Member Article

Rapid Growth On The Horizon For West Midlands Tech Sector

A deep dive into the 2023 Regional Tech Report has revealed that the West Midlands tech industry is set to experience rapid growth. According to the report, the region’s tech industry is now worth over £15 billion to the economy, with a 31% year-on-year surge in industry hires, and new developments and opportunities appearing thick and fast. To bolster this growth, Tech West Mids has announced its mission to “connect, amplify and transform” the sector.

Released at the annual West Midlands Tech Review, hosted by Tech West Mids (TechWM) – which also announced its rebrand from Birmingham Tech – the 2023 Regional Tech Report is a deep dive into the current state of the West Midland’s tech sector and an insight into what the next year holds for the industry.

Topics of interest pulled from the report include a suggested strategy for how the West Midlands can achieve its ambition of becoming a global player in the tech scene, as well as the challenges the region is currently facing, current opportunities that can be utilised to address those challenges, and a snapshot of start-ups, scale-ups and tech hubs to watch.

Hoping to springboard off the momentum that the region is currently experiencing, Tech WM announced their plans to take the tech ecosystem to new heights, with a mission to “connect, amplify and transform”. Announced in the Tech Review, part of that mission included plans to create more scaleups and more digital jobs, by supporting start-ups and giving them the resources and connections to build their businesses – resulting in a greater economic impact.

Another key topic of the report was how the region plans to address the digital skills gap, something that speakers and audience members at the West Midlands Tech Review agreed is particularly important. As part of their plans to build up the tech economy, Tech WM announced that they would be working to both reach younger audiences to teach them about the tech opportunities available to them, as well as encouraging and supporting those already in work to retrain and build on their digital skills. All part of a wider plan to create and nurture talent within the region, as well as to attract new talent from across the globe.

Commenting on the rebrand to Tech WM and his plans for the region’s growth in the global tech economy, CEO of TechWM, Yiannis Maos MBE said:

“Year on year, the West Midlands tech sector continues to go from strength to strength. We have always been committed to supporting that growth in as many ways as possible and in the process, we have firmly positioned ourselves as the organisation at the heart of Birmingham’s tech ecosystem. As the sector continues to flourish and thrive, we felt it only right that we make sure the entire West Midlands region knows that we are here to support everyone; from those in the heart of the city centre, to organisations and innovators in tech hubs like Leamington Spa, Wolverhampton, Coventry and beyond. And so, Tech West Mids was born!

The West Midlands tech sector has already built itself a solid foundation, but with the fourth industrial revolution now well and truly underway, we must continue to work together to support one another and amplify the great work we are doing to become the globally recognised tech hub we have earned the right to be. At Tech West Mids, we will continue to strive to be at the heart of that collaborative spirit.“

Recently appointed Tech Commissioner for the West Midlands, Martin Ward, added:

“The West Midlands tech sector is thriving, reflecting the powerful entrepreneurial spirit in the region. The last few months alone have seen a host of positive developments that reflect our growing confidence as a tech powerhouse, and we now need to build on this momentum to become the global force that we have earned the right to be.

As Tech Commissioner, my focus will be on two key aspects; the first will be to support those in the region’s core tech sector, helping them to scale up and develop as we know they can. The second will be to connect the ecosystem we have already built, to enable cross-networking and encourage collaboration. Our region was at the heart of the first industrial revolution, and whilst the world may have changed remarkably since then, our ingenuity and entrepreneurial spirit remain the same. Combine this with our burgeoning tech and innovation sector, and we once again have an opportunity to lead the way.“

As part of its mission to connect the ecosystem, inspire people from all walks of life into technology and champion diversity, Tech WM announced its ongoing partnership with Future Faces (powered by the Greater Birmingham Chambers of Commerce). Through this partnership, the organisation has provided ten women in tech with a sponsored membership, which will give them access to a range of resources and events and connect them with some of the greatest tech minds the West Midlands has to offer.

With the help of founding patrons HSBC, Gowling WLG, and the University of Warwick, TechWM hopes to solidify its position as the organisation at the heart of the region’s tech sector.

This was posted in Bdaily's Members' News section by Claire Bryson .