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Accelerating successful innovation in the connected digital economy

December 8, 2014 Leave a comment

The above titled event, which I attended in November, was just one in a month-long series of high profile launch events for the UK’s Connected Digital Economy Catapult (aka Digital Catapult Centre). As you might imagine this event was designed to bring together the right mix of entrepreneurs, digital start-ups, academics and financiers for a day of insightful presentations, conversations and networking about the UK digital economy.

Digital Catapult

The event was organised by BCS Entrepreneurs, in collaboration with the Digital Catapult Centre, and it featured 3 themed sessions on: Big Data, Internet of Things (IoT), and Finance for entrepreneurs. These hot topics provided the framework for many interesting viewpoints and discussions on how best to accelerate digital innovation and keep the UK at the forefront of the unfolding digital revolution (click here to see videos). Some highlights and key takeaways include:

  • Innovation opportunities abound– The speakers described or demonstrated a plethora of novel concepts, products, services and emerging uses for such things as: big data / analytics, wearable technologies, smart city technology and ubiquitous connected devices / sensors / actuators (aka “Internet of Things). The abundance of new digital products, services, capabilities, and behaviours are self-propelling and accelerating their own evolution;
  • The demographic skew– Digitally enabled independent living and age related health care solutions are set to grow dramatically over the next few years – A few presentations touched on the challenges and opportunities presented by an aging “baby boom” generation to their “digital native” inheritors, and conclude that the demographic time-bomb is well and truly ticking down the minutes to a seemingly inevitable conclusion – from baby boom to ka-boom!
  • Universities lead the way– For example, University College London’s UCL Decide program provides a ready test bed, (with a potential captive test population of 35,000 staff and students), that can be deployed to put any digital offering through its paces before launch. Such Institutions of higher learning are increasingly leading the digital gold rush by providing fertile breeding grounds for more digitally savvy entrepreneurs (i.e. those people formerly known as graduates);
  • Pervasive Smart City tech – One speaker described the ability to leverage open street data, transport network information, air traffic control and meteorological data to provide real time city simulations which, in conjunction with virtual / augmented reality and gesture based controllers, can present any city as a living, breathing digital organism. Smart City visualization and logistics solutions on display point the way towards a pervasive cloud of data and technologies with which city dwellers in the not-too-distant future can carry out their day-to-day activities including: planning / transport / communication / collaboration;
  • Funding models abound– The panel on “Raising Finance” featured speakers from: venture capital, angel investment, banking, grants and crowd funding organisations. They represented different styles, types and stages of financing available for high-growth companies or start-ups. One audience member questioned why grant funding was so complex that it required 3rd party organisations to help would be entrepreneurs, to which the panel responded that government was “institutionally incapable of providing anything simple” – Enough said.

Anything that simplifies and facilitates entrepreneurship, such as government backed Digital Catapult Centres, can only be a good thing in my book.

Overall, I thought this event was a great introduction to the Connected Digital Economy Catapult Centre, staff and attendees, but the real star of the show for me was the venue: a purpose built facility for open, collaborative innovation and entrepreneurship which is aptly located in the heart of London’s emerging Knowledge Quarter, surrounded by world class institutions such as: the British Library, Wellcome Trust, Turing Institute (for Big data), the Crick Institute (for Genetic Research) and University of London.

The organisers (i.e. BCS Entrepreneurs and the Digital Catapult Centre) are very keen to work with entrepreneurs, service providers, financiers and academic institutions to create innovative digital solutions that make the most of opportunities in the digital age. This is also reflected in a growing corporate appetite for collaborative innovation, as evidenced in the likes of Capgemini’s Co-innovation Labs and other such corporate innovation ventures / hot houses and incubators. For any would be entrepreneur, these are exciting times indeed!

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