A consortium project between the GLA, LSE, Cog X and Capital Enterprise, funded by the BEIS Business Basics Fund, the “Grow With AI” programme is designed to allow policymakers to understand how to encourage the adoption of AI amongst SMEs. The Project takes the format of a 12-month Randomised Control Trial (RCT), which tests the effectiveness of increasing adoption between two workstreams:
(a) a series of events which introduces SMEs directly to tech vendors;
(b) distribution of £750 innovation vouchers, and giving access to a caseworker.
The evidence base created by this project will be used to inform future market interventions to spur technology adoption. The interventions target two lower-productivity sectors in London, retail and hospitality.
The hypothesis we are testing is that underinvestment by SMEs in productivity-enhancing AI technologies is driven by a lack of information, motivation, financing constraints and risk aversion. The proposed interventions seek to address these barriers. In doing so, they will increase technology adoption that in turn improves firm performance and innovation.
Retail and Hospitality SMEs who are interested in joining the programme please click here for more information and to sign up. https://www.growthhub.london/technology/ai-for-smes/