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Tech a step into a brave new world

  • Date: Monday 2nd January 2017
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From the twin shocks of Brexit and Trump, to a world that seemed to lurch ever more punch-drunk from one terror attack to the next, and amidst it all, a Scot again reigning supreme at Wimbledon, last year was as tumultuous as it was occasionally tremendous.

For everyone’s sake, let’s hope 2017 is a little more settled.

Tennis victories notwithstanding, many will be simply delighted to see the back of 2016. With the year’s numerous uncertainties, who can blame them for wanting to leave it behind?

Observed from a current affairs viewpoint, the world felt like a colder, harsher place in 2016, but importantly, we now embark on a new year with the certainty that things can surely only get better.

I’m personally looking forward to seeing a stronger, more united Scotland as we aim to follow the example of Andy Murray’s heroics and once again punch well above our weight on the national and international stage in a variety of arenas – be it sporting, political or business.

A fresh government pledge of £240m funding for local services in 2017 will certainly help to tackle many indigenous issues at grass roots level in this country. Recently setting out his draft budget, Finance Secretary Derek Mackay also confirmed a reduction in rail fares and 100,000 properties being exempt from business rates under the small business bonus scheme.

However, for me, the real standout pledge from Mr Mackay was a £100m investment in digital and mobile infrastructure to improve connectivity and grow our digital economy.

If used correctly, that cash holds the promise of great progress for the business community in Scotland as it raises its sights to encompass a more ambitious outlook.

Back in 2011, Holyrood laid out a vision for Scotland to become a world-class digital nation by the year 2020 – and the great news is that we’re firmly on course.

Disruption is the name of the game for our nation’s tech boffins, but in the best possible way. Traditionally, you might think of disruption as being a negative thing – not so in this case. This particular type of disruption means unsettling the competition through game-changing innovation, from artificial intelligence to augmented reality, big data, or cloud computing.

For my money, we’re seeing particularly exciting innovation in the FinTech sector that will only continue to accelerate. Essentially, this amounts to a wave of startups using their agility as small businesses to provide the cutting-edge ideas that are really shaking up the financial services industry.

With the banking giants increasingly aware that they need to innovate in order to meet increasing customer demand for enhanced mobility, greater speed, and better customer service, it’s fertile territory for FinTech businesses to steal a march.

However, connectivity is the key. None of that innovation can be delivered without it.

That’s why government investment in that connectivity is so important. Our tally of ‘unicorn businesses’ – private companies valued at $1billion or more – has been impressive given the relatively small size of our nation, but so much more can yet be achieved.

Tech hubs like Edinburgh’s Codebase or Glasgow’s RookieOven are thriving, and we need to give them all the help that we can.

With the right strategy that will realise a world-class infrastructure for this dynamic cluster of businesses, Scotland can become a true digital nation – a technological leader and a natural place for like-minded international businesses to relocate and call home.

In such an environment, FinTech professionals from other countries can also develop careers with established global institutions like Standard Life or JP Morgan while enjoying a lower cost of living compared to London. Similarly, international companies can enjoy lower property rental costs and thus more affordable, speedier growth.

The undisputed attraction for potential investors, however? An estimated £13billion windfall for them and the Scottish economy if we pull it off.

By harnessing our outstanding natural capabilities, suddenly Scotland can afford to be a little more optimistic about its fortunes in 2017.

 

Related Content: 7 Hacks To Help Millenials With Money

 

SIDE

You’d think that Scottish tourism might suffer against the current backdrop of global uncertainty, but you’d be wrong.

In fact, it’s thought that Scotland will see a range of positive knock-on effects.

For instance, the UK’s vote to leave the EU has resulted in a comparatively stronger Euro and US Dollar, making us an economically more appealing destination as visitors seek out greater value for their currency.

Traditionally, Scotland has been a relatively expensive destination due to high rates of VAT, but right now it’s affordable to those who previously found themselves priced out.

Similarly, our economic uncertainty is leading to more ‘staycations’, with a proliferation of terror attacks in recent times serving to compound the issue, resulting in an unwillingness for Brits to travel to some troubled areas, including Tunisia, Turkey and France.

Further fuelling the staycation trend in 2017 could be the possible reintroduction of visas for access to EU nations following Brexit, making nation-hopping a time-consuming, more problematic process.

In other words, patterns of demand are completely altered in the current climate and previously popular destinations like Paris have been left counting the cost.

But their loss is our gain – and everything points to a stronger tourism performance for Scotland in 2016, and now surely 2017 too.

Of course, not everything runs smooth – this is Scotland after all – and rising oil prices could reduce the appeal of travelling by car to the more remote parts of the country.

Nevertheless, it looks like this year will be a good one for businesses who count on tourist cash for survival. Wish you were here indeed.

 

WEEP

This time last year I was railing at all the travel problems across Scotland, and I’m afraid to say that it looks like this year will be no different.

2016 was plagued by travel problems, primarily surrounding the upgrades being made at the Raith Interchange on the M74, and unfortunately your travel to work won’t be any easier this January.

Traffic congestion on the M8, M73 and M74 has caused years of misery – the roadworks started back in 2013 – but we need to look on the brightside. 

We only have to endure a few more months, then the £500 million improvements will be finished and we will start to benefit from a 15 minute save on time and Scotland will have the advantage of better transport links.

 

LAUGH

It might be the start of a new year but, lo and behold, we are still being bombarded by the same old Facebook posts and office chatter about those predictably life-changing resolutions.

You know the kind - everyone is going to shift the weight they’ve put on at Christmas and try another absurd diet.

And again we will pretend to be supportive, even though we all know that by the end of the week they will have given up and opened the chocolate biscuits.

Gym memberships will undoubtedly rise this month, classes will be busier and the wait for your ‘favourite’ exercise machines will be longer.

 

But fear not - by February 1st all resolutions will be out of the window and that bike in your spare room will suddenly come in handy as another clothes horse. 

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