The techie is playing a large part in the UK economic growth. In the past engineering and electronics were the innovators and they helped grow both the UK and Global economy. Now the Internet and technology sectors both in the UK and globally are set for huge growth, with more and more small businesses getting to market providing high-quality web-based solutions or online retail including Apps and software for both businesses and consumers. An article from the Guardian reported on a Boston Consulting Group report stating figures that showed the internet economy in the UK accounting for 8.3% of GDP. The UK’s closest rivals are South Korea on 7.3% and China on 5.5%, followed by Japan and the US on 4.7% each. By 2016, the internet economy is forecasted to grow to 12.4% in the UK, contributing some £225bn to the overall UK economy.
With regards online software itself, an article on Forbes.com from last year states some staggering statistics on projected global sales of online software, Software as a Service (SaaS) and cloud-based business application services will grow from $13.4 billion in 2011 to $32.2 billion in 2016, also an IDC report comments that enterprise cloud application revenues reached $22.9B in 2011 and is projected global sales to reach $67.3B by 2016. IDC also predicts that by 2106, $1 of every $5 will be spent online is spent on cloud-based software and infrastructure.
According to the BBC website the “internet economy” was worth more than the healthcare, construction or education sectors. The UK also carries out far more retail online than any other major economy. Some 13.5% of all purchases were done over the internet in 2010, according to BCG, and this is projected to rise to 23% by 2016.
David Reilly, Director at Create Ts and Cs commented, “the techie is a huge focus for us. Our aim is to communicate with future developers; assisting them to put in place a web-based or developer based contract so these important people in our economy are protected when trading. We want the buyers to have confidence and this will come from a sense of protection. A solid sensible set of terms and conditions that adheres to the law and extends the buyer their rights is one way of increasing that confidence”.
He continues, “We are delivering numerous talks at the University of the West of Scotland, New Start Scotland and a variety of business and university events. These future businesses require a practical approach to manage contractual risk, so they can contract with both consumers and businesses while adhering to the law and offering the correct protection/rights, (avoiding unfair terms) to both consumers and businesses”.
Evelyn Fitzpatrick a Teaching Fellow at the University of The West of Scotland commented “Create Ts and Cs, David Reilly, has given a number of talks on contractual terms and conditions to our UWS Creative Technology students. His talks have been interesting and very well received by students. David manages to present what is a highly technical subject in a relaxed and engaging style. He combines content demonstrating legal principles with examples from case studies based on his own experience to give students a real insight into the contemporary business world.”
With ICO and trading standards ever vigilant it’s important to protect your business by deploying the correct terms and conditions, offering consumers and business the correct legal rights when trading over the net. Technologists tend to require a lot of contracts as they generally using freelancers and trade online, offering multiple services. If techies take the time to deploy the right contracts, it builds the right rapport with the future client whether a consumer or a business and helps the net to expand while offering the correct rights to the purchaser. The net, arguably will grow and mature (without further regulation) with the correct protection in mind for all concerned.