SuperTech unveils roadmap to boost economic growth and job creation
SuperTech, the UK’s first technology supercluster for professional services has launched a new research and innovation roadmap.
Including FinTech, PropTech, LegalTech, and InsurTech, the plan aims to boost economic growth and create jobs in Birmingham and the West Midlands over the next decade.
It will emphasise the importance of data-driven, digital activities in improving productivity and creating jobs across sectors like banking, energy, finance, home buying, retail, telecommunications, and transport.
The framework hopes to create over 4,600 regional jobs and add £1.5bn to the regional economy over the next 10 years.
Digital and business services sectors in the UK have grown faster than the overall economy in recent years. The West Midlands is a key player in this growth, with 50,000 business, professional, and financial services firms employing 350,000 people and contributing £28bn annually.
The region also has the fastest-growing tech sector in the UK, valued at £15.3bn in 2023, with 10% growth since 2021.
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 includes analysis and planned activities derived from over 150 hours of consultations with industry, academia, and ProfTech stakeholders.
Participants reviewed current and emerging trends in professional services and ProfTech from regional, national, and global perspectives. The results specifically target the integrated adoption and use of ProfTech to drive prosperity and improve social outcomes.
Four critical themes for innovation and research in the West Midlands are identified: productivity, open data, sustainability, inclusion, and wellness.
The blueprint is a program of targeted initiatives, aiming to address challenges and opportunities through the collaborative efforts of industry participants, ranging from start-ups to large corporations, and educational institutions across the West Midlands.
