Success of food strategy hinges on tech and innovation
Written by Kunal Sawhney, CEO, Kalkine
UK tech sector has undergone a rapid digital transformation during the pandemic and continues to grow at a swift pace. The latest report from Dealroom, which was analysed for the UK’s Digital Economy Council, has stated that UK tech companies managed to raise £12.4billion ($15.5billion) in venture funding since the beginning of this year. The feat puts the UK in second place after the US and ahead of China, France and India when it comes to raising capital in the first five months of the year by tech startups.
The data revealed that over 950 UK tech startups were able to raise capital so far, making the country home to 122 tech unicorns, startups of value over $1 billion, and many more futurecorns approaching the $1 billion mark.
London Tech Week
The good news coincides with the start of the ‘London Tech Week’. Chancellor of Exchequer Rishi Sunak in his opening address to London Tech Week, applauded UK’s tech sector as an “incredible, thriving ecosystem.
As a part of the government’s new Digital Strategy, a review into the country’s advanced computing capabilities, ‘Future of Compute Review’ has also been launched. The review, which would report to the Chancellor as well as the Secretary of State for Digital, Culture, Media, and Sport, establishes the potential for digital technologies like compute to promote business innovation and boost the UK’s global tech competitiveness.
Tech and innovation in government’s food strategy
Lot is going on the tech front, and it is not only the fintech but agriculture and farming that has been getting government attention as well. The food industry, which is bigger in size when compared to automotive and aerospace industries together, offers huge employment opportunities and investment in research and development; hence it has become the major focus area.
Plans to drive modernisation and utilise groundbreaking technology in farming as part of the government’s food strategy have been set out. It is expected to help in the improvement of domestic production, spread jobs, and strengthen the overall economy.
The government estimates say that the country is largely self-sufficient and produces around 75 per cent of the foods that it consumes. Though, as the cost of agricultural commodities is linked to global gas prices, there have been concerns growing about the cost of food. This has prompted the government to draw plans to drive innovation and utilise innovative technology in farming.
What does the plan outline?
The government’s first-ever food strategy will help farmers boost home-grown fruit and vegetable production by providing incentives for industry and investment in research. The strategy includes plans to reinforce the strength of nations’ supply chains. Measures have been taken in view of Russia’s invasion of Ukraine to boost domestic production to help safeguard against future economic shocks and catastrophes.
The government has planned to make a huge investment of £270 million until 2029 through the food strategy across farming innovation funding programmes. It will also be used to work out technologies to push sustainable farming techniques that can help boost productivity and profitability and for the sector’s long-term resilience.
