The UK government committed to investing £1.5 million in a marketing campaign to boost the science and technology sector.
It’s hoped that the initiative might lead to investment in tech and science scale-up businesses that took a hit during the global economic downturn last year, with many successful start-ups looking to the US for investment to scale up.
Earlier this week during techUK’s policy leadership conference secretary of State for science, innovation and technology Michelle Donelan said: “The UK has built a £1 trillion tech sector from a thriving start-up scene, outpacing our European counterparts at every turn and creating innovators capable of shaping the global economy.”
“With further capital, there is absolutely no limit to where start-ups can take their ideas. But too often, founders look to other parts of the world to find that next level of funding.”
But will the boost be beneficial to the telco industry? Jon Hunt, UKTIN, project board member and executive director of research, enterprise and innovation at the University of Bristol believes that the investment might spark innovation.
“The UK government’s £1.5m investment to market tech from small companies to stimulate UK investment is a testament to its commitment to becoming a science and technology ‘superpower’ by 2030.
"This investment can work to support university spin-outs and start-ups, which are the driving force behind much of the innovation we see in telecoms, by ensuring they have the necessary support and resources behind them.”
In the wireless and infrastructure strategy the government committed £40 million of funding to ensure that heavily populated areas would benefit from standalone 5G by 2030. With a further £8 million to promote satellite connectivity in more rural locations.
Hunt added: “This investment will aid research and development projects which aim to drive technological advancements and build cutting-edge solutions to improve infrastructure and enhance connectivity.
"This is an important move as we know the 5G roll-out has not been as efficient as planned, but has the potential to improve people's lives, by driving productivity and improving operations.”
He continues, “Start-ups are breeding grounds for innovation - but often founders don’t have the right level of experience needed to create investment opportunities and scale their businesses.
"The telecoms sector is a nuanced and complex industry to navigate and the UK has a wealth of telecoms knowledge. However, this exists in various pockets across academia, industry and government - currently representing a fragmented telecoms ecosystem. Hence, collaboration among key stakeholders is essential.
“This investment can help facilitate collaboration among government entities, private enterprises, and academic institutions by focusing on building the right ecosystem for start-ups creating an environment where stakeholders can come together to share resources, expertise, and insights to drive meaningful progress within telecoms.”
Hunt also believes that the investment may be useful in supporting the development of new and existing talent by driving awareness programmes and academic initiatives.
He said: “As the technology landscape continues to evolve - with the convergence of data, AI, and advanced wireless technologies such as 5G and 6G - the telecoms sector is struggling with a lack of skills across the sector.
"This is a huge issue as skills gaps prevent the sector from reaching its full potential. At UKTIN, we are already doing important work in this space, engaging with educators, students and training providers to ensure the next generation understands the exciting potential our sector offers.
