SuperTech, the UK’s pioneering technology supercluster for professional services, has announced an innovative research and innovation roadmap designed to propel economic growth and job creation in Birmingham and the West Midlands over the next decade.
The roadmap encompasses key sectors including FinTech, PropTech, LegalTech, and InsurTech. By focusing on data-driven, digital initiatives, the plan aims to enhance productivity and generate employment across various industries such as banking, energy, finance, home buying, retail, telecommunications, and transport.
With a target of creating over 4,600 regional jobs and contributing £1.5bn to the regional economy within ten years, the framework underscores the importance of technological advancements in driving economic prosperity.
Recent trends indicate that the digital and business services sectors in the UK have outpaced the overall economy. The West Midlands, home to 50,000 business, professional, and financial services firms employing 350,000 people, plays a crucial role in this growth, contributing £28bn annually.
Moreover, the West Midlands boasts the fastest-growing tech sector in the UK, valued at £15.3bn in 2023, reflecting a 10% growth since 2021. This dynamic environment positions the region as a key driver of the UK’s digital economy.
Hilary Smyth-Allen, SuperTech executive lead, said: “Globally we are on the brink of a new era for professional services technology as the requirements for smart, accelerated service provisioning in areas such as finance, home living and mobility are pushed forward by innovation and demand. This roadmap is not just about improved transformation and ambition, it is a unique, multi-year plan of joined-up initiatives that will fully enable and serve businesses, consumers and investors in the West Midlands and beyond.“
The roadmap stems from extensive analysis and planned activities, formulated through over 150 hours of consultations with industry leaders, academic experts, and ProfTech stakeholders.
During these consultations, participants examined current and emerging trends in professional services and ProfTech from regional, national, and global perspectives. The findings focus on the strategic integration and application of ProfTech to foster economic prosperity and enhance social outcomes.
The roadmap identifies four critical themes for innovation and research in the West Midlands: productivity, open data, sustainability, inclusion, and wellness.
This blueprint outlines a program of targeted initiatives designed to tackle challenges and seize opportunities through collaborative efforts. These initiatives will involve industry players ranging from start-ups to large corporations, as well as educational institutions throughout the West Midlands.
Trending Now
New funding to expand cyber training across the East Midlands
