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Barclays onboard as Innovate UK awards £175,000 to startups aiming to revamp retail industry

10 May 2016  |  3204 views  |  0 Source: Innovate UK

Banking, food waste and fashion will all receive a boost today, as the winners of Innovate UK’s Future Retail Innovation contest are revealed. Five startups have been awarded up to £35,000 through the IC tomorrow programme.

Each of the successful businesses has been awarded up to £35,000 to address some of the challenges the retail industry is facing
The winning enterprises are using digital technology to invigorate the retail sector

LONDON, 10 MAY 2016 -
The companies will be working with industry leading organisations such as Unilever, Barclays, and Tesco to build and develop technology that aims to revamp the retail business.

The successful small businesses beat over 100 applicants with solutions addressing pressing challenges that face the retail industry such as garment fitting and waiting times. The five different categories, winners and partner organisations are:
Thaw Technology Ltd partnered with Tesco and WRAP
Pioneering new ways to fight food waste - Thaw Technology Ltd will be partnering with Tesco and WRAP to engineer a technology: ‘Use-By-Mate’, to empower consumers to reduce food waste in the UK

Cephalometrics partnered with Digital Anthropology Lab, London College of Fashion, University of the Arts, London (UAL)
Future of fitting - Cephalometrics has come up with an eyewear design that makes it easier to create unique, made-to-measure spectacles. The design will make it easier for people to find and fit glasses

Action Artificial Intelligence partnered with Unilever
Seamless shopping - Action Artificial Intelligence has devised an AI system that works alongside messaging platforms, allowing users to order products 10x faster than usual

Rewarding Visits Ltd partnered with Barclays
Enhancing in-store experiences - Rewarding Visits Ltd has come up with software to help customers book personal banking appointments remotely without having to wait or queue

Proxama partnered with Greater London Authority
Digital support for street and covered markets - Proxama has designed a mobile app that uses beacon technology; to help both existing and new consumers locate street and covered markets and for traders to adopt simple, new mobile technology to advertise real-time promotions to consumers in close proximity.

As well as working in partnership with leading companies to develop prototypes of their winning their ideas, each company will retain 100 per cent of their intellectual property (IP). Innovate UK’s Lead Technologist, Digital Economy and IC tomorrow Programme Manager, Matt Sansam, said:
“Consumers increasingly want more from their shopping experience and digital solutions are a key way for the industry to give consumers what they want. Each of the five winners demonstrates how new innovative technologies can be used to deliver positive interactions between the consumer and the retail industry.
“We are excited to see how these businesses develop and grow while working with our challenge partners, as they move on to the next stage of their product development.”
Product trials for this competition launch in 2017.

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