Cable announces boost to digital firms

Government support will help British digital firms develop groundbreaking new products and bolster their solid international footing, it has been claimed.

Business Secretary Vince Cable said that investment in technology and innovation will allow UK companies to remain at the forefront of technological developments across the globe.

The Connected Digital Economy Catapult centre will get to grips with pressing challenges facing British digital media and content firms by developing an innovations hub.

It will analyse how cutting-edge technologies impact upon existing methods, also looking at the best ways to roll them out.

Spearheading this will be an ongoing project to examine the ways in which technology is bringing together disparate elements of people’s lives. It will also examine how the connectivity of things such as cars and devices is allowing consumers to live more efficient, streamlined lives.

Mr Cable unveiled the plans at Holition in Shoreditch, an augmented reality firm which offers advertising via 3D technology.

He said: “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.

“We have world leading, innovative businesses in the ICT, digital and creative sectors which have considerable potential for growth. For instance, a few years ago, there were just fifteen technology start-ups around Old Street and Shoreditch - now there are hundreds of high-tech companies in the area, including Holition where I am today.

“The Connected Digital Economy Catapult is a practical way in which Government can support industry to maintain its competitive advantage so that they can continue to be leading the way in making products and services that people want.”

The Government plans to plough £200 million into Catapult centres, with those serving manufacturing and cell therapy already up and running.

Following Vince Cable’s visit, Eric van der Kleij, CEO of the Tech City Investment Organisation said: "The technology, digital and creative industries are worth over £100 billion to the UK, but we think that's the tip of the iceberg. Something like the catapult centres can help unlock, by helping us figure out what the innovations are that are necessary to help create that next generation of growth"

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