London Must Tackle Living Costs to Stimulate IIoT Start-ups
As we come to the close of London Technology Week, Jim Bowes, CEO and co-founder of digital consultancy Manifesto, has offered suggestions on how London can stimulate future growth in its Industrial Internet of Things (IIoT) industry.
Thus far, the capital has been effective in attracting tech start-ups, but Bowes believes that a lot more can be done to support innovation in burgeoning enterprises.
He also states that a significant obstacle to recruiting the best talent in IIoT is the high cost of living in London, especially house affordability.
“The primary focus is often on how to help the business itself, but with London becoming increasingly expensive as a place to live, and young people being priced out of the housing market, more needs to be done to help those working for SMEs and innovative businesses,” Bowes explained.
“Addressing the housing crisis and creating affordable housing is a difficult task but a crucial one if London wants to remain the forefront of the digital world.”
More can also be done by the British government to embolden businesses that want to take risks with IIoT solutions, thereby creating jobs and making the market more competitive.
Many London-based SMEs are actually unaware that they are eligible for the government’s R&D tax credit scheme, according to Bowes.
Addressing the housing crisis and creating affordable housing is a difficult task but a crucial one if London wants to remain the forefront of the digital world. ”
“This could be addressed through the implementation of future partnership programmes, providing coaching for new entrepreneurs, or offering more tangible financial support,” said Bowes. “This should also include advice on taking advantage of existing national schemes.”
“London has massive potential to become a world-leader in the IIoT industry,” commented Karveh Cavalieri, Managing Partner at Challenge Advisory. “It has the infrastructure, the resources and the government support but there are still many obstacles that prevent optimum growth. The public and private sector will have to work together to overcome these challenges to realise the substantial improvements in efficiency and productivity that IIoT technology can bring to the UK economy.”