A new report from Tech Nation has revealed that the UK is a global centre for socially responsible technology innovation. The ‘first of its kind’ research report found UK entrepreneurs were creating socially responsible technology innovations. The so-called ‘Tech for social good’ companies were worth £2.3 billion in 2018, with a turnover of £732 million. The industry is worth more than consumer electronics in the UK, at £634 million. The sectors being addressed by young, ambitious businesses cover education technology (edutech), fintech and artificial intelligence.
Tech for social good uses digital technology to tackle some of the world’s most intractable challenges, from reducing pollution to supporting vulnerable people. At its core, these companies are putting people at the heart of the business and creating a better environment for humanity. These tech for good companies have raised £1.09 billion in seed funding.
We’ve worked with many tech-for-good companies, whether for-profit or not-for-profit. Having a social purpose and a vision that supports progress in humanity, is critical for success as Millennials move into management and Gen-Zs start their careers. From our own experience companies are now able to both make a profit, make positive societal impact and create employment and economic growth.
Some of the tech for good businesses we have worked with or advised are:
Solo Energy: Resonance worked with Solo to promote its power plant of the future – the Virtual Power Plant. The building blocks of a Virtual Power Plant are batteries. Unlike a conventional power plant, the Virtual Power Plant is a connected system of distributed batteries and Electric Vehicles in homes and businesses across the grid.
Sweatcoin, which encourages exercise by rewarding users according to the number of steps they take. Even these small rewards make a massive difference to behaviour, and over 30 million people have used the app.
PATH (featured image above) – a global organisation that works to accelerate health equity by bringing together public institutions, businesses, social enterprises, and investors to solve the world’s most pressing health challenges. Our client Exasol recently collaborated with PATH on the Visualize No Malaria initiative to better direct resources for Malaria control.