Economic Development Strategy
The Mayor of London launched his Economic Development Strategy (EDS) on 29th November 2018. The EDS includes plans to help small businesses in London take advantage of the opportunities available in the capital’s Artificial Intelligence and tech sectors. The EDS was developed in partnership with the LEAP and will act as the strategic framework for LEAP’s activity.
A key outcome of this strategy is the Mayor’s upcoming tech initiative, funded by the LEAP. This is a new online resource to help small businesses understand and take advantage of the benefits technology and AI can bring, as larger companies are already doing. In using this service, small businesses will be more able to secure new customers, grow and become more productive and competitive. The service will launch in 2019 on our business support portal, the London Growth Hub.
The Mayor of London, Sadiq Khan, said: “Our Economic Development Strategy sets out how we can build an economy that works for all Londoners, and ensure that they have access to the opportunities that this city gave to me and my family.
“The strategy sets out how we will work to build a more inclusive economy that works for all Londoners - an economy that enables everyone to reach their full potential, supports entrepreneurs and small businesses and ensures neither opportunity, nor achievement are limited by gender, race, sexuality, religion, disability or background.
“This also means ensuring our small businesses have access to opportunities that corporates already take advantage of. Our great city is a global centre for innovation, from artificial intelligence to virtual reality and cybersecurity. Many large businesses are already adopting these technologies to aid productivity and competitiveness – and we must ensure that small businesses have the opportunity to access those same benefits.
“London has a burgeoning tech scene, from artificial intelligence to virtual reality and cybersecurity – and through our new tech initiative, we are determined to ensure that small businesses can tap into the benefits that these new technologies offer.”
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