Lord Prior announces a new strategic partnership to help the UK become a global leader in the land and property market
The pilot partnership will see HMLR join OS at its Geovation Hub to encourage and support innovation and property technology (PropTech) businesses.
Geovation is based at a dedicated location-data lab in London that supports and enables open innovation and collaboration across many sectors. The Geovation mission is to expand the use of location and land and property data in the UK’s innovation community.
Business Minister Lord Prior says:
“The Geovation Hub is already making important contributions to a wide range of industries, including telecommunications, energy, transport and water management. Location-based data has a crucial role in future technology development and innovation from driverless cars to the Internet of Things.
“The UK has a growing number of new entrants driving innovation in the housing sector. With HM Land Registry joining the Geovation Hub for the pilot scheme, the partnership offers great opportunities to further encourage and invest in the property-based technology (PropTech) start-ups of the future.
“It also provides a platform to promote the use of data from both Ordnance Survey and HM Land Registry to deliver the Government’s housebuilding agenda as part of our Industrial Strategy.”
Participants in the new pilot programme will receive up to £20,000 in grant funding and a range of resources and services that will help them develop their businesses. Geovation provides the support that participants need, including access to experienced software developers, geospatial expertise from OS and property expertise from HMLR. Business mentors are also available to assist with business proposals and investor relationships.
This is not the first time HMLR and OS have collaborated to support innovation. In 2015, they came together for the Geovation Challenge, an annual competition which looks to address issues facing communities by means of location information. The challenge resulted in over £100,000 being awarded to three new ventures which used HMLR and OS data to create positive change in the housing industry. It is hoped this exciting new partnership will inspire and uncover more businesses like:
• Land Insight, who have made it faster and easier to assess land development opportunities.
• Cityseer, who provide real-time insight into urban planning decisions.
• Urban Intelligence, who provide property professionals with a single platform for all relevant site appraisal and planning policy information.
Graham Farrant, Chief Executive and Chief Land Registrar of HM Land Registry, says:
”This is an exciting partnership. Through combining our geospatial and property expertise, HMLR and OS will be supporting and encouraging disruptive forces in the PropTech and GeoTech markets. We expect to see benefits of this investment across the legal, financial and property sectors, stimulating growth for the wider economy and bringing more opportunities to the UK.”
Nigel Clifford, CEO of Ordnance Survey, says:
“We’re delighted to welcome HMLR as a strategic partner in Geovation. Over the past decade, OS has led the way in making it easier for businesses to use its data and open data products. Through Geovation we’re developing new models to encourage innovators, entrepreneurs and companies that are building the next wave of ground-breaking GeoTech businesses. We’re looking forward to collaborating with HMLR to develop the same for PropTech.”
This month the Geovation Hub also celebrates two years of being open for business. In that time, 18 start-ups have been supported through the Geovation Programme, and more than 900 members have used the Hub’s space and resources. Strategic partners have included Intel, IBM, DSTL, Nominet, Springwise, OGC, KPMG, and Dorsey.
Shipamax, one of last summer's programme companies, recently secured $2.5M in investment from the Founders Fund. Recent funding successes include Flock who raised £500,000 and Pedals Delivery who raised £130,000.