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Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerators programme invested £100m in 26 transformative R&D projects to accelerate the growth of three high-potential innovation clusters – Glasgow City Region, Greater Manchester and West Midlands. This is a new model of R&D decision making that empowers local leaders to harness innovation to drive regional economic growth, help attract private investment, and develop future technologies.
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The Challenge:
According to TechUK, 92% of SMEs say technology is vital to their survival, yet these businesses only plan to increase technology investment by 13%. Companies that do not adopt AI risk being left behind by their competitors who will have a competitive edge in the market. The early adopters of new technology are often the ones that benefit the most, while companies that avoid new technology, may lose their competitive edge. Companies that fail to invest in AI are likely to see increased costs and delivery times as they need more staff and work to longer project schedules. Furthermore, there is a higher chance of making mistakes, such as missing certain risks, which can be costly to resolve.
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Main Objectives:
1.Explore how AI could transform businesses
2.Design and test an AI Proof of Concept in the use cases of those businesses
3.Create an AI strategy and KPIs for measuring impact generated by AI adoption.
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Main Outcomes:
1.Business support to XX businesses that enables business growth as a result of AI adoption
2.Evidence as a result of the pilot that the model works and provides an effective way for business to overcome barriers to utilising AI in their business.
3.Digital diffusion across the WM ecosystem through the Learn-Scale method that reduces the risk of WM companies being overtaken by competitors.
Slingshot