Entrepreneurial opportunities and challenges in smart micro-grids and electric vehicles

As the world combats the challenges of deteriorating air quality and expensive oil imports, demand for electric vehicles (EVs) is on the rise. One of the impacts of EV adoption is the change in energy generation and distribution ecosystems. Dependence on fossil fuels for charging of EVs cannot be accepted under a carbon-free energy generation scheme. Hence smart grids with integrated renewables have to be parallelly developed for the benefit of environmental and public health. An opportunity to build sustainable infrastructure will bring new job opportunities and trigger the creativities of young entrepreneurs and start-up companies. However, a thorough assessment of multiple challenges needs to be addressed before welcoming a complete reform. This contribution discusses the technological developments, challenges, and opportunities related to the field of EVs and smart grids. It also addresses the social factors and policy incentives to promote their development. The main novelty lies in the evaluation of social, technical, and environmental dimensions of each of these individual systems as well as their interconnection. This has been a first attempt at evaluation of these aspects of the two major technologies, building the pathways and pillars for successful entrepreneurs. The key findings of the contribution indicate that a strong relation exists between EVs and smart grids and their joint development can lead to a gradual transit to carbon-free eco-system. Moreover, as policy initiatives and user perspective play a key role in acceptance of the technologies, this contribution provides key solutions for new job opportunities in the related sectors.