Good afternoon. I am delighted to be joined this afternoon by Senator Lyndon Farnham as well as other ministers and States members for this important 2015 update.
I am absolutely convinced that digital is at the heart of the next phase of Jersey’s economic evolution.
Whether we succeed or not lies in the hands and minds of many people standing here this evening.
When the Chief Minister asked me to continue my responsibilities for financial services, but excitingly added on the government leader on digital, innovation and competition I was delighted.
I personally think I have the most exciting job in politics.
So at a high level, both Lyndon’s and my role together with our assistant ministers is to stimulate economic growth; do everything that government can do to fast track high value jobs which will produce income for the Treasury.
At a more practical level, our challenge is to break down any silos in government or near-government that prevent business growth and tech business start-ups in Jersey.
The key phase of the job title is 'digital'.
Digital policy is now at the centre of government. The necessary high level and high priority and as I have said before high powered, rocket boosters, turbo chargers and accelerators to get where we need to be for this sector.
Digital Jersey; an accelerator for the digital economy
Disruptive technology is revolutionising how business and our lives are conducted. The industrial revolution was about modernisation of manufacturing. The digital revolution is about an even faster modernisation of services.
At the weekend I took my niece to the V&A Museum of Childhood in the trendy East End. Those of you who follow my tweets and vines might have seen the reminder of just how fast personal computing has evolved in the last 30 years.
The thing that I never forget is that it is the pace of the change that is constantly speeding up. Technology is changing at a faster pace than ever before; the way we live, work, play and take time-out.
Technology is revolutionising learning, heathcare and the way that government delivers services.
On the one hand, artificial intelligence is evaporating more and more jobs. On the other hand, technology is unleashing a whole new way of working giving significant opportunities for more flexible working, earning potential and improving lives.
I am not sure if there are any taxi drivers here, personally I think they get too much criticism, but the reality is that Uber and Uber-type apps are revolutionising the way people book and get personal transportation and most importantly, matching better demand and supply with constant quality assurance.
AirBnB is providing home owners with ways to raise more income, adding capacity to tourism bed stock and giving travellers more choice and flexibility.
Babylon locally is providing new, more immediate and potentially more affordable ways of getting medical advice.
We are now living in a world where labour and services seekers are now matched using app technology.
When I’m in the UK, US and in many developed economies, if I want all sorts of services, I can get them easily at a time and place, quickly; often at a more affordable price as the middle man is cut out.
The digital revolution is now underway. It is unstoppable and if there are any lawyers or accountants in the room then I suspect artificial intelligence will be coming to your sectors next.
We should be embracing this revolution.
Disruptive technology works both ways. It breaks apart existing traditional business models which is uncomfortable.
At the same time it opens up huge opportunities for Jersey people, Jersey developers and Jersey firms to serve much much bigger markets.
I am proud that Jersey has always punched above its weight. We used to do so with the impediment of being a small Island. With the internet the Jersey entrepreneur can succeed in not only the Jersey market, but in the global market as never before.
It’s my view that Digital Jersey must act as an accelerator for this digital economy and as an accelerator for a digitally enabled society.
I believe it can, and it must do this in three ways.
Firstly, it must raise the level of debate about what digital will do for Jersey. Digital Jersey must help the Island understand the opportunities, but also the disruptive changes that this will bring.
Secondly, Digital Jersey must develop our tech USP. For example, according to EY, the UK’s FinTech market is currently worth £20 billion in annual revenue. In addition, more than half of all European FinTech venture capital investments made in 2014 went to London firms.
That investment totals £342.6m, which is triple the amount raised in 2013.
We must tap into this and learn how to use our traditional strengths as a finance centre to provide ‘incubator’ space for these digital businesses.
Digital Jersey must keep listening to its community
Now compared to most tech start-ups, Digital Jersey is no longer a fledgling organisation; the eyes of the Island and our competitive jurisdictions are watching for results and will be quick to criticise.
I remember the growing pains of Jersey Finance 15 years ago and I well remember detractors inside and outside government.
I often wonder where we would be today if we had not fought for the creation of Jersey Finance and all the increased funding we gave them.
I have not flinched in my support for Jersey Finance and won't hesitate to do the same for digital. Digital Jersey must persevere.
Digital Jersey must keep listening to the community and of course there will be in any open society divergent perspectives within it.
Community is the key word. This evening we have a broad range of representatives; people from industry, schools, universities and generally interested residents of the Island.
Digital Jersey is first and foremost a community and serving that community must always be its first priority.
Jobs and growth
Jersey’s government is putting jobs and growth as one of the top government priorities.
The FPP’s report on Friday was absolutely clear on that.
I hope I have a reputation for getting results and believe me when I say that I will be your advocate here, in government, in London and further afield.
For the Jersey digital sector to thrive, it needs stable government, the right tax framework, good and affordable infrastructure and ministers who are prepared to go out and sell Jersey.
There is a digital aspect in all of the ministerial portfolios.
I want to work with the TTS minister to push for an Uber in Jersey, the tourism minister for a Jersey AirBnB; the same goes for e-health and e-learning.
I may be digital minister in name but I want them to be digital in spirit.
Digital Jersey itself is now well positioned to succeed.
It has the board, the staff and the strategic vision in place.
Over the last few weeks there have been some constructive discussions about Digital Jersey's budget. In my view, it is vital that the momentum is kept up and I am grateful for the support of the ED minister and the treasury minister which enable us to say that we are as confident as we can be that their budget request for 2015 will be able to be met.
This will enable real progress to be made and keep us moving to a place where Jersey will be regarded as a leading digital jurisdiction for its size.
However, supportive words and financing are not enough.
I’m keen to ensure Digital Jersey provides measurable results in terms of job creation, GVA and the presence of successful digital businesses.
The principal objective I want to set for Digital Jersey is one for jobs and growth.
Final comments
I strongly support Jersey's digital industry.
I want the digital sector of the economy to be as important and as of high value as the finance sector and for it to raise the productivity of every industry in Jersey.
With this innovation comes both threats and opportunities. I want Digital Jersey to work with its community to help us understand all aspect of the disruption that will be coming our way.
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