Is the UK becoming the Tech Centre of the world?
“In a new economy, people passion and digital platforms are the raw materials. No Longer constrained by geography the right idea at the right time can be turned into billion pound business”. Joanne Shield: Chairman of Tech City and UK Ambassador for Digital Industries.
Could Digital innovation be Britain’s success story if tech skills were adopted nationwide? It could lead to more jobs and potentially help us emerge from the recession.
Between 2009 and 2012 83,000 new technology and digital jobs were created; it was also surveyed by London’s Tech City there has been 20% growth in overall turnover in these last three years. The digital share of the national GDP is currently close to 10% with the UK’s internet economy worth £145bn, this is expected to rise to 12.4% by 2016.
It is not just East London’s Silicon Roundabout that is flourishing; leading sectors have been emerging from many cities all across the UK. Bristol is leading the robotics sector, media-tech has grown in Manchester, Edinburgh is succeeding in artificial intelligence, Newcastle is well associated with the gaming sector and Cambridge is the beacon for bioscience and hardware.
The new digital and tech innovation has even grasped the attention of the next generation to become more entrepreneurial. In a recent Nectar survey 80% of young people aged 16-30 believe they will start their own business within 5 years’ time.
All the statistics show that Britain have the potential to become the world’s digital and tech capital, however the Tech industry need to act fast and continue this phenomenal growth. In order to turn the innovative tech and digital industry into a larger scale, incentives and entrepreneurial policies need to continue. Schemes such as the Patent box scheme, which helps lower companies’ corporation tax or the Seed Enterprise Investment Scheme, which helps small early stage companies gain equity and finance help get through this development stage. Regulations and rules need to be updated to allow entrepreneurs to unlock new opportunities for enterprise.
In the long term programmes should be in place in order to inspire the next generation and help prepare them for the technology and digital industry in the future. Information Technology in compulsory education was a great start to this the addition of computer programming into the national curriculum is another step towards adapting to this new economy. Recognition should also be given for groups like Young enterprise helping youths strives towards being entrepreneurs and being innovative.
If growth and development of this sector continues at this pace London will be transformed from being the capital Tech Centre in Europe to the UK being the world’s Tech Centre. ADF Insurance Brokers have a wide range of different insurance products to help support the digital & tech sector and other innovative companies.
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