SuperTech unveils roadmap to boost West Midlands economy

SuperTech, recognised as the UK's inaugural professional services technology (ProfTech) supercluster, has unveiled an extensive Research and Innovation Roadmap aimed at fostering substantive economic growth and generating employment in Birmingham and the wider West Midlands region. The roadmap, launched today, is tailored to align with the UK's national long-term prosperity agenda as outlined in the recent spring budget and further reinforced by the government's Smart Data Roadmap.

This comprehensive blueprint presents a multi-year plan based on cross-sector demand and rigorous consultation with over 150 hours of input from industry experts, academia, and stakeholders in ProfTech. The initiatives laid out focus on integrating various technology sectors, including FinTech, PropTech, LegalTech, and InsurTech, to serve businesses, consumers, and investors both regionally and nationwide. The anticipated economic impact of these initiatives is substantial, with projections of creating over 4,600 jobs and adding GBP £1.5 billion to the regional economy within a decade.

The West Midlands' professional services sector already enjoys national and international recognition, boasting 50,000 active business, professional, and financial services entities that collectively employ 350,000 individuals and contribute GBP £28 billion in gross value added (GVA) annually. Notably, the region is home to the fastest-growing tech sector in the UK, valued at GBP £15.3 billion in 2023, reflecting a 10% growth since 2021.

The roadmap emphasises key areas identified as critical for innovation and research: Productivity, Open Data, Sustainability, Inclusion, and Wellness. It aims to drive the prosperity of the professional services sector by leveraging technological advancements to improve both economic outcomes and social wellbeing. By fostering collaboration between start-ups, large corporations, and educational institutions, the roadmap sets a clear pathway for the adoption of advanced technologies to address current and future challenges.

Hilary Smyth-Allen, SuperTech Executive Lead, remarked on the transformative potential of the roadmap, stating, "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."

Supporting the initiative, Stephen Browning, Challenge Director – Next Generation Services at Innovate UK UKRI, noted the historical success of professional companies in the West Midlands and the region's pivotal role in business and technology innovation. He hailed the roadmap as an exciting prospect for enhancing the impact of ProfTech on evolving consumer and business needs.

Ezechi Britton MBE, CEO of The Centre for Finance, Innovation and Technology (CFIT), highlighted the significance of Open Data in driving advancements, aligning with the roadmap's focus on productivity, sustainability, inclusion, and wellness. He acknowledged the integrated framework as setting out a successful path for consumer and business enablement in both the West Midlands and the broader economy.

Chris Hayward, Policy Chairman of the City of London Corporation, emphasised the importance of nationwide collaboration in a global financial marketplace. He lauded the SuperTech roadmap for providing a structured programme that acknowledges the critical role of technology in national economic growth and the sustained global strength of British financial and professional services. He stressed the need for the UK to remain at the forefront of the digital agenda.