The Insight: on innovation and entrepreneurialism

What does it take to innovate? You need an environment that’s conducive to generating ideas. You need people with the skills to take your idea and make it real. And you need funding to develop it and scale it.??

In The Insight this month we look at a scaleup that’s replacing plastics, and give you the opportunity to enter our UK Tech Innovator competition. We examine the digital maturity of the public sector. We provide guidance to entrepreneurs looking to start or scale up a business. And we look at how AI can make the difference in the workplace. You can also pre-register interest in our Black Entrepreneurs’ Awards for 2024.?

Oceans full of fish or plastic? Making the difference through tech innovation?

By 2050, the oceans could have more plastic in them than fish!* But what if you could replace plastics with an eco-friendly product made from agricultural waste? Swedish company PlasticFri has created an alternative to plastic that’s 100% biodegradable and free of toxins. Its incredible story saw it crowned ‘2023 KPMG Private Enterprise Global Tech Innovator ’.?

Are you making the difference through tech innovation? If so, you can apply now for the UK leg of our 2024 Tech Innovator competition. Winners get national and global exposure, access to KPMG mentors and external advisors, as well as fantastic networking opportunities.

Register for our UK Tech Innovator in the UK competition ?

*That was a prediction made in 2016 by the Ellen MacArthur Foundation and the World Economic Forum.?

￡25,000 up for grabs for Black Entrepreneurs?

Did you know that under 1% of venture capital investment in the UK has gone to Black Heritage entrepreneurs over the past 10 years? That’s a shocking stat – and it really highlights the systemic barriers facing Black entrepreneurs.?

That’s why we’re running our Black Entrepreneur’s Awards again this year. It’s a celebration of Black Heritage entrepreneurs in the UK, and gives them a platform to reach a wider audience. Our four winners will each receive a cash prize of ￡25,000. And all of the finalists are enrolled onto a bespoke 12-month business acceleration programme.?

Find out more and pre-register your interest in our 2024 Black Entrepreneurs’ Award ?

Digital maturity in the UK public sector: don’t underestimate the role of humans??

From tech innovation saving the oceans to tech transformation improving government services.??

A new report from Forrester commissioned by KPMG looks at the digital maturity of the UK public sector. And it finds that only 17% of decision makers in the UK public sector believe their digital transformation efforts have been completely successful. They’re prioritising the right foundations – like moving to the cloud. But they’re struggling from a lack of strategy, skills and budget. And they’re underestimating the vital role of humans.?

Read ‘The uncertain reality of digital transformation within the UK public sector’ ?

“I have a truly innovative idea. I just need funding.”?

Said everyone looking to start their own business. So, how can startups and scaleups get the funding they need to accelerate their growth??

A new report from the Wired for Growth Taskforce provides a playbook for founders in the North West to help them on their journey from starting a business to raising first equity, and on to scaling. And it provides recommendations for how business, education and government can better support founders. That’s going to mean creating a network for founders, providing better access to capital, and delivering more robust founder education.??

Not based in the North West? There’s plenty in the guide for founders, and for organisations looking to drive entrepreneurship, wherever you’re based in the UK.?

Read ‘Wiring the North West for venture scale growth’ ?

Everyone’s talking AI. But how are they using it??

Talk about tech innovation today and it’s hard not to talk AI. A large consumer goods organisation asked us to help it explore how it could use AI to improve its internal processes. We brought it to our London Ignition centre to start exploring the art of the possible. And then we started building out some proof of concepts around a couple of use cases: searching HR policies and service desk ticket routing. Turns out ticket routing’s more accurate when AI is involved.?

Want to know more? Runita Virdee picks up the story in a short YouTube video.?

Watch ‘How can AI be used in the Workplace?’ on YouTube ?

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Mathematics is at the heart of tech innovation. It’s also a key building block for social mobility. That’s why on Wednesday 22 May we’ll be celebrating National Numeracy Day – the national campaign we co-founded with charity National Numeracy. Get involved on the day by joining a #BigNumberNatter.?