Business secretary Vince Cable has announced the creation of a multi-million pound innovation centre for London’s most promising digital firms.
The Connected Digital Economy Catapult centre, which will be situated in the capital and managed by the Technology Strategy Board, will enable digital entrepreneurs to research new technologies, such as augmented reality, and burgeoning concepts such as cloud computing.
Entrepreneurs will also be able to showcase their products using purpose-built demonstration facilities, and tap into experts from Britain’s world-leading media and creative sectors.
Those behind the new centre hope it will entice businesses in industries such as health, retail and education, which are traditionally less active in the digital space, and provide further encouragement to Britain’s internet economy – which is already larger, per head, than any other country.
Although the Department for Business, Innovation and Skills has yet to confirm the precise location of the new hub, or the amount of money behind it, ministers have said that all funding will come from a £200m pot, which will subsequently be used to create similar Catapult centres in other industries.
Discussing the new centre, Cable said: “We have world leading, innovative businesses in the ICT, digital and creative sectors which have considerable potential for growth. A few years ago, there were just 15 technology start-ups around Old Street and Shoreditch – now there are hundreds of high-tech companies in the area.
“Long term investment in our economic strengths, and being at the forefront of technological development, are essential if we are to achieve sustainable and balanced growth.”
Iain Gray, chief executive of the Technology Strategy Board, added: “We are extremely pleased to be supporting such an important technology area with a Catapult centre. With many, if not all, industries searching for ways to utilise digital technology, the opportunity for the Catapult will be enormous.
“It (the centre) will be applicable to all internet-using businesses and industries as they attempt to innovate with digital technology to provide consumers and businesses with new products and services.”
If you run a digital business and are interested in finding out more about how you can work in collaboration with higher education institutions, Working with Universities, published by Crimson in association with The Technology Strategy Board, has information on how to access technology and innovation centres, research partnerships, grants, and venture funding.