Technology is the Engine Driving the UK’s Economy

The news that Britain has far more technology enterprises than government sources had previously estimated came as no surprise to one successful technology entrepreneur. Dan Wagner, CEO of Powa Technologies, has previously estimated that digital business is growing seven times faster than the rest of the UK economy and is providing the foundation of the UK’s economic recovery.

Government classification recognises 187,600 digital companies, while research by the National Institute for Economic and Social Research (NIESR) says there are almost 270,000 such companies in the UK, 40 per cent more than the government estimate. What’s more, NIESR says the government’s classification is ‘outdated’ and misses out many tech firms.

Dan Wagner said, “Since I started working in this industry in the eighties I have seen the technology sector grow exponentially and play an increasingly important role in the economy. We are now living through an era where technology is vital for Britain and as a country that has always been at the forefront of technological progress we need to do far more to promote innovation and invention.”

Wagner’s current business, Powa, is revolutionising e-Commerce, making it more sophisticated and allowing retailers to mine the vast global online shopping community tactically through the deployment of bespoke e-commerce solutions. His mPowa offering is a compact card reader, which communicates with mobile devices via Bluetooth, enabling merchants to accept payments on the move, a service that will boost productivity and convenience for retail businesses.

Dan Wagner also sees the growth in new digital media channels as an indicator of how digital and new media is shaping business. Powa Technologies recently announced that it had acquired the fashion blogging portfolio of Aigua Media in a major seven figure deal that will see Powa Technologies expand its footprint in web publishing and social media to support over 200 corporate clients currently served. The acquisition, which sees Aigua Media becoming Powa Media, will involve Aigua being incorporated into Powa Technologies’ professional services group.

Dan Wagner commented, “Blogging has become an important part of driving commerce and is now a key route for brands to interact with shoppers. These sort of enterprises are generating massive value for brands and are exactly the type of businesses the Governemnt’s statistics have been ignoring.”

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David Dungay

Editor - Comms Business Magazine
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