Tech and Innovation in Focus: Key Takeaways from the King's Speech

Lion Herald Newsletter | Issue #15 - Tuesday / November 2, 2023 | Lincoln, UK

November 07, 2023

Dear Lion Herald Reader,

This Tuesday, the House of Lords saw a gathering of MPs and peers eager to hear the King's Speech. A moment in history as King Charles III delivered the first King's Speech in 70 years. In today’s newsletter, let us explore key takeaways from a tech and innovation point of view.

The UK government unveiled its vision for a future that embraces innovation and technology across various sectors. The speech outlines a comprehensive strategy that not only anticipates emerging technologies but also paves the way for their safe and responsible integration into the nation's landscape.

Energy Security and Renewable Investment: One of the key highlights from the King's Speech is the government's commitment to enhancing energy security and reducing reliance on volatile international energy markets. New legislation, introduced in the speech, supports the future licensing of new oil and gas fields, which is vital for the UK's transition to a net-zero emissions status by 2050. Simultaneously, the government seeks to attract record levels of investment in renewable energy sources, aligning with the UK's rapid decarbonization efforts.

Promoting Innovation: Innovation takes center stage in the government's strategy. New legal frameworks are set to be introduced to facilitate the safe commercial development of emerging industries, such as self-driving vehicles. The Autonomous Vehicles Bill, as unveiled in the speech, not only addresses the regulatory aspects but also recognizes the potential of autonomous vehicles to revolutionize transportation.

The bill is designed to provide the certainty and confidence needed by the private sector to unlock research, innovation, and investment across the entire UK. According to Professor Paul Newman CBE, co-founder of a British driverless vehicle startup, the bill will establish clear responsibilities and accountabilities for all stakeholders involved in scaling up self-driving vehicles.

Digital Market Competition Rules: Recognizing the significance of digital markets, the King's Speech underscores the government's intent to introduce new competition rules for digital markets. This initiative aims to encourage innovation, particularly in technologies like machine learning, while ensuring that competition thrives and public interests are protected.

Tackling Technology-Enabled Crime: The government's commitment extends to enhancing law enforcement's capabilities in tackling technology-enabled crime. New legislation will empower police forces and the criminal justice system to prevent and combat new or complex crimes, such as digital-enabled crime and child sexual abuse, including grooming.

AI Safety and Leadership: The speech also reaffirms the UK's leadership in international discussions on artificial intelligence. It underlines the country's commitment to ensuring the safe development of artificial intelligence and its intention to host the Global Investment Summit, the European Political Community, and the Energy Conference.

Overall, the King's Speech has left some questioning whether the government's legislative agenda will be robust enough to address the complex challenges facing the nation and secure a favorable position in the impending political battles.

Thanks for reading,

Fabrice Iranzi, Editor in Chief, Lion Herald

Tech Headlines Today

A report titled "Women in UK Venture Capital" by Ada Ventures reveals a significant gender disparity in the venture capital industry. Male-owned venture capital funds have received nearly ten times more investment from limited partners (LPs) than their female-owned counterparts over the past six years, highlighting the gender divide. The report also uncovers the practice of "gender washing" within the VC industry, where firms hire women for junior roles, perpetuating gender imbalances at higher leadership levels. The report emphasizes the need for reform to break down barriers obstructing women's advancement within the industry. Beyond VC, startups founded by women received just 2% of total equity investment in 2022, underscoring the pervasive nature of this issue. The report calls for more transparency, concrete commitments from LPs to support diverse management teams, and efforts to bridge gender pay and carried interest gaps within firms to create a more equitable and prosperous future in the world of venture capital and private equity. This is crucial not just for social justice but also for economic performance and societal change.

Risk Ledger, a platform focusing on supply chain risk management, has successfully raised £6.25 million in a series A funding round, with Mercia Ventures leading the investment and participation from other notable investors. This funding brings their total investment to £9.8 million and will be utilized to further develop their product offering. Risk Ledger's platform acts like a social network, enabling member organizations to share control profiles covering 12 security domains within their supply chains. Their unique approach helps clients understand and manage the risks presented by third-party suppliers, which is an increasingly critical aspect of cybersecurity. The platform's real-time network allows for a constantly updated and comprehensive view of the supply chain security ecosystem. Ultimately, Risk Ledger aims to enhance online security by enabling organizations to understand and respond to security incidents within their supply chains, making the online world safer for everyone.

Thanks for joining us in this edition of the Lion Herald Newsletter. We hope you've found inspiration and valuable insights to fuel your tech and innovation journey. Remember, every idea counts, and together, we can turn them into real-world solutions. Stay curious, stay innovative, and stay tuned for more exciting stories in our next issue!

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