Prospectus outlining regional potential being sent to all SW MPs
Technology leaders from across the South West of England are combining resources to develop an action plan for the sector.
Around 100 leading industry experts met at this year’s Tech Leaders’ Summit in Bristol, to review the recommendations in the new South West of England Tech Prospectus Look South West.
The group included entrepreneurs, founders, universities, science parks and business organisations.
They developed, and voted on, a range of actions to drive opportunities around investment opportunities, talent, net zero technology, the future of the regional and national economy together with discussion on engagement with the new Government.
The region’s new Tech Advisory Board will now consider the actions, and develop an overall plan for the sector, to leverage its potential to support and drive the UK’s innovation ambitions.
Image: Tech South West.
The prospectus reveals the scale of the blue and green economy across England’s largest region. It also focuses on the region’s Future Economy and Creative Economy strengths. Copies of the prospectus are being sent to all the region’s MPs.
Developed in partnership with Microsoft, Barclays Eagle Labs, Neighbourly and Future Space Bristol, the prospectus highlights investment opportunities presented by the region’s net zero sector.
20% of SW tech companies operate in ‘net zero’ space
Incredibly, just over a fifth of the region’s technological companies operate in the net zero space.
This includes sectors involved in agriculture and marine enterprises along with companies focused on areas around climate and environmental science. They generate just over half of the region’s tech sector’s turnover.
The new Government has set out its intentions to work with the private sector to double onshore wind, triple solar power, and quadruple offshore wind by 2030.
The new government is also highlighting investment in carbon capture and its storage along with the usage of hydrogen and marine energy.
‘These are the areas in which the South West excels and they are the areas with the power to make a huge positive impact on society,’ explains Dan Pritchard, founder of Tech South West.
The prospectus puts six recommendations to the Government to ensure the region fulfils its potential as a key contributor to the UK’s industrial strategy.
These include a commitment to government investment that places the South West tech sector on a level playing field with other regions by increasing British Business Bank funding by 20%.
The team are asking government to ‘champion the South West’s leading role in the creative industries and creative tech through investment in inclusive, culture-rich education and emerging creative technologies.’
They are calling for the recognition of the South West, and Bristol in particular, as ‘a leading UK hub for deep tech and provide a long-term strategy to allow for increased public and private sector investment.’
Capitalising on the region’s natural geography and resources
The prospectus is looking to Westminster to ‘capitalise on the region’s natural geography and resources to invest in renewable energy, sustainable mining and battery technology supported by world leading blue / green innovation.’
It also drives the request for greater support for young people into tech careers, this is particularly focused on people from ‘under-resourced backgrounds.’
The prospectus also seeks for the provision of ‘long-term certainty for the regions with clear strategies that give confidence to public and private investors.’
‘There is an emerging ecosystem from raw material to battery production,’ says Altilium’s Dominic Schreiber. ‘The government’s battery strategy and the critical minerals strategy reflect what is taking place in the South West.’
The prospectus highlights the limited funding provided by previous governments into the region.
It points to the first ‘Nations and Regions’ growth funding allocated to the region going live in 2023 and reflects that the investment came years after the first Northern Powerhouse and Midlands Engine funds.
It adds that the amounts involved were a fraction of the investment seen by other funds – and their recently launched successor funds.
Despite these challenges, the prospectus reveals, a startup founded in the South West is 17% more likely to survive after five years than if it were based in London.
SW tech: all the ingredients needed for an ‘excellent return’
‘The South West tech scene has all the ingredients you need to get an excellent return on investment,’ says Richard Potter, Director of Digital Strategy at Microsoft.
‘What the South West’s tech sector has achieved with comparatively little government investment is truly astounding,’ says Professor Matt Freeman, Centre Director at Future Space Bristol.
‘It’s important for so many reasons to have a prospectus like this, that clearly shows the strength and power of what the region is capable of.’
The prospectus forms part of Tech South West’s work in fostering connections and collaborative links across the South West tech ecosystem.
‘The South West and its thriving tech community exemplifies how the UK’s technology sector is driving social and environmental progress through innovation,’ says Zoe Colosimo, COO at Neighbourly.
‘The support we’ve received from this infrastructure has been vital in driving progress towards our goal of £1 billion positive impact into communities by 2025.’
