Business News Round Up (19/03/2020)
Tech National reveals £200m in VC investment in Scotland
Scotland’s tech sector saw venture capital investment of £200 million in 2019, making it one of the country’s fastest growing industries, according to a new study by Tech Nation. The Tech Nation 2020 Report provides a comprehensive overview of the evolution of the UK’s tech ecosystem, exploring the drivers that underpin and power economic growth within the sector and found that as well as the £200 million total VC investment in 2019, from 2015 to 2019 £93 million was invested in emerging tech and £25 million in artificial intelligence (AI).
https://digit.fyi/tech-nation-reveals-200m-in-vc-investment-in-scotland/
World first AI survey identifies Manchester as UK’s top Digital Tech City
Manchester has been revealed as the UK’s Top Digital Tech City by a world-first AI driven data study, based on the scale of digital business activity in the city region and affordability. Research conducted by The Digital City for the UK’s Top Digital Tech Cities 2020 report found that in 2019 Manchester has 18,926 digital businesses and hosted 1,789 related digital events, with average business rates of only £130 per square meter. London was moved into second place despite the fact that it had more digital businesses and events as the business rates were more than double those in Manchester, at £270 per square meter. Data science and software company, The Data City, built a bespoke AI engine to analyse web, open and licensed data to provide real-time insights into the UK’s digital and tech industry.
£2.2 billion for business
Scottish businesses will be supported by a £2.2 billion fund from the UK Government to help them navigate the economic impact of COVID-19. Economy Secretary Fiona Hyslop outlined actions being taken by the Scottish Government to support businesses including a package of measure from 1 April: one year 100% non-domestic rates relief for retail, hospitality and tourism, £10,000 grants for small businesses in receipt of the Small Business Bonus Scheme or Rural Relief, £25,000 grants for hospitality, leisure and retail properties with a rateable value between £18,000 and £51,000, 1.5% relief for all properties.
https://www.gov.scot/news/gbp-2-2-billion-for-business/
Plan for £7bn investment into NW low carbon skills
An energy and hydrogen cluster set to be developed in the North West has pledged to create a roadmap to combat existing skills gaps for the low-carbon transition, as part of wider government plans to fully decarbonise industrial clusters in the UK. the Engineering Construction Industry Training Board (ECITB) revealed that more than £40 billion could be invested in the engineering construction industry by 2050 – with around £7billion of that potentially set to come to the North West. The North West Energy & Hydrogen Cluster, led by the University of Chester and Manchester Metropolitan University, will create a skills roadmap to develop the “complementary” skill sets of oil and gas works to harness new low-carbon technology such as hydrogen and carbon capture.