Crowdfunding has gone mainstream, but still has plenty of room to grow. Tech Trends takes a look at what the future holds.

Most of us have backed at least one crowdfunding campaign at some point. We featured many success stories on the site and personally even put our money where our mouth is. I mean, who could have resisted getting their hands on the world’s creepiest limited edition troll doll, shaped like Donald Trump? Not me, nor the other 10,000 or so backers that Kickstarter attracted…

Crowdfunding opens up many new possibilities for creative producers
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As a producer, my own upcoming release with Carrion Films – Borley Rectory – was successfully funded on Indiegogo, and I don’t think we would have been able to complete it – or to build the fantastic community buzz around the film –  without crowfunding. So it’s safe to say I’m a big fan of this medium that has opened up an entire new field of possibilities for small businesses, entrepreneurs, and their wonderful crazy ideas.

What is it about crowdfunding that has won the popular imagination?
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So last month we gladly accepted an invitation from Invest in Cornwall (the regional council’s economic development initiative) to visit the Newquay Headquarters of Crowdfunder.co.uk, based in an old surf shop overlooking the stunning Great Western Beach. The company was holding their annual Summer Experience and celebrating the milestone of raising more than £40 million for projects around the UK.

Crowdfunder has raised over £40 million for projects around the UK
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The party was not only attended by leaders from global businesses but it also welcomed a particularly special guest, the world’s first flatpack vehicle, the OX, as it finished its tour through Cornwall, stopping at a few of the region’s iconic landmarks along the way – including the Eden Project and Watergate Bay – before launching its own fundraising campaign on the Crowdfunder platform.

We got a chance to see the world's first flatpack vehicle, the OX
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Crowdfunder is aiming to secure over a million users by 2018
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By summer 2017 Crowdfunder.co.uk had supported over 90k projects with more than 200 new ones starting everyday and with over £40Million raised to advance those projects. The company now aims to secure over a million users by 2018 and looks set to take on the big boys of crowdfunding such as Kickstarter and Indiegogo. I chatted to Rob Love, Co-Founder & Chairman of Crowdfunder to hear his thoughts on business in Cornwall and why crowdfunding has become so popular and successful in recent years.

“It’s great to have so many people from around the UK joining us for our Summer Experience event in our headquarters in Newquay. This is what it’s all about – celebrating the success of companies we have been able to help. Cornwall is the ideal location to host this celebration as it’s home to a thriving forward-thinking business community and we look forward to celebrating that for many years to come.” Rob explained.

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This is what it’s all about – celebrating the success of companies we have been able to help
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A key member of the groundbreaking team behind TV sensations Big Brother and River Cottage, Rob is well qualified to talk about disruptive media and technology and sees crowdfunding as a powerful force for good in a society that has lost faith in the ability of big government and financial institutions to support us and help launch new businesses.

“When I saw the success of Kickstarter I thought, we can do better, let’s do a better UK version with more of a social purpose. Crowdfunding is a return to small things, a behavioural change in society. The concept is fundamental, let’s all do it together, sod the banks, if the crowd think it is a good idea, that’s what is driving it.”

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Crowdfunding is a return to small things, a behavioural change in society
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I then asked him how advances in technology have given rise to crowdfunding, and what additional benefits it can offer to small businesses that would struggle to secure funding through traditional institutions.

“We had a tech explosion and we got social media where you can hit Facebook, Twitter and all of them, crowdfunding combines marketing, pre-selling and community building, if it’s a customer facing idea why wouldn’t the crowd fund it? It’s proof of concept, it’s crowd validation and crowdfunding, and it’s very viral. People back people, so you need to get your passion across, tech is an enabler, but in the end it’s about real people and real passions – the tech should be almost invisible.” 

Despite the disruptive nature of crowdfunding, it is now interesting to see how forward-thinking mainstream companies are also embracing it. Crowdfunder has brought on board partners including Santander, M&S Energy and Virgin Media Business, who see the potential in crowdfunding to support and grow small business in the UK. I spoke to Julian Borra, Founder of The Thin Air Factory, who works with Virgin Media Business on their entrepreneurial VOOM initiative which combines crowdfunding with entrepreneurship.

“Crowdfunding is a new model of pitching for funding to faceless banks. Instead of blind investors, with a crowdfunding platform everyone is emotionally predisposed to make good things happen and they have the business’ back, they are emotionally invested before they become financially invested.” Explained Julian. “Virgin Media Business wants to inspire and champion entrepreneurship in everyone, everywhere through VOOM. It’s volatile out there, we’re in a time of uncertainty and the only thing we can be certain of is small business sparks start-ups, scale-ups, creates wealth, creates jobs and improves lives.” 

Virgin Media Business wants to inspire and champion entrepreneurship in everyone, everywhere
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“The benefits go beyond funding. What you’re doing is creating an audience, a market, a loyal, engaged support base and advocates, and you’re doing your marketing and strengthening the whole proposition.” Adds Rob.

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Crowdfunder success story What a Melon won the VOOM 2016 award and Founder Olly Bolton enthused about embracing crowdfunding to launch his business:

“We’ve raised a lot of money, grown our customer base, boosted awareness and audience engagement. It’s been a massive win, and we are definitely going to crowdfund again. We’ve opened up more opportunities through #VOOM than we’d ever imagined.” 

Crowdfunding brings investors close to the business in a very resilient model
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“Crowdfunding initially works better for people who evangelise their business, who are more likely to succeed. VOOM used this idea and challenged contestants to get out there and What a Melon did just that. Olly was great, he was out there rain or shine talking about his business,” Julian expanded.

Crowdfunder is part of an energetic, flourishing tech sector in Cornwall which is filled with entrepreneurial drive and spirit. Cornwall has had twice as many successful crowdfunding businesses than the UK average (40% vs 23%) and the region plays a key part in those local business success stories. Nicola Lloyd, Head of Inward Investment for Invest in Cornwall, said:

“This is a really exciting time for Cornwall, and ambitious, thriving businesses are transforming the way in which the region is viewed. This event celebrated all the people making this happen, in a place that enables businesses to grow with its fantastic connectivity, attracting world class talent who are looking to match an exciting and ambitious career with an incredible place to live.”

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The Crowdfunder party was teeming with successful local businesses and talking to Kim Conchie, Chief Executive of Cornwall Chamber of Commerce, the enthusiasm for the future of the region was palpable.

“The 21st Century is Cornwall’s time to shine. The Duchy now has excellent broadband and physical infrastructure, a really innovative and creative culture, a skilled and progressive workforce and the best work/life balance anywhere in Europe. The ability to combine achievement and enjoyment in Cornwall makes it simply the best place to be in business.”

Thriving businesses are transforming the way Cornwall is viewed
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Tom Atkinson is a Digital Producer & Photographer at R3Digital and Reviews & Dept. Editor at Tech Trends. Connect on LinkedIn and follow him on Twitter @R3Digital

The post Crowdfunding Comes to Cornwall appeared first on Tech Trends.

Region wants to stimulate the local economy and create a sustainable future for health and social care through technology

The national healthcare ecosystem is undergoing a dramatic, fundamental shift with rising healthcare costs, increased demand on systems and growing, ageing populations placing our health and social care systems under unprecedented pressure.

By 2020 the Health Tech market is estimated to hit £37bn
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At the same time, the health tech industry is worth billions and the digital revolution, which has already reshaped many other sectors, is also transforming healthcare. By 2020 its value is estimated to hit around £37bn, with the UK thought to be on course to take a 5% share of that market.

The national healthcare ecosystem is undergoing a fundamental shift
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And while Cornwall might not be the first place that comes to mind as a tech hub, the region is steadily establishing a reputation for enabling innovation in the Health Tech sector. In fact, entrepreneurs vouch for the fact the region is unique in the way that it gives companies the independence and freedom to trial new ideas, making it a test bed for innovative solutions while also allowing those who live there to achieve a good work-life balance.

Nicola Lloyd from Invest in Cornwall says that this mix of entrepreneurship, community and sense of place is already attracting talent and business to the region: “In recent years, we have seen a growing interest in international businesses relocating to Cornwall and we’re delighted to see a strong pipeline ahead. This not only reinforces the strength of opportunities and capabilities for foreign direct investment in the region, but these global companies also generate more local jobs in the wider economy as a result.”

As part of this on-going drive to encourage businesses to consider moving to Cornwall, this month the NHS and other healthcare professional were for the first time brought together with health technology companies at the Maximising Technology in Health and Care event. Held at Falmouth University, the meeting explored technology solutions for healthcare issues in Cornwall and beyond.

“There are very few other places in the country where I’ve seen such a ground swell of local support from the local community, the NHS and businesses,” says Liam Booth-Smith Chief Executive of research think tank Localis. “There is a huge breadth of businesses working in Cornwall that is making creating a sustainable future for health and social care a key part of their mission, and the region’s greatest natural resource is its opportunity with technology”

Although NHS England has said that it is looking to save billions from the health budget by embracing technology, however, the healthcare sector is a system comprised of numerous organisations renowned for being notoriously hard to penetrate – especially for SMEs.

“Within such a large organisation as the NHS, we’re always amazed at the talent, innovative ideas and opportunities proposed to us by some of the smaller players in the tech sector, but we rarely have the chance to meet so many health technology businesses in one place,” agrees Kathy Byrne, Chief Executive of NHS hospital Royal Cornwall Hospital Trust. “The event provided a fantastic opportunity to meet the businesses and entrepreneurs and start those conversations about their products and services that have so often led to improving the healthcare system,” she said.

The recognises that the health technology sector is a growing global market, not only comprising the development of apps and other digital technology tools, but also robotics and other smart devices. However, there is a recognised block to the growth of the sector, namely the willingness and ability of end users and consumers to adopt the solutions on offer, as well as the willingness of commissioners, care givers and consumers to implement and pay for those solutions.

“Our geography means that we have got coterminous health and social care organisations which are partnering with leading institutions such as Falmouth University to look at ways in which we can deliver integrated healthcare in rural, digitally enabled communities to improve outcomes and give people more choice and control,” says Cornwall Council Chief Executive Kate Kennally “We hope to promote the organic growth of partnerships between health technology businesses from across the world and representatives from the NHS, local government and health and care organisations – ensuring the right people are in the right place at the same time,” she believes.

Two early examples of such partnerships are EPIC and Smartline, both of which have recently secured funding within the region and by the European Regional Development Fund. EPIC is a collaborative project designed to improve the use of technology in both health and social care, while Smartline will help Cornish SMEs develop innovative products, processes and services by increasing understanding of how technology can be used to improve people’s health and wellbeing.

Cornwall is aiming to become a test bed for Health Tech innovation
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Smartline brings together an interdisciplinary team of epidemiologists, geographers, mathematicians and sociologists to explore possibilities for innovation using digital technologies, and how they can help connect communities – linking data in novel ways to improve product development in health and wellbeing across a range of sectors.

Professor Ray Jones of Plymouth University says his institution will organise 10 locality groups around Cornwall and identify problems in health and social care that have possible technology solutions. “In turn, EPIC will develop their ideas and help them apply for funding set aside to support individual projects,” he explains.

The project is also recruiting over 350 Coastline households from across the region to become a test bed for products, services and processes that will have wider county, national and even international reach. This involves installing sensors to monitor domestic environments – working with individuals, families and communities to understand their challenges and aspirations. It is hoped this will lead to a well-developed and flexible supply chain and high value jobs through new engagements between businesses and the knowledge base.

Connecting communities to help individuals take back control of their health and wellbeing
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Creative England will also work with the digital and technology sector supporting them to enter the health and social care market, identifying new products or services that can be supplied from Cornwall locally as well as to the rest of the UK and beyond.

“Our objective is connecting communities to help individuals take back control of their health and wellbeing. Cornwall has been the perfect starting point for this project as the infrastructure, talent, necessary resources and general sense of community already exists,” says Dr Tim Taylor, Senior Lecturer in the University of Exeter Medical School and Smartline Principal Investigator. “This helps to ensure that we are in the best place possible to organically develop the eHealth and eWellbeing market in the region by linking innovation to cutting edge research and working closely with Cornish SMEs to support R&D in this field,” he concluded.

For companies looking to get into Immersive technologies such as VR/AR/MR/XR our Virtual Reality Consultancy services offer guidance and support on how best to incorporate these into your brand strategy.

Alice Bonasio is a VR Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedInand follow @alicebonasio on Twitter.

The post Cornwall Betting on Health Tech  appeared first on Tech Trends.