The news that spending in the retail sector has declined for the second month running has brought worry and a sense of frustration over the sector, however instead of focusing on the bad, one of the UKs leading providers of pallet and pump trucks, Midland Pallet Trucks, is urging retailers to concentrate on the good, such as the winners of Innovate UKs IC Tomorrow competition. Being dubbed as the future of retail, five new start-ups were crowned winners of this years competition, after showing innovation and excellence with their new businesses.
Each winning a share of the £175,000 prize money, the winners will also be given opportunities to work with some of the British retail industrys biggest players. Announced in January this year, the competition aims to stimulate economic growth in the digital sector. Breaking down the barriers that many start-ups and SMEs face, the winners are given a helping hand in getting their business off the ground. And according to the pallet truck experts, this is one of the best ways to influence and encourage new growth.
Phil Chesworth, Managing Director of Midland Pallet Trucks said, Its no secret that the retail sector has been under immense pressure for many years, putting many start-ups off taking the next step. However competitions such as the IC Tomorrow and other investment opportunities are excellent ways of encouraging enthusiastic and dedicated professionals to step up to the mark and get their business off to a flying start. The only way the retail sector will recover is with innovations such as this, helping to develop the face to retail and allowing businesses to give consumers something new.
The five winning start-ups include a company who has designed a mobile app that uses beacon technology to help both customers and traders, and an organisation which has developed new ways to fight food waste. Giving them the opportunity to work with supermarket giant Tesco and the Greater London Authority, the competition has given the businesses a platform on which to grow, and potentially, change the future of retail forever.
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