Written by Dr. Grant M. Saxena, Ph.D.
London Tech Week 2024, was held from June 10 to 14 at the gigantic Olympia London venue. It was a testament to the vibrancy and dynamism of the technological landscape. The event was a confluence of ideas, innovation, and inspiration, championing key ideas that are shaping the future of technology. This edition of the Tesseract Academy Blog aims to delve into these subjects and traverses their implications for the global tech industry.
Green innovation
Green innovation was a major topic, reflecting the urgent need to create a sustainable future. London Tech Week’s purpose is to showcase how tech is transforming both business and society by driving important conversations around transformation, diversity and innovation. Their mission states: “Our purposeful content tackles pressing issues facing society today, providing opportunities for the talent of today and tomorrow to develop and thrive, and drives momentum on inclusivity in tech by building the reputation of London as the most open, innovative and inclusive city in the world. We are committed to running our event in an environmentally and socially responsible way. We also want to go further and inspire the sustainable development of the industry we serve. We gather the tech ecosystem and provide a platform for decision makers, industry leaders and entrepreneurs to implement change.”
The discussions centred on the concept of circularity, emphasising the need to reduce waste and make the most of resources. Eco-solutions were also highlighted, with various tech companies showcasing their efforts to minimise their environmental footprint. Many exhibitors and lectures underlined the role of technology in driving sustainable development and creating a greener future.
Other themes at London Tech Week
Another key theme was empowering entrepreneurship. Fladgate London Tech Week Top Takeaways include themes of Enhancing Entrepreneurial Education and Training, Facilitating Greater Access to Funding, Supportive Policies and Regulations, and Fostering a Culture of Innovation. A fundamental pillar for empowering entrepreneurship is a strong educational foundation. The UK boasts world-renowned educational institutions, yet there remains a need to integrate more comprehensive entrepreneurial education across all levels.
Universities and vocational institutions should offer specialised courses and practical training in entrepreneurship. Partnerships with industry experts can provide students with real-world insights and mentorship opportunities. Existing initiatives like enterprise societies and start-up incubators within universities can serve as launchpads for student-led ventures.
The tech week served as a platform for entrepreneurs to share their experiences and insights on building ventures and disrupting the future. The discussions revolved around the need for risk-taking, innovation, and resilience in the face of challenges. The 2024 event highlighted the pivotal role of entrepreneurship in driving technological advancement and economic growth.
Healthier futures was another critical concept. The discussions focused on the use of data-driven approaches to optimise longer, healthier lives and democratise access to medicine. The convention intelligently underscored the transformative potential of technology in healthcare, from improving patient outcomes to making healthcare more accessible and affordable.
AI and Deep Tech
The AI and deep tech revolution was another key area at London Tech Week. Born to Engineer highlights that as “AI storms the tech ecosystem, London Tech Week will delve into this transformative technology’s ethics, real-world impacts, and potential. The group discussions centred on how AI, biotech, and other deep technologies are shaping the future of industries and pushing human potential. The conference robustly accentuated the transformative potential of these technologies, from revolutionising industries to enhancing human capabilities.”
Strategic partnerships were also highlighted extensively. The discussions focused on how strategic partnerships drive innovation in the tech industry. London Tech Week in its vision, stressed the importance of collaboration in driving technological advancement and fostering a culture of innovation.
Cybersecurity was another key concern. The discussions centred on how cybersecurity drives innovation in the tech industry. TechSkills and techUK was proud to once again be a strategic partner of London Tech Week as it returned for its 11th year. The week was a fantastic showcase for UK tech, and techUK members and colleagues had numerous appearances on the agenda. London Tech Week deepened attendees’ understanding about the critical role of cybersecurity in protecting digital assets and fostering trust in the digital economy.
Remote work was another focal point of discussion and presentation. The discussions analysed how remote work drives innovation in the tech industry. Many speeches and businesses highlighted the transformative potential of remote work, from improving productivity to fostering a more inclusive and diverse workforce.
A recurring message was the role of diversity and inclusion in driving innovation. Diverse teams bring varied perspectives that lead to more creative solutions and better decision-making. Promoting diversity in tech is not just a moral imperative but a business necessity. This aligns with values of GAP Talent to foster inclusive workplaces and support diversity in our recruitment processes. London Tech Week strongly emphasised the importance of diversity in fostering innovation and creating a more inclusive and equitable tech industry.
Investment in the UK tech scene
The UK as an investment hub was also a key motif at London Tech Week 2024. The discussions centred on how the UK is a strong investment hub for technology. The symposium appreciated the UK’s strengths as an investment destination, from its vibrant tech ecosystem to its supportive regulatory environment.
Governmental strategy was an overarching issue. The discussions revolved around how the government can facilitate and regulate emerging technologies to attract investment and stimulate innovation. The conglomerate of information reinforced the critical role of the government in fostering a conducive environment for technological advancement and innovation.
According to Lexology’s article, The UK’s position as an attractive jurisdiction for technology investment, “at the conference, various speakers highlighted the UK’s favourable status as a hub for tech businesses, citing its vast talent pool and robust ecosystem. Clare Barclay, the CEO of Microsoft UK, pointed out that a third of Europe’s AI start-up companies are in the UK, and added “there’s an influx of investment and venture capital into the UK that’s fuelling growth”. Microsoft’s substantial investment plans clearly support this. Between 2023 and 2026, Microsoft will bring over 20,000 advanced AI GPUs to the UK and invest GBP 2.5 billion in local data centres. However, maintaining the UK’s competitiveness will necessitate ongoing human capital and infrastructure investment, and a clear policy approach to emerging technologies, including whether and how the government intends to regulate emerging technologies.
The consensus aligns with the government’s ambition to make the UK a leading destination for tech investment, as reflected in Rishi Sunak’s publication “10 ways we’re making the UK the best place for tech businesses”. Recent significant investments in British tech, such as Wayve securing over $1 billion in Series C funding in 2024 to advance AI-driven self-driving vehicles, further reinforce this narrative. Alex Kendall, the founder of Wayve, who was one of speakers at the conference, echoed the same point.
With the upcoming election, one of key questions was how AI strategy (including regulation) would be impacted by a change in government. At last year’s London Tech Week, Keir Starmer indicated that a Labour government would introduce “an overarching regulatory framework” that would be “stronger” than the current government’s approach. However, the Labour Manifesto does not suggest that a Labour Government would introduce a comprehensive cross-sectoral regulatory framework for AI akin to the EU’s AI Act, and instead indicates Labour would introduce more limited “binding regulation on the handful of companies developing the most powerful AI models”. This approach appears similar to proposals outlined in the current government’s February response to its consultation on the AI White Paper, which said “binding requirements on developers of highly capable general-purpose AI models” were being considered.”
Conclusion
In addition to these key themes, the week also included sessions on 5G, the metaverse, and market entry strategies. These sessions provided insights into the latest trends and developments in the tech industry and offered valuable insights for tech companies and investors. Beyond these topics covered, and the mixer the first night of the conference, a whole smorgasbord of Fringe Events creates an extended networking experience around London that is quite busy.
In conclusion, the London Tech Week 2024 was a celebration of innovation, entrepreneurship, networking, and sustainability. The event commemorated the transformative potential of technology and highlighted the key trends shaping the future of the tech industry. As we bid cheerio to the conference this year, we here at the Tesseract Academy look forward to the exciting developments that lie ahead in the future tech landscape.
