Net-zero innovation drives 'overlooked' South West tech sector

The report said start-ups working on solutions to meet net zero targets are driving innovation in the South West, but the region is being “overlooked” by major investors and government.

The southwest England tech sector is set to attract a total of $454 million in investment in 2023, down nearly 60% from the previous year but still the fourth-highest of all English regions, according to a prospectus from advocacy group Tech South West.

The South West of England Technology Prospectus aims to highlight investment opportunities across the region in key areas such as net-zero technologies, AI, cyber, advanced manufacturing and the creative economy.

The study found that net-zero technologies such as marine, agricultural technology, biotechnology, clean energy and environmental sciences generated $24.1 billion in sales in the region, making them potential hotspots to support government climate goals.

Glenn Caplin, CEO of Cornwall LEP, the organisation responsible for developing and driving the local economic strategy, said: “Cornwall is a foundation for the UK's net zero target. From offshore wind to lithium mining, this is the start of a journey that will take the UK's electric vehicle industry through the peninsula to a European leader.”

Cornwall's geology is rich in lithium reserves, making it the country's main source of the key battery material, and experts believe the state's supplies can help reduce the UK's automotive industry's reliance on imports and ensure a safer, more sustainable supply chain.

The report also found that across industries, South West start-ups were 17% more likely to still be in business after five years than their London-based counterparts.

But the prospectus says the South West needs more support to realise the technology's full potential.

“The South West is too often overlooked by major investors and the UK Government,” the report said. “While other regions receive more funding, it is the South West that offers unparalleled opportunities for growth and prosperity.”

Dominik Schreiber of Atirium said: “We need a long-term strategy to ensure the stability and security of investments, as well as a clear commitment from governments to de-risk them.”

“Post-2030 requirements for exports to the EU will make it harder for emerging Chinese and Indian companies to sell electric vehicles in this market. They can't compete on price, but they can compete on compliance with environmental regulations.”

The prospectus calls for key changes, including the creation of a new government fund that is 20% larger than the current $200 million South West Investment Fund, and greater support for young people, particularly from under-resourced backgrounds, to enter technology jobs.

Other recommendations include recognising the South West, and Bristol in particular, as a key hub for deep tech in the UK, and providing a long-term strategy to enable increased public and private sector investment.

Overall, the South West England technology sector is expected to grow to around 18,527 companies, with total sales of $46.7 billion in 2023, according to prospectus data provided by Beauhurst.

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