Birmingham business offers £10m innovation fund

A Birmingham contractor will work with Virgin StartUp to launch a programme  aiming to tackle the construction sector’s productivity problems, it has been announced.

Colmore Tang Construction’s accelerator programme ‘ConstrucTech’ will offer £10m to companies around the world who can demonstrate that their technology could improve the sector’s productivity, sustainability and skills issues.

It will be seeking companies that can help improve the industry’s use of data, and the design and implementation of “smart” materials.

Andy Robinson, group chief executive of Colmore Tang, said the construction industry needs to get better at seeing technology’s potential to boost productivity and profit.

“Construction is falling behind and it’s having a negative impact on the sector, growing the divide between the traditional, ageing workforce and the young, technologically-advanced workforce that is choosing other industries over ours,” he said.

“ConstrucTech will help us discover exciting and innovative start-ups, whose products and services could deliver those technologies and innovations that will be the key to the future success of our business and that of the whole sector.”

Virgin StartUp will help Colmore Tang to recruit technology businesses that could help close the sector’s innovation gap, and the programme will offer them the opportunity to test and develop ideas.

Tom Shebbeare, chairman of Virgin StartUp, said: “Entrepreneurs have the power to positively disrupt whole sectors. Every day we support inspiring and innovative start-ups and help them to take their product or service to market. ConstrucTech is an important programme for start-ups that want to access opportunities within the construction sector.”

Applications are open until 31 May.