Mayor to help small businesses capitalise on the power of AI

Thanks to Sadiq Khan’s new initiative, small businesses all over London could soon benefit from the latest advances in artificial intelligence (AI).

London has been well established as the AI capital of Europe. According to a report from Cognition X the capital was home to more than 750 companies in this field – more than twice as many as its closest rivals, Paris and Berlin, combined.

Because of greater funding and resources, larger companies have an advantage when it comes to accessing AI, leaving smaller businesses often unable to take advantage of recent innovations.

The Mayor’s Technology for Business scheme is tackling this inequality head-on. During the first phase of this new project, 200 small retailers and hospitality companies will be offered access to a pot of £200,000. This money will help small businesses to grow and develop using advanced tools and access to a specialist to help them identify their AI needs.

Last year the Mayor unveiled his Smarter London Together roadmap, announcing his ambition to make London the smartest city in the world. The ambitious plan includes turning London into a global test-bed city for innovation, where the best ideas are developed and spread around the world.

“London is a leading hub for innovation in artificial intelligence and some of the advances being made right here in the capital are revolutionising how business is done.

“Small businesses are the lifeblood of our economy, and I firmly believe these innovations should be available to companies of all sizes, not just the ones with the deepest pockets. This new initiative is an important opportunity for start-ups and scale-ups to harness the potential of exciting new technology.

“I encourage small and growing retailers and hospitality companies to apply to this first round of the scheme, and to explore how AI can help improve their day-to-day operations and better meet the needs of their customers.” – Sadiq Khan, Mayor of London

Applications now being accepted. For more information see London Growth Hub. Deadline 20 May!

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