Digital economy to be ‘catapulted’ says Cable
Government investment in technology and innovation will enable Britain’s world leading digital businesses to benefit from future advances in technology and help them bring new products to the marketplace, according to Business Secretary Vince Cable.
Mr Cable announced the creation of the Connected Digital Economy Catapult centre, which is intended to be a hub for the best innovations in the digital sector and to help transfer knowledge and experience from the digital industries to non-digital businesses.
The announcement is part of the Government’s £200m investment in a network of Catapult centres across a number of sectors. The Advanced Manufacturing Catapult is now operating across seven locations around the UK, a £50m Cell Therapy Catapult will be established in London and a Satellite Applications Catapult will be set up later this year.
In the next few weeks, further sectors which will be supported by Catapult centres will be confirmed.
The Catapult centre programme is managed by the Technology Strategy Board (TSB) as part of a wider support package for innovation. The TSB will now begin the competition to run the centre considering expressions of interest and written proposals and a process of legal checks before a final decision is made by the Board.
Making the announcement at augmented reality firm Holition in Shoreditch, which uses 3D digital technology to provide advertising in the retail sector, Business Secretary Vince Cable 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.”
Creative Industries Minister Ed Vaizey said:
“The internet has effectively ended any distinction between digital and creative industries. This Catapult centre will help bring together key parts of the UK economy.
“The centre will enable businesses to use resources they could only dream of obtaining on their own. It will help businesses realise new ideas and turn them into new products, new jobs, and new growth.”
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