The Open London project, delivered by Newable on behalf of the Greater London Authority and funded via the UK Shared Prosperity Fund, fosters collaboration between residents, corporations and SMEs to enhance living standards by addressing socio-economic, health and environmental challenges in London.
The project has supported over 90 SMEs and social enterprises through its Accelerator Programme, with successful businesses securing funding and partnership opportunities across the Health and Wellbeing, Social Care, Environment, Energy and Housing sectors.
The below case study showcases the benefits of being involved in the Open London project.
The inspiration behind the business
TRC operates on the principle of City-as-a-Service (CaaS), offering a scalable Software as a Service (SaaS) platform designed to help cities manage urban infrastructure efficiently and innovatively. Their primary mission is to eliminate barriers to innovation, allowing cities to rapidly deploy urban services without the delays typically associated with bureaucracy and complex systems.
The challenges faced
Prior to engaging with the Open London Accelerator programme, TRC faced significant challenges in bringing their solutions to market in the UK. The procurement process was slow and cumbersome, making it difficult for cities to adopt new solutions. The lack of structured funding and real commitment to piloting new technologies further hampered progress, forcing TRC to implement their innovations in faster-moving international markets instead.
Engagement with the Open Accelerator London programme
TRC joined the Open London Accelerator programme with a view to gaining traction in the UK smart city sector. They received valuable support, including market insights and strategic guidance from their business adviser Temi Koleowo. However, UK’s innovation deployment process lacked the speed necessary for rapid adoption and slowed down implementation. With the UK Government’s AI Opportunities Action Plan and ten year investment commitment to accelerate AI initiatives, they are hopeful that the opportunity to add value will present itself soon.
The impact of the Open London Accelerator programme
While the UK market presented numerous challenges, TRC adapted its strategy by focusing on international markets where they could implement their solutions quickly. The experience gained from the programme allowed them to refine their approach, emphasising co-investment models and pilot structures that facilitate testing without significant upfront costs.
Although TRC has not yet seen measurable success in the UK, the insights gained from their involvement in the Open London Accelerator programme have been instrumental in navigating the complexities of urban innovation. They recognise the UK as a long-term market with potential, even if immediate growth is not feasible. This highlights the need for more streamlined processes to unlock innovation in urban settings.
Client testimonial
“We have taken insights from the Open London Accelerator programme and transformed them into real-world projects beyond the UK. We are expanding internationally and are gaining traction in markets that are eager to invest in real solutions rather than just engage in pilot discussions.”
Rohith Varma, Founder
The Open London project brings together London residents, large organisations and innovative London SMEs to solve socio-economic, health and environmental challenges and increase living standards in London.
To find out how we can support your business with launching a new product or service, contact our team at openlondon@newable.co.uk