“Embracing technology was always the answer”

Technology has been catapulted to the forefront of many businesses’ priorities. As an R&D tax credit provider, we have seen many of our clients in the tech space expand, grow, and innovate over the last year. However, for a true insight into the current technology ecosystem, we spoke with Tech Nation, a growth platform for tech companies and leaders, and their Scottish Entrepreneur Engagement Manager, Hazel Jane, about the three main areas of growth she has witnessed in the industry.

“The first thing we notice growing and thriving is the future of work and the B2B software that supports remote and flexible working. These are things like online performance and process management, time management and HR software seen in start-ups like Firstbase, who take care of the whole onboarding process for any new remote workers.”

It was well reported that global software businesses such as Microsoft and Zoom experienced sharp rises in sales during the pandemic. But closer to home we have seen startups like Trickle, an online wellbeing and engagement platform blossom. All this tech support will have undoutably influenced UK businesses who, according to an IoD study, are considering making the shift to home working a permanent one.

“Another area I see an increased appetite to work with start-ups in is legacy-based sectors like law and finance. Traditionally, they had very slow sales cycles and any start-ups found it extremely difficult to get traction with them. Suddenly they now understand that technology is crucial for them moving forward and they need to embrace it to stay in the game.”

No one could have predicted how fast the FinTech sector would grow in 2020 or how it would be embraced by financial institutions and their clients. Just one example is Zumo, an Edinburgh based smart wallet and payment platform startup, which gained over £1 million in crowdfunded investment in just four days and 10,000 users in a few months. While Amiqus, remote identity verification platform, has just won a Scottish Government and NHS contract.

Lastly, Hazel spoke to us about the growth she has witnessed in Healthtech,

“People are increasingly interested in tracking and monitoring their health with B2C products, which are beginning to flood the market. Large healthcare organisations are now much keener to engage with health technology provided my companies like Current Health, where knowing and being able to track the right patient information can save time, increase efficiency and ultimately save lifes. Healthtech is growing exponentially and will continue to do so far into 2022 and beyond I suspect.”

Hazel and Tech Nation are optimistic about the future of technology. There is still a huge demand for their offerings. Companies are still keen to invest and people are still interested in scaling and building technology companies.

Hazel ends with her view of technologies role in tackling any new economic challenges,

“Embracing technology was always the answer, it was going to be the solution to many problems that arose from the pandemic, and wider economic issues like Brexit. There will always be technological solutions to the new challenges that arise.”