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CreativeEd Vaizey MPInnovation

SMES have the opportunity to innovate in new sectors

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There are real opportunities for SME's to innovate in new sectors, including transport and healthcare. Ed Vaizey, MP and Minister of State for Culture and the Digital Economy explains...

SMES have the opportunity to innovate in new sectors

I think smaller companies have a great opportunity in new sectors like transport and health which perhaps traditionally have been very difficult to break into, and I think you obviously see the advent of wearable technology.

I think the key point here to support those small companies is what can the government do to release data? We, I think, have been very good at releasing data in transport, for example, which has allowed small companies to create very user friendly apps.

I always like to point out that I get on the tube and go to work or get the bus and go to work, I use apps like Bus Checker and that is a service that I used based entirely on the fact that Transport for London has made that kind of data available.

Similarly in the healthcare market, being able to monitor your own health using a range of different tools, but also importantly for health professionals to be able to monitor you if you’re at home with a chronic condition are huge opportunities.

And again, I think small businesses have a real chance to break through here because they are more nimble and more flexible so they can start, as it were, from year zero and say “If I was doing this now, what would I do?” and create a very user friendly application, whereas a bigger company actually might find it more difficult to change its mind set.

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