Small businesses across London could soon benefit from the latest
advances in artificial intelligence (AI), thanks to a pioneering
new initiative from the Mayor of London, .
London is well established as the AI capital of Europe: last
year, leading London-based AI advice platform Cognition X
released a report which showed the capital was home to more than
750 companies in this field – more than twice as many as its
closest rivals, Paris and Berlin, combined (1).
AI is defined as a computer system capable of performing tasks
which normally require human intelligence, such as visual
perception, speech recognition, decision making and translation
between languages.
Larger companies have an advantage in accessing AI due to greater
reserves of funding and resources, while smaller businesses are
often unable to take advantage of the benefits these innovations
can bring – something the Mayor’s Technology for Business scheme
will tackle head-on.
The first phase of the project will see 200 small retailers and
hospitality companies offered access to a total pot of £200,000
to help them grow and develop using these advanced tools,
including a consultation with a dedicated caseworker who will
help identify how AI can meet their needs.
In this first round of the scheme, successful applicants will
gain access to a range of tools, which could:
- provide retailers with 24/7 support for their customers;
- give hotels tailored, personalised recommendations for their
guests;
- connect businesses with potential customers via web, mobile
and social platforms.
Last year the Mayor announced his ambition to make London the
smartest city in the world, as he unveiled his Smarter London
Together roadmap. This masterplan includes making London a global
test-bed city for innovation, where the best ideas – such as
those emerging from the AI sector – are developed and spread
around the world.
The Mayor of London, , said: “London is
a leading hub for innovation in artificial intelligence and some
of the advances being made right here in the capital are
revolutionising how business is done.
“Small businesses are the lifeblood of our economy, and I firmly
believe these innovations should be available to companies of all
sizes, not just the ones with the deepest pockets. This new
initiative is an important opportunity for start-ups and
scale-ups to harness the potential of exciting new technology.
“I encourage small and growing retailers and hospitality
companies to apply to this first round of the scheme, and to
explore how AI can help improve their day-to-day operations and
better meet the needs of their customers.”
Co-founder of CognitionX, Tabitha Goldstaub,
said: “London is one of the best places in the
world for innovation and we have a unique opportunity to catalyse
adoption of artificial intelligence with the businesses that will
benefit the most.
“I’m thrilled to be part of this initiative alongside the Mayor
of London who is committed to democratising access to the
incentives and information needed for SMEs to access the power of
AI"
Innovation Fellow at the London School of Economics, Dr
Anna Valero, said: “It’s really important that new
business support policies are based on evidence of what works.
“The evaluation of this innovative programme will help inform
both local and national government on the most effective ways to
improve access to new technologies for smaller businesses, and
ultimately help them grow.”
Deputy CEO of Capital Enterprise, Darren Balcombe,
said: “London is a global leader in AI and home to
some of the best AI companies in the world. With this initiative
we aim to bridge the gap between productivity-enhancing AI
technologies and SMEs, offering small retailers and hospitality
companies the opportunity to adopt new technologies to boost
business performance.
“We are excited to be working with the Mayor of London, the
London School of Economics and CognitionX to stimulate
productivity improvements in London's important retail and
hospitality sectors.”
The funding has been allocated by the Department for Business
Energy and Industrial Strategy, and the scheme will be delivered
in partnership with the London School of Economics, Capital
Enterprise and CognitionX.
ENDS
Notes
(1) https://www.london.gov.uk//business-and-economy-publications/london-ai-growth-capital-europe
