Under its Innovation strategy, Mace aims to invest more than 2.5% of its annual revenue each year into new products, technology and processes. Mace’s new proposal will see a proportion of this spend placed into a central fund and used to encourage new investment in innovation that benefits the entire group.
The move comes as Mace launches the second iteration of its Innovation Strategy, titled 'Speed and Scale', that sets out three clear roadmaps for innovation over the next five years in key focus areas for construction: net zero carbon, construction to production and digital & data.
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These three areas of investment are intended to lead construction to a future where construction sites, workplaces and the wider industry are connected together, enabling low carbon delivery in a more productive and safer environment.
This approach will see around £1 million made available each year to be bid on by aspiring innovators, designers and problem solvers across Mace to invest in new technology, supporting net zero, construction to production and data and digital projects that will transform how the business delivers the built environment.
The first round of funding is due to be awarded later this year in late Q3 2022. At first the process will only be open to Mace employees and projects – but by 2023 the group expects be inviting supply chain partners to bid for funding.
Recent major innovation investments at Mace include the development of low carbon cassettes, which can reduce the embodied carbon of a standard office structure by up to 75%, a new approach to production control rooms that improved on-site productivity by 20%, and a 30% faster delivery of high-rise buildings via our Mace Tech business.
