Holition was recently invited to take part in the, ‘The Converged World of the Internet in a Digital Economy,’ at the Saïd Business School, University of Oxford. As a thought leader in the emerging Internet economy, Augmented Retail specialists Holition, were keen to see ways in which academic, business and entrepreneur can work together to build an effective, ‘Catapult’ for Internet innovation fostering future directions for UK business. With Holition’s origins in the UK Government funded KTP program, Holition was keen to see new thinking in this area and ultimately to contribute to creating a digital economy hub in the UK to rival success of Silicone Valley’s Palo Alto region.

It was discussed that the UK had many ‘clever ideas’ for digital online- this was a given. It was considered more difficult to link these ‘clever ideas’ to appropriate technology platforms required to deliver and engage audiences on a mass scale. Interesting insights included developing the UK’s ‘Technology Tourisim,’ to better reflect our digital credentials. So too was the marketing of our own grown Silicone ‘Roundabout’. 

The group was looking ways in which a proposed government project of £30million in the Internet Catapult hub could support free flowing innovation and formalised investment channels as demonstrated by Stateside counterparts. It was interesting to hear about US offices, similar to that of TechHub in the UK which act as a place to meet, create and develop ideas across a hybrid focus of expertise; spin out ideas then being funded- an ideal scenario for many of the smaller firms in Tech City. 

One of the key insights delivered by the School’s Dean, Dr. Marc Ventresca, suggested that the UK is now very comfortable with the start up, delivering creative and technology innovation as positioned within Silicone Roundabout. He highlighted that the UK was not so good at converting medium sized companies into next stage companies- the UK’s ability to grow from 1-3 staff members was proven, however to grow from 10-30 was less developed within the UK eco-system of next stage financing. In short, the UK could be seen as a victim of success with previous TSB efforts to build an entrepreneur economy now working. The UK has now engaged companies and individuals with entrepreneurship and supported innovative thinking, however new structures are required to convert these SME’s to larger companies. 

Currently only 1 in 6 start-up’s in the UK drive significant growth. Perhaps a contributory fact which is not so well understood, is that within the UK’s Silicone Roundabout, less that 3% of all companies in the area employ more than 3 people, putting Holition Augmented Retail well within the top 3% of companies in the area. In the States, he suggested out of the top 100 companies by market capitalisation, 30 were under 30 years old: a comparison the UK is unable to match- yet. 

Whilst the aim of the day was to develop outline plans for what a government Internet innovation hub could look like, it seems from the delegates which included Microsoft, HP, Dietica, BBC and BT and Channel 4 that this was an overwhelming task. The ‘Internet’ is such a big concept, Holition Augmented Retail felt that limiting the focus to one or two key growth area such as healthcare and creative industries that this vision could best realise an ambitious task- and that’s before we even have Internet in every home in the UK. 

Lucy Green’s article, Seeing is Believing, includes many Holition examples, and featured in Sphere magazine, available in every hotel and airline during Holition’s Asian trip.