PALO ALTO – ThisFish Inc., a Vancouver-based seafood traceability startup, has released the first-ever Fish n’ Chips Index showing the meta-trends driving the adoption of technology in the global seafood industry. The release comes at the start of the Fish 2.0 Innovation Forum, a two-day global startup competition being held at Stanford University from November 7 to 8. ThisFish is a finalist in the competition.
The Fish n’ Chips Index compares two meta-trends: the relative rise in the price of global seafood and relative decline in the price of semiconductors, which are used in microchips. Since 1990, the FAO’s Fish Price Index has risen from 100 to 160 while the U.S. Bureau of Labor Statistic Producer Price Index for semiconductors has declined from 100 to 54. The Producer Price Index also shows that software has declined by 6.6 percent and computer hardware by 5.8 percent in the last decade.
The rise in cloud computing, open source, smartphones and IoT hardware is driving down the cost of technology, making it more accessible and ubiquitous. At the same time, global demand for protein keeps rising while the production of wild capture fish has remained stagnant at 90 million tonnes for the past two decades. The increased demand has been somewhat met by the rise of aquaculture, tripling production to 74 million tonnes over the same period.
So, is technology becoming commodified while seafood is becoming de-commodified? That might be a stretch, but the meta-trends point to growing innovation in the seafood sector as technology costs decline and seafood demand rises. The industry is ripe for digital disruptions.
If Fish 2.0 is any indication, seafood entrepreneurs are increasingly focusing on innovations in aquaculture, traceability, transparency and supply chain logistics. As sustainable seafood becomes more coveted, consumers will increasingly want to know where it comes from and demand trusted data on its origins and production methods.
|FISH N’ CHIPS INDEX|
|Year|| FAO Fish