2023 A Year In Review
As we come to the close of a year, it’s always good to pause, draw on the experiences and accomplishments of the previous twelve months, and look forward to the year that is to come. And for me, thankfully, taking time to reflect on the extraordinary 2023 SuperTech WM has had, this has not been a difficult or soul searching task!
In fact, this year has been so packed with fresh innovation and flourishing relationships, that my only tricky task has been to prioritise a list of significant initiatives that have truly delivered for Birmingham, the wider West Midlands and beyond.
It is of course not a case of identifying an individual activity or event that merits a special mention in an article, but recognising those outstanding collaborations that are shifting the dial for the industry itself and the people they serve.
Coming of Age
All the community technology hubs across the UK have worked in close coordination for some years, but the creation of the Centre for Finance, Innovation and Technology (CFIT) in February this year really cemented and elevated our national FinTech connectivity to a new level.
In Birmingham and the West Midlands in particular, we were ‘ready’, our community engaged and the launch of our Impact Report in September was a huge high point in the year.
The release of this annual outlined the growth of Next Generation Services in Birmingham and and the West Midlands and I was especially proud of some of the outstanding results and grass roots successes it revealed including :
£474M – Estimated economic output from FinTech sector in WM
Double – FinTech productivity almost twice regional average per worker
542% - Growth in start-ups and scale-ups in WM PropTech sector
3,000 - Growing workforce across WM LawTech and wider ProfTech sector
With the release of the Impact Report, leading figures from the regional and national ProfTech sectors gathered at the Guildhall in the City to share success stories.
By actively utilising shared learning and encouraging the unique contribution of every regional hub, technology innovation continues to blossom throughout the UK, with Birmingham and West Midlands recognised for its contribution.
Expanding Innovation Partnerships
Our regional Connector Series took an exponential leap forward this year, expanding from including just a handful of financial services providers to now including c 70% of those headquartered in the region. The Connector Series started as a way of offering a light touch, practical, early entry point for connecting businesses with corporates and SMEs who all build out in different ways.
In October, we ran a ‘live’ Connector Series event with BNP Paribas Personal Finance during Birmingham Tech Week which was an undoubted huge success. During this event companies with expertise in AI and data were invited to meet with senior executives from the bank, resulting in some positive ongoing business conversations and truly amazing feedback on the efficiency of direct reach; the quality of the matchmaking and other opportunities that really accelerated meaningful conversations for all involved.
This is one we will definitely be repeating again next year!
And beyond financial services, this was the year that LawTech started to gain some traction in the region. Underpinned by the visible growth of SMEs in this sector, the leading law firms here have been collaborating this year in a SuperTech convened WM LawTech forum. Peer to peer discussions combined with connecting into the lawtech ecosystem has been on the agenda and this is set to continue into 2024 in a much stronger position than this time last year.
New Year, New Opportunities
In 2024 I see a huge potential to grow the spectrum of relationships and opportunities that SuperTech WM has so importantly created and nurtured throughout 2023.
Building on these foundations we will particularly look to further understand, engage and harness our regional higher educational capabilities in order to support innovation and our own roadmap going forward. With new hires starting to add much needed capacity to the core team, I am confident that next year SuperTech will further accelerate the mission to grow this fabulous, globally relevant cluster.
Wishing you all the best for 2024.
Hilary Smyth-Allen