Business News Round Up (03/02/2022)
Small businesses could unlock £75bn for UK economy by improving digital capability
If small businesses with low digital skills were to further increase their digital capability the UK economy could benefit by as much as £75 billion* according to the latest Lloyds Bank Business Digital Index.The Index, the largest study of its kind into the digital capabilities of the UK’s small businesses, shows that those with the highest online capabilities are almost twice as likely to have increased turnover in the last 12 months (12% vs 20%). The latest report also highlights that having less online experience is particularly challenging for sole traders. Significantly, 44% aren’t confident they can lead their business to digital success, while just over half (51%) said they don’t have access to the funding needed to grow their presence online. They are the least likely to invest in technology, with over three-quarters (76%) reporting they won’t invest at all.
Glasgow chosen for ‘Silicon Valley style’ accelerator
Glasgow has been allocated funding to build a Silicon Valley style hub after being chosen to become one of three ‘innovation accelerators’ as part of the UK government’s plans to “level up” the country. Backed by £100 million of taxpayer support, the “accelerator” centres – the others are in Manchester and the Midlands – will focus on research and development. Details of the plan are contained in a white paper issued by Cabinet minister Michael Gove who urged the first ministers of the devolved nations to work with the UK government. He said: “We will only succeed if all layers of government – UK, devolved, and local – work together.” The proposed Glasgow research facility will be based in the city centre, propagating innovation, research, and development that “will drive-up prosperity and opportunity for local people”. Plans for the centre are said to be “inspired by the Stanford-Silicon Valley and MIT-Greater Boston models of combining excellent research with cutting-edge industry in a city-region”.
Continued rise in cyber attacks warned for North West businesses
North West businesses have been warned they could continue to see a rise in cyber-attacks this year. The North West Cyber Resilience Centre (NWCRC). which is based in Greater Manchester, said the particular threats faced by companies include ransomware attacks. The NWCRC was set up in 2019 as a pilot scheme to support businesses in the region with the growing threat of cyber-crime and cyber fraud. It was expanded for the North West region and then also rolled out to other regions across England and Wales and included in the Government National Cyber Strategy 2022. The NWCRC now has over 400 members. Managing director Detective Superintendent Neil Jones said: “Throughout January, we saw an increase of reports of cyber attacks on businesses across the North West. “Ransomware attacks are definitely an increasing concern, where criminals encrypt businesses’ data and offer to give it back in exchange for a sum of money. This can be crippling and quite scary for any business, especially small businesses.” The Government’s Cyber Security Breaches report 2021 found that 39% of businesses reported a cyber breach or attack in the previous 12 months.
https://www.business-live.co.uk/technology/continued-rise-cyber-attacks-warned-22958005
Edinburgh singled out as UK’s next big technology hub
Edinburgh has more potential than any other location across the UK to be a future technology hub, according to new research.BNP Paribas Real Estate said its locational analysis tool had determined that the Scottish capital has the potential to rival established tech hot-spots such as Cambridge and Manchester.Housing affordability, a strong cultural offer and quality of life were established as the top metrics when looking beyond investment and business growth – of which Edinburgh scored the highest followed by Bristol and Glasgow in second and third places respectively. With a 31 per cent growth in tech employment since 2018 and a start-up and scale-up ecosystem in excess of 500 companies, Edinburgh is well-placed to continue attracting tech talent, the research noted. About 30 per cent of roles advertised in the city in 2020 were tech-related, the highest proportion in the UK.
https://www.scotsman.com/business/edinburgh-singled-out-as-uks-next-big-technology-hub-3551782