Oldham, Greater Manchester’s hidden gem, is on a transformative journey. Under the guidance of Gary Stewart and Wayra UK, it aims to become a thriving tech hub.
By addressing systemic issues with innovative solutions, Oldham aspires to mirror Shoreditch’s success while preserving local culture and community spirit.
The Vision for Oldham
A high-profile figure in UK technology, Gary Stewart, has set his sights on transforming Oldham into a vibrant tech hub akin to Shoreditch. Through Wayra UK, an initiative under the Telefónica Open Future_ network, Stewart seeks to cultivate an ecosystem of innovation. The programme supports startups addressing the ‘poverty premium’, helping communities to access essential goods more affordably.
Gary Stewart’s vision began with a meeting with Jim McMahon, a Labour MP who played a significant role in catalyzing the Open Future_North initiative. Stewart’s experience as an entrepreneur and leader of accelerators in Europe positions him uniquely to drive such an ambitious project. His plan is to make Oldham a pivotal centre in Greater Manchester’s tech landscape, inspiring local communities much like Shoreditch did for London.
Understanding the Societal Impact
The accelerator aims to address critical societal issues, notably the ‘poverty premium’, where economically disadvantaged individuals face higher costs for basic services. By supporting startups, Wayra’s programme empowers local entrepreneurs to generate solutions that are both profitable and socially beneficial.
Stewart emphasizes the importance of using resources to tackle societal problems actively. The partnership with national and regional entities ensures a broad impact, leveraging existing networks to foster sustainable economic growth.
Lessons from Shoreditch
While Shoreditch is celebrated for its dynamic transformation, it also serves as a cautionary tale about the unintended consequences of regeneration, such as increased living costs.
Stewart acknowledges the dual outcomes of such projects and stresses the need to balance external investment with local talent development, preventing displacement of the native community.
The strategic incorporation of external catalysts should be harmonized with nurturing homegrown talent, ensuring the community benefits from such initiatives both in the short and long term.
Strategic Partnerships
Wayra Fair by Design’s success hinges heavily on strategic collaborations with entities like the Fair By Design Fund, Big Society Capital, and the Joseph Rowntree Foundation. These partnerships provide the necessary financial support and mentorship crucial for the startups.
By engaging with partners possessing a strong presence in Manchester, Wayra ensures continuous support for the budding tech landscape in Oldham, facilitating a thriving environment for innovation.
Empowering Local Entrepreneurs
Stewart recognises Oldham’s unique potential, noting the innate talent and drive within local entrepreneurs. Unlike their London counterparts, these individuals may lack familiarity with broader market dynamics, necessitating tailored support programmes.
The accelerator not only offers financial investment but also imparts essential skills and knowledge, enabling entrepreneurs to navigate the complex tech ecosystem effectively. Building a robust entrepreneurial skillset is paramount for long-term success.
The £70,000 funding offered by Wayra to selected startups is a catalyst for innovation, fostering creativity and problem-solving to address local challenges.
Challenges of Regeneration
As with any regeneration effort, challenges exist, including the potential alienation of existing communities due to rising costs and cultural shifts. Stewart is mindful of ensuring the community feels included in the transformation process.
By actively engaging with local councils, the initiative seeks to find an equilibrium between attracting new talent and nurturing existing resources, ensuring inclusive and sustainable development.
Future Outlook
Looking to the future, Oldham is set to emerge as a key player in the Northern tech scene. Continued efforts to balance innovation with community needs will determine the initiative’s success.
Oldham’s path to becoming a tech hub lies in strategic partnerships and community engagement. Balancing innovation with inclusivity will be crucial to its long-term success.
As the town positions itself as the ‘Shoreditch of the North’, it embodies potential and promise, set to redefine its socioeconomic landscape.