July 4, 2018
Published: The Institute of Chartered Accountants in England and Wales (ICAEW)
Wednesday 4 July 2018, A new initiative to use Artificial Intelligence and Big Data in corporate finance transaction services has been launched by ICAEW. Michael Izza, Chief Executive of the accountancy and finance body, announced the scheme today at ICAEW’s innovation investment conference.
Michael Izza said the Institute will collaborate with governments, professional services firms, regulators, financial institutions and other public-interest stakeholders to ensure companies, advisers and investment professionals are can take the opportunities and tackle the risks involved in these new advanced digital technologies.
He announced the scheme at ICAEW’s conference ‘Boosting Finance for the UK’s Industrial Strategy’, hosted at Chartered Accountants’ Hall in London.
The conference is part of an institute programme to help step up investment in the government’s £1bn Industrial Strategy Challenge Fund programme – overseen by UK Research & Innovation (UKRI) and its Innovate UK arm – with more commercial venture capital.
Research commissioned by ICAEW from Beauhurst, has found over £7bn of commercial venture capital has been invested in the UK since 2011 that would support the 14 streams of Industrial Strategy Challenge Fund investment.
Michael Izza said:
“It is clearly vital that the government and other business organisations do more to attract venture capital to the UK. The government has provided an additional £2.5bn of British Patient Capital to support UK investment. This has the potential for the scale-up of new ventures and projects that emerge from the Industrial Strategy Challenge Fund. But we want Britain to be best in class when it comes to financing the kinds of industries, like cutting edge technology, where we lead the world. This is why we are keen to work closely with government, UKRI and other stakeholders to increase awareness amongst businesses and technologists of the new opportunities presented by the Industrial Strategy.”
This was the first conference of its kind since the government’s Industrial Strategy White Paper in November 2017. The conference brought together policy-makers, government agencies, academics, technologists, entrepreneurs, scale-up companies, public funders, venture capitalists and professional advisers. They discussed ways to collaborate even more effectively to step up investment in the UK Industrial Strategy and patient capital programmes.
Guest speakers included Lord Clement-Jones CBE, Chair of the House of Lords Select Committee on Artificial Intelligence, Dr Anne Dobrée, Head of Seed Funds, University of Cambridge Enterprise, and Calum Paterson, Managing Partner of Scottish Equity Partners and chairman of the BVCA.