Public, the investment firm launched by former No.10 aide Daniel Korski and venture investor Alexander de Carvalho – revealed last month that the first ten companies that will participate in its GovStart programme, which helps technology startups transform public services.
Technology is transforming every aspect of society and government is no different. And like most other markets, including retail and financial services, the most innovative products are coming from startups. GovStart seeks to help these companies understand the public sector.
The first cohort of GovStart companies build a range of technologies: the unifying factor is that they all produce a technology product that can be used to improve public services by making them more efficient, secure and better at meeting the needs of citizens.
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In parallel with the launch of the first GovStart cohort, Public also launched a report, which highlighted the unique opportunity in the UK to lead the global GovTech market. The report estimates that the UK’s digital government (GovTech) sector will be worth at least £20 billion by 2025, creating a vast opportunity for small companies to grow by focusing their business model on improving public services.
Public’s analysis also shows that the UK’s GovTech sector stands to benefit from many of the same drivers as the fintech sector, which grew sixfold between 2011 and 2015 (CBInsights 2016). These include ready access to tech skills and financial capital, a permissive policy environment and demand from citizens.
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Launching the GovStart programme, Daniel Korski, CEO and Co-Founder at Public, said “we are tremendously excited to launch the first cohort of our GovStart programme. These companies offer smarter, more efficient technology solutions to government, with the potential to deliver significant benefits for both citizens and the state. What’s more they show that technology isn’t just about cool hipsters in Shoreditch but about life-improving support for carers, smarter transport systems and new ways of training young people.”
Alexander de Carvalho, Co-Founder and CIO at Public, added: “Every sector of society has been utterly transformed by software from retail to banking. The next great transformation will be the change to public services. And it will be driven not by large vendors but by smaller startups with new products. And the best news: this is a $400 billion global market where the UK can lead this field.”
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