The West Midlands BPFS Sector: Powered for Innovation-Led Growth
On 8 July, regional leaders, innovators and policymakers gathered for the inaugural Future of Business, Professional and Financial Services (BPFS) Sector Event, an energised and insightful session that affirmed one thing loudly and clearly: this kind of dialogue is essential to drive understanding and awareness of opportunities and collaboration areas.
The event marked a milestone for the region, as the Business, Professional and Financial Services (BPFS) sector has been confirmed as a core growth sector in both the recently-published national and soon-to-be-announced Local Growth Plan.
Key Takeaways from the Day
The UK’s PBS Sector Plan was shared which includes the £150M investment to modernise services, positioning West Midlands as a national PBS hub.
Devolved control of funding and infrastructure is vital for agility and scale to contribute to the wider UK growth agenda.
Economic growth needs to be aligned with housing, transport and skills planning.
Co-creation between national and regional government and stronger collaboration between businesses within the sector will support impactful and inclusive growth.
Leadership development across the region remains under-prioritised so needs to be addressed.
Inclusive innovation can unlock regional entrepreneurship and diversity as highlighted by the programmes from SuperTech.
With momentum across policy, innovation capacity-building and regional business support, the future of BPFS in the West Midlands isn’t waiting, it’s being built now.
Panel at the BPFS event
“We’re aligning infrastructure with growth, not just watching from the sidelines.” Paul Edwards, WMCA spoke on the forthcoming West Midlands Growth Plan and the critical interplay between housing, transport and sector development.
“The West Midlands isn’t a follower; we’re defining the future of service-led innovation.” Hilary Smyth-Allen, CEO, SuperTech showcased SuperTech’s progress as a European cluster centre of excellence and highlighted regional successes in tech-led transformation. Also confirmed that a Supercluster approach, combining LawTech, FinTech and PropTech, which seemed risky five years ago is now the smart bet, with the boundaries to tech adoption blurring.
“We’re outperforming other UK regions in foreign direct investment, and we’re just getting started.” Chris Lawes, West Midlands Growth Company (WMGC) reported exceptional investment figures and outlined Investment Zones for international investment in Birmingham, Wolverhampton and Coventry as examples of the region’s investment offer. He also promoted the need to strengthen the positive narrative and networks in the region, for example through amplifying the region’s It Starts Here campaign.