A new paradigm is proposed for alleviating the chronic problem of inadequate response to natural and man‐made disasters. Fundamental flaws and weaknesses in the current disaster mitigation system point to the need for an international consortium involving governments, academia, industry, and businesses. Recent changes in social and political framework offer a unique opportunity of rethink and reform the existing disaster response mechanism. Benefits of a collaborative consortium approach may include commercial incentives, improved cost effectiveness, coherence in research and development efforts, conduciveness for long‐term planning, and improved deployment of technology for disaster mitigation.