The announcement that Glasgow has secured £24 million in Government funds is a boost to the UK’s plans to become a global technology centre of excellence according to Tim Kay, Head of KPMG’s Early Stage Technology Group.
Commenting on the grant, Tim Kay, who works out of KPMG’s new offices in Tech City in London, said:
“This is exactly the type of investment that needs to be made. Connected cities have the potential to improve the quality of life for residents through more efficient physical systems, improved, real-time information about what they want to hear about and reduced energy consumption from smart buildings. Equally importantly they also provide a massive opportunity for the UK technology sector.
“Estimates suggest that the connected cities market could be worth as much as $35bn in the coming years and it therefore has to be hoped that the Future Cities Demonstrator will provide an opportunity for up and coming UK technology companies working in this space to show their skills and products. Too often these companies have had to look overseas for market opportunities, increasing their risks and slowing their growth prospects.”
But there will be challenges, says Tim :
“Notwithstanding the infrastructure cost of creating connected cities, people will need to become more comfortable with sharing even more data on their location, habits and preferences to fully exploit the undoubted benefits.”
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
For further information on the Future Cities demonstrator, visit https://connect.innovateuk.org/web/future-cities-special-interest-group/demonstrator