Unlocking the marina sector: innovation, investment, and the push for integration

The marina industry is at an inflection point. What was once a patchwork of isolated operations is now facing a tidal wave of investment and expectations. Speaking candidly in a recent conversation, Tom Mukamal, a long-time industry leader and former CEO of IGY Marinas, provided an insider’s perspective on the evolution of the sector – from its early, unstructured beginnings to a new era marked by institutional capital, digital transformation, and the urgent need for innovation.

From Pioneering to Professionalism

Mukamal, who began shaping IGY’s trajectory alongside operations lead Kenny Jones in the late 2000s, reflected on the early days, describing them as a period of significant exploration and development. “We were building the model as we went,” he noted. “There was opportunity in every direction – real estate, services, data – all operated independently and lacked integration.”

While the landscape was still evolving, that openness created space for innovation. With few established systems, even modest ideas had the potential to drive meaningful change and growth. “If you had a reasonably good idea and a collaborative mindset, you could make a real impact,” Mukamal recalled.

The Institutional Wave

Today, things look different. Billions in third-party capital are flooding into the marina space. Private equity firms, managing other people’s money, are buying up marinas globally. With that comes both promise and peril.

“The good news is there’s more investment across the spectrum,” Mukamal said. “The bad news is it tends to make things less entrepreneurial. Entrepreneurs are being replaced by asset managers. There’s more financial discipline – but that can choke creativity.”

Mukamal warned that innovation is now a necessity, not a luxury. “Too much investment has gone in just to say, ‘Now we own this stuff.’ Something has to be done with it – whether that’s investments in infrastructure, technology, or entirely new business models.”

The Data Dilemma

One of the key challenges, Mukamal argued, is data – or the lack of it. “Nobody has a great data set. Most marinas are still operating on older tech platforms.” Because properties have traditionally been owned and operated independently, information remains fragmented, making it difficult to scale innovation or offer seamless services.

Without shared platforms or connected systems, manufacturers, brokers, and marina operators are all missing out. “There’s commerce being lost. The customer loses too – because if key providers could talk to each other, the overall service would improve.”

Until data silos are broken down and integration becomes possible, true digital transformation will remain elusive. Mukamal believes this gap in infrastructure is the biggest white space – and the most urgent opportunity.

Innovation at Scale: Still Elusive

Despite the influx of capital, innovation at scale is still difficult. “You can’t innovate in the marina space at scale without significant financial resources which most aspiring entrepreneurs do not have,” Mukamal said bluntly. “And if you can’t do that, you’re not going to attract quality venture investment or smart people who want to build something.”

The solution, in his view, lies in building common platforms that allow interoperability. These platforms wouldn’t replace proprietary systems but would allow different stakeholders to communicate and transact. “You can’t rely on boat shows to scale a business,” he said. “We need a better distribution system.”

Mukamal points to the airline industry as a model. “You can book a multi-leg journey on multiple airlines through one app. That’s where we need to get to. But we’re not there yet.”

Breaking the Isolation

There are signs of progress. Mukamal notes a growing willingness among stakeholders to collaborate – driven in part by regulators, especially in Europe, who are requiring digital customer services in concession agreements. “They’re forcing people to think differently, and that’s a good thing.”

Still, fear of competition and customer loss keeps many marina operators from sharing data or partnering more openly. Mukamal believes this mindset must change if the industry is to thrive long term. “You can’t just raise prices 4-6% every year and expect that to last. Eventually, growth has to come from better utilization and better service – and that comes through technology.”

Final Thoughts

In Mukamal’s view, the marina sector is at a pivotal moment. With capital pouring in and customer expectations rising, the next few years will determine whether it can make the leap into a more connected, innovative future.

“This industry has strong fundamentals,” he said. “But without digital transformation and true collaboration, we risk missing the opportunity to build something truly scalable and sustainable.”