landscape. By outmaneuvering traditional competitors in various markets, it has redefined what it means to be a ‘rider’ in the modern age.

Meanwhile, in the UK, Octopus Energy has thrived, largely thanks to its tech division, Kraken. Spearheaded by Israeli tech entrepreneur Amir Orad, Kraken has become a cornerstone of Octopus Energy’s success.

Recently, a consortium of investors acquired a stake in Octopus Energy, valuing the company at a remarkable £6.4 billion. This transaction has bolstered optimism about a potential initial public offering, possibly marking its debut on the London market.

Across the UK, several energy giants are also investing in innovative software solutions. Their goal is clear: to boost efficiency and enhance the overall customer experience, ensuring they remain competitive in an ever-evolving industry.

Powering change: Several of Britain’s energy giants have invested in customer software models which aim to improve efficiency and the customer experience

The dash by energy firms and banking towards online models is contentious. Hi-tech means less personal touch and a decline in customer service.

Kraken’s achievement is that it has reached beyond its core of UK customers and has been able to sell the experience to other big energy players such as French giant EDF. 

This enabled it to lift the numbers using its systems to an estimated 70million people.

Not all the users of Kraken are enthusiastic. There are suggestions the service provided to other power companies is sub-optimal and less enabled than that provided to core Octopus customers.

Kraken has first mover advantage and has attracted an assortment of investors including hedge fund D1 Capital Partners. 

Other investors include Fidelity and the Ontario Teachers’ Pension Plan. Why UK pension funds are not more prominent, when innovative technology is at stake, is a broader question. Other British energy firms are nurturing new tech models.

Centrica – our largest gas supplier with ten million customers – has embraced digital through a deal with Nottingham-based ENSEK, which seeks to transform the billing and customer experience on its Ignition platform. 

OVO has an unrealised asset in its Kaluza platform which optimises energy services and supply.

Kraken has successfully rolled out its brand to a range of energy users, ahead of its competitors. 

But so did Ocado when it signed up Kroger in the US. It has since mothballed expansion. Ocado now finds itself competing with rivals such as DoorDash and Instacart.

In the fast-moving worlds of AI, digital platforms and robotics, picking the ultimate winners is not easy.

Second coming

The assault by Boaz Weinstein on the cosy world of investment trusts savagely was defeated in a series of votes earlier this year. 

Despite this, his vehicle Saba Capital has come back for more at Edinburgh Worldwide Investment Trust (EWIT), managed by the sometimes-elusive Baillie Gifford.

This paper abhors Weinstein’s scatter-gun approach, which seeks to enrich his firm and associates at the expense of investors. But I must acknowledge that his antics have had a positive impact.

Investors are now much better informed than in the past with regular portfolio updates and, in some cases, invites to annual meetings or briefings on the portfolio with an occasional free lunch thrown in.

None of this means, however, that holders of the Edinburgh trust should have any truck with Weinstein’s effort to switch existing directors with an unknown slate of replacements. 

So far, he has shamefully failed to explain their proposed mandate to EWIT’s board and the ultimate owners of the trust – the shareholders.

Saba resolutions must be firmly rejected.

Off track

I couldn’t but read with amusement how rail journey aficionado Michael Portillo, as a Treasury minister, lined up to reject the Elizabeth Line, nearly strangling it at birth. 

The row provides insight into Treasury dislike of grandiose projects.

As a result of a Tory decision, HS2 is stunted, running from London to Birmingham. 

This largely is because of the failure of successive governments to manage the cost and wokery which destroys great infrastructure. It was and remains for ever thus.

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