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September 2024
There is plenty of optimism for the future in the region, even if some tech stakeholders in Norfolk and Suffolk have expressed frustration at being overshadowed in tech by its neighbours in Cambridgeshire.
Despite this, the sense of ambition remains high, with key players in the region determined to make their mark.
Funding and availability of skills will continue to be a challenge, however, for those in the region, the momentum feels strong.
Investment in education and upskilling will be important to the region’s success in the long term, ensuring that businesses have access to the talent they need to innovate and grow. However, respondents from the region are largely confident the talent is already present and are more concerned with visibility.
The presence of operations from massive global firms has done a lot to give confidence that Norfolk and Suffolk are good places to run digital businesses, however, the future growth is by no means a done deal.
Transportation infrastructure will be critical to addressing this to encourage greater collaboration with other tech hubs.
There is a sense that with the right kind of investment into transportation and infrastructure, as well as a handful of major exits to help cement its place on the map of UK tech hubs, Norfolk and Suffolk will have every chance to draw more money, more talent and ultimately drive even more economic and technological growth.
Improvements to rail and road links would significantly enhance connectivity between the region and other major tech clusters, making it easier for companies to collaborate and for talent to move freely.
Joe Faulkner
Office Senior Partner –
East Anglia, KPMG in the UK
Better connectivity with London and the wider East of England is important going forward. Steps are being made, for example, to increase tech collaboration between Cambridge and Norwich which aims to create a thriving environment for startups by leveraging the strengths of both cities, including their research institutions and growing business networks.
We also believe that there is the potential for a high-profile tech unicorn and/or major tech sector IPO from a Norfolk or Suffolk business. This would have a positive halo effect for both counties and other tech entrepreneurs within them.
KPMG is a leading professional services firm. It operates from 20 offices across the UK with approximately 17,000 partners and staff and is part of a global network across 140+ countries. We employ over 150 colleagues across our East of England practice, working across audit, tax, legal services, risk management and M&A – alongside technology, digital, data & AI and operational consulting.
Whether it’s steering a business through early-stage funding and investment, sharing guidance on governance responsibilities, making introductions to industry specialists from across our global firm, or helping to tackle the inevitable challenges that come with growth – we help our clients overcome challenges big and small.
We can walk businesses through tried and tested means of getting to the end destination, while exploring alternative routes for businesses that are anything but ordinary. Find out more at kpmg.com/uk.
Connected Innovation links together 27 innovation hubs, incubators, universities, research institutes, and business clusters across Norfolk and Suffolk. The Connected Innovation team join the dots across Norfolk and Suffolk’s innovation ecosystem, working closely with wider partners in the East to simplify innovation support for companies and land new opportunities for entrepreneurs from start-up to scale-up and established tech businesses.
This network of 27 hubs is home to +800 innovative companies, encompassing a wide range of research and technology capabilities such as Artificial Intelligence, robotics, 5G connectivity, FinTech, Agri- Tech, MedTech, AquaTech and Gaming driving cross-sector innovation.
Connected Innovation is the one-stop shop brand for innovation across Norfolk and Suffolk, with strong buy-in from Innovate UK (including a Local Action Plan for Norfolk and Suffolk), the Catapult Network and Government Departments.
Connected Innovation website is the place to go for innovation funding calls, events and support available to our innovation ecosystem, whilst promoting the capabilities within the region through a Prospectus, map of the network and clusters we are promoting.
