Contractor Colmore Tang has launched a £10m innovation fund to finance firms with innovation and technology ideas to improve construction’s productivity, sustainability and skills.
The fund, called ConstrucTech, has been launched in with partnership with Virgin StartUp, a not-for-profit offshoot of the Richard Branson empire. ConstrucTech is open to start-ups and entrepreneurs from around the world.
Colmore Tang is providing the cash for the initiative, while Virgin StartUp will use its experience supporting 11,000 entrepreneurs across the UK with start-up loans, mentorship and business advice to identify and recruit technology firms internationally.
The contractor pointed to figures from Glenigan UK’s 2017 industry performance report that claimed a third of construction projects in the UK overrun on time (40%) or budget (35%).
Colmore Tang hopes that technology can address these shortcomings and has identified key areas within its own business and the industry as a whole which it believes could benefit from the contribution of enterprising start-ups.
The problems Colmore Tang and Virgin StartUp are looking for businesses to address are:
- People: improving analysis of performance, sharing best practice across building projects, measurement of quality and also implementation of health and safety.
- Data: using data to pre-empt potential delays, more efficient material ordering, more effective use of labour along with use of performance data to improve cost, timescales and estimates of new projects for future clients.
- Smart materials: design and implementation of materials to improve sustainability; improve safety and finding materials which are digitally connected.
Virgin StartUp has previously run similar programmes for Virgin Trains (Platform-X) and it also developed the UK’s first crowdfunding accelerator programme (Crowdboost).
However, this will be the first time the not-for-profit organisation has partnered with a company outside the Virgin Group.
Andy Robinson, group CEO of Colmore Tang, said: “The debate around technology in construction needs to move forward quickly.
“Other industries are much better at seeing the potential in technology and grasping opportunities to boost productivity and commercial gain.
“Construction is falling behind and it’s having a negative impact on the sector, growing the divide between the traditional, ageing workforce and the young, technologically-advanced workforce that is choosing other industries over ours.
“ConstrucTech will help us discover exciting and innovative start-ups, whose products and services could deliver those technologies and innovations that will be the key to the future success of our business and that of the whole sector.”
Sir Tom Shebbear, chairman of Virgin StartUp, said: “Entrepreneurs have the power to positively disrupt whole sectors. Every day we support inspiring and innovative start-ups and help them to take their product or service to market.
“ConstrucTech is an important programme for start-ups that want to access opportunities within the construction sector.
“The challenges Colmore Tang has set are exciting and we can’t wait to partner with them to discover game-changing innovations and facilitate their adoption on building projects across the country. I urge any entrepreneur who thinks they can make a difference to apply.”
Applications opened on 26 March and will remain open until 31 May.
Virgin StartUp is looking for start-ups with market-ready products or services that can address one or more of the programme challenges.
Shortlisted applicants will then be asked to pitch their idea to a panel of industry experts during June, from which the programme participants will be chosen.
The ultimate aim of the ConstrucTech programme is to see successful companies trial their solution on one of Colmore Tang’s live sites, as well as potentially gaining access to the £10m innovation fund, in order to facilitate broader adoption of the technology.
Start-ups can apply to be part of ConstrucTech here: http://virginstartup.org/constructech
