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Healthcare, Education and Government: Entrepreneurs need to lead the recovery

Healthcare, Education and Government: Entrepreneurs need to lead the recovery 1

By Magnus Grimeland, CEO of early stage VC Antler

As Covid-19 spread across the world, countless industries changed – almost overnight. Transformations that we’d expect to wait five or ten years to see, compacted into a matter of weeks.

The conversations began immediately: if even just a fraction of us continue working remotely, what does that mean for the future of cities and the future of work? How do we change our healthcare industry to be better prepared? Will innovation within medicine save swathes of humanity faster than we’d hoped? Will the way governments work change? Will how we learn, and how we teach our children ever go back to how it was before? Should it? Will millions of people choose to fly less?

There are many sectors where the velocity of change is unlike anything we’ve seen before. There is an opportunity to innovate in areas where disruption has been historically slow, or even negligible, often because the existing solutions were ‘good enough’, rather than being brillaint.

Three areas, amongst many, that I am very excited about are health, education, and the government itself.

Health

Health-tech companies have rolled out new products quickly. UK telehealth startup AccuRx, which enables doctors to securely text patients, built a video call tool over a weekend in March. Around 1,300 NHS GP surgeries had signed up within 24 hours. Within Health, an Antler portfolio company that digitised the process of booking a screening, has seen online GP consultations rocket, from 5 percent to 95 percent of their activity.

In a post-COVID world, some things will stick. Tech-enabled solutions will continue to improve outcomes for patients and providers: clinical engagement platforms like Wellpepper, diagnostic tools like Cue and Halo Labs, the likes of Vamstar (a portfolio company of ours) which predicts and matches healthcare contracts, and workforce tools like Lantum.

We have the opportunity to address longstanding problems: that healthcare spending keeps increasing; that the majority of healthcare spending in the developed world is spent on treating diseases that could have been prevented with small lifestyle change;  and how billions of people are still underserved.

Education

With millions of kids at home, the future of education comes to the fore.

State provision of education has ensured, across much of the developed world, that its format looks little different to the days of industrialisation. Bear in mind that the cost to educate a child has increased considerably – to $5,000-$10,000 a year in the US and UK.

Now, e-learning has hit, the edtech market is estimated to grow to $341bn by 2025. While homeschooling has been working in most cases, I have yet to meet a parent who is pleased about the tech solutions currently in place. The post-Covid world will see an improvement in these tools, and hopefully a move towards a more egalitarian shakeout in education.

Relying on education as a public service has capped innovation; now is the time for a groundswell of entrepreneurs to throw open cheap and radically new education models and methods. It has begun, from online course providers like Kahn Academy, Udemy and Brilliant to in-demand job trainers like Eskwelabs, an Antler portfolio company.

Government

The current pandemic has shown how impactful technology can be to improve governmental services – i.e. tools that enable the government, at any level, to communicate effectively with citizens, manage crises, institute programmes, engender transparency and create greater efficiencies.

Govtech startups raised just $1.8bn in the last five years, while the mobile gaming industry was worth $70bn before coronavirus. There’s a huge opportunity here, and some great companies are already working on improvements, like London-based govtech accelerator Public.io.

Nations around the world will come away from this in debt and reliant on certain centralized services. As builders and innovators, it is our duty to lighten the load and improve outcomes for civilians.

This is the area that arguably warrants the most innovation. We cannot rely on governments to improve our future: we must start building it ourselves. Uber-style (historically public) services are helping – like New York waste company RTS – and community apps like Nextdoor are leading transformations at a local level. Catalyzing innovation in fundamental areas of life, like healthcare and education, will ease the burden on public services.

Even areas where the state now has to operate can be enhanced by private enterprise and innovation – tracking and containing Covid-19, for example. As governments scramble to strike the balance between privacy and protection, private initiatives like Safe Paths, Covid Watch and Zoe are harnessing crowdsourcing to bake privacy-by-design into tracking apps.

The human suffering and impact of the world of this pandemic is a tragedy. Let us at least ensure that the momentum that has been created will continue, helping us to improve the sectors most vital to human progress.

Business

Return to work: Flexibility, preparation and communication are key

Return to work: Flexibility, preparation and communication are key 2

By Matt Weston, Managing Director, Robert Half UK

As lockdown restrictions ease for the foreseeable future, conversations across the business world are starting to turn to how employers can safely and seamlessly prepare for their workforce to return to the office.

Research from Robert Half has found that over half (54%) of employees are worried about working in close proximity to their colleagues, while a similar proportion are eager to return to the office due to loneliness working from home (45%) or concerns about missing out on career opportunities (30%).

Unsurprisingly, after everything companies and their employees have done to successfully adapt their operations and working practices to social distancing rules over the last few months, immediately returning to the old ways of working will likely neither be sensible or practical. With safety being the key priority for the ‘new normal’ of office life – communication, flexibility and preparation should be the main focus areas for employers.

With this in mind, what are the challenges and opportunities that employees anticipate as they prepare for the return to work, beyond government and industry supplied health and safety best practice? Furthermore, how can employers best support their staff during this period?

Keep people at the heart of change

It is important to recognise that your workforce has been working through an intense period of uncertainty and change for months, which can be incredibly unsettling. On top of this, working for weeks in isolation without the usual physical interactions with team members could be potentially detrimental to employee engagement and mental wellbeing.

Having adjusted to keep staff connected with one another from a distance with virtual team building exercises, video calls and daily check-ins, as teams begin working in hybrid models with some in the office and others remote, staff engagement will need to adapt again.

Managing people with greater sensitivity and maintaining positivity throughout will be crucial. To help instil a sense of normality and engagement, encourage maximum collaboration between individuals (in accordance with social distancing rules), and make sure teams feel part of company goals and opportunities through regular meetings and communication – no matter their location.

Continuing to invest in technology and offering flexibility will also be important to ensuring that people can continue to work remotely or on-site, either in accordance with their own wishes or as part of your staggered return-to-office plan.

Communicate, communicate, communicate (and listen)

Reassuring staff that they are able to safely return to the office will require continuous communication. From expectations of the physical office, to expectations of how to operate within hybrid teams, these new expectations and new workplace requirements should be communicated to all staff clearly to avoid confusion.

Regular email updates, updates on the company’s intranet and social media channels, as well as frequent town hall meetings (either online or in a smaller setting) could be key elements of an effective communications approach.

Also, consider a feedback channel to allow staff within the team to offer thoughts on their experience of returning to the office and any suggestions on improving the process. Whether on a company-wide basis or a team-by-team approach, schedule regular check-ins to engage with employees’ questions and concerns.

Maintaining open communication channels with your team will be essential for keeping up employee morale and ensuring clarity. For example, if some employees aren’t comfortable with coming to the office every day, then they should have plenty of opportunities to voice their concerns and have them dealt with promptly, respectfully and fairly.

Staggered return-to-office planning

Depending on the size of business and density of office space, maintaining home working arrangements across teams on an alternating basis could make it easier to implement safe social distancing. This involves select teams working remotely while others work on-site on any given day.

An alternating approach to remote working might also reduce the risk of staff feeling pressured or overwhelmed by an immediate return to the office five-days-a-week. After all, some families might be juggling temporary disruptions to childcare arrangements and public transport systems will likely become crowded again. So, a transitionary period will help everyone adjust to post-lockdown office working.

Finally, if you have developed your technology infrastructure to facilitate remote working, you would do well to continue to leverage these new capabilities as in all probability, a mixture of remote and at-office work will be needed for some time.

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Business

Contis enters RBS Capability and Innovation Fund bid seeking £35 million for disruptive SME growth strategy  

Contis enters RBS Capability and Innovation Fund bid seeking £35 million for disruptive SME growth strategy   3

Leading payments provider, Contis, has applied for two grants from the RBS & BCR Alternative Remedies Package, totalling £35 million.  

Unlike most applicants who will deploy funds through a single brand, Contis is taking a completely different approach. The funding will be used to drive fintech innovation in the UK by developing an off the shelf, B2B electronic and card payment technology platform for SMEs. With Contis’ powerful tech stack and regulated status, this will empower hundreds of fintechs to support the SME market with groundbreaking technologies, payments and lending capabilities. Contis today services over 800,000 consumer accounts, 14,500 business accounts and processes £4bn in transactions per year, demonstrating a proven track record.   

UK businesses are facing a challenging economic environment with the impacts of Covid-19 and Brexit. As large corporations and entire sectors are affected, SMEs will play a vital role in the recovery. Contis’ approach is completely disruptive, offering three channels to maximise support for SMEs and sole traders, through three unique brands, all powered by APIs from Contis’ modular and configurable engine. 

1.       Canvas for Business 

Contis is a super-vendor in the world of fintech, offering payments through proven banking rails and card scheme capabilities including issuing pre-paid, debit and virtual cards. They’re linked to digital delivery like Apple Pay and Google Pay, and a trusted tech stack that boasts 99.99% uptime.  

With funding from the Capability and Innovation Fund (CIF), Contis’ technology and regulated services will be made available to the whole fintech community, enabling them to provide dedicated SME accounts with the latest leading-edge capabilities delivered via Contis’ wholly owned, secure, cloud-based technology and apps. Contis’ solution has a firm eye on the need for SMEs to compete internationally, particularly after Brexit, and offers FX integration as standard.  

Canvas for Business will increase competition by providing fintechs serving the SME market with technology that outstrips the big banks. Contis will also provide credit referencing capabilities and empower fintechs to lend to their SME client base through Contis’ own credit licence. Without the constraints of legacy systems, it will enable simple connectivity to accounting and payments solutions, as well as to unlimited future innovations.  

2.       Engage for Business 

Over 150 Credit Unions currently use Contis’ Engage service and technology, and hold an estimated £400 million in undeployed cash reserves. Developed with CIF funding, Engage for Business will enable Credit Unions to launch business accounts and payments products for the first time, and allow excess funds to be redeployed in the SME sector through business support loans. This will revolutionise access to funding for sole traders and small businesses. 

3.       Freedom for Business 

With CIF funding, Contis will also offer large scale SMEs a direct-to-market solution where Contis holds the relationship and provides a bespoke offer to meet the business’ exact needs. 

Contis’ application to the Capability and Innovation Fund is focused on creating the widest possible impact for UK SMEs by fulfilling their accounts & payments needs and driving innovation in SME financial services. 

Through the grant, Contis will empower over 200 fintechs and Credit Unions to provide credit, simplify payments integration into everyday business needs, offer digital credit referencing, provide budgeting tools to SMEs, enable automated payments, give predictive insight on cash flow, provide rewards to SMEs on spending, and much more. 

Peter Cox, Founder and Executive Chairman of Contis said: “Our mission is to democratise payments and financial services for all SMEs, so they’re spoilt for choice with innovative and affordable solutions that meet their exact needs. Our approach, based upon proven technologies, will broaden and disrupt the services available to SMEs far beyond the capabilities of existing providers such as the big banks.  

“By driving competition and innovation, while improving the availability of funding, our approach will increase the services on offer to SMEs and make them more affordable, therefore becoming easier for every entrepreneurial person with vision to run their own businesses.” 

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Business

Four years of digital transformation in four weeks: UK lockdown puts pressure on brands to digitally deliver

Four years of digital transformation in four weeks: UK lockdown puts pressure on brands to digitally deliver 4

Nearly a third (32%) of consumers would switch providers if a brand’s website is unavailable for more than 24 hours

A study released today reveals the scale of omni-channel pressure brands now faced as a result of the Covid-19 pandemic, as consumers flock to apps and websites to as the priority destination to transact with brands.

The UK has experienced a huge leap in use of online services thanks to lockdown, with the public appearing to have less concern for the availability of a brand’s physical location. Research by Sungard Availability Services (Sungard AS) uncovers a “window of availability” that UK businesses now have before consumer loyalty changes:

  • If a brand’s website is down for 24 hours – 32 percent of consumers would switch provider
  • If a brand’s app is down for 24 hours – 28 percent of consumers would switch provider
  • If a physical store is closed for 24 hours – 20 percent of consumers would switch provider

The results by industry paint an interesting picture of the availability timeframes brands are expected to adhere to:

  • For online retailers, excluding grocery retailers – 23 percent of consumers would switch provider if they could not access online services for 12 hours, rising to over a third (34 percent) after 24 hours
  • For financial services and entertainment streaming platforms – 21 percent of consumers would switch provider after 12 hours, rising to 33 percent after 24 hours
  • In the case of online grocery shopping – 20 percent would switch provider after 12 hours, rising to one third 33 percent after 24 hours

The findings also highlight that as digital reliance increases, so will consumer expectations towards availability in the future. Over the coming two years, a third (33 percent) of consumers expect online financial services to always be available, rising to 35 percent for streaming services.

“UK consumers have become reliant on the constant availability of online services, and lockdown has only served to heighten this,” comments Chris Huggett, SVP, EMEA at Sungard AS. “What used to be a choice between physical and digital has now firmly accelerated into digital environments across various industries. As online worlds continue to outpace bricks and mortar as the face of businesses, ensuring constant availability and clear communications on downtime will be key for brands to build trust and loyalty.

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