The capital is ever growing, ever developing. And the University of East London – sponsor of the New Business category at The Wharf Innovation In Business Awards 2016 – believes companies must take advantage of the shifting sands as traditional markets are disrupted by technological advance. Timothy Isle, UEL’s student enterprise officer, said innovation played a key role in the development of the economy and expansion of society as a whole.

“From our point of view the future of business needs to capitalise on the services and products offered to enhance and secure steady societal progress,” he said.

Read more: Enter The Wharf Innovation In Business Awards by June 23

The university believes three core areas – sustainability, the creative industries and IT – are directly linked to the demands of social, economic and environmental change and that innovation in these that will lead to greater social mobility.

Timothy said each of these areas had been affected in a positive way by the disrupting influence of digital applications to enhance productivity and reduce costs.

He said: “This process will allow our entrepreneurs to come up with creative solutions to enable businesses to be more cost-effective, fast and responsive to the current speed of the market.

“Firms are and will be challenged to provide unique and innovative solutions to the current state of global development.”

As for awards entrants in its area of sponsorship, UEL will be looking for new ventures that demonstrate a positive impact on the local community and beyond.

Timothy said: “UEL has a range of business growth services available to students, alumni and local innovative companies, which we look forward to promoting by sponsoring the award.

"As a result these awards will enable UEL to become even more active in the east London business community while celebrating new upcoming ventures.

“By sponsoring this category we want to understand what new companies are doing in the start-up scene.”

Read more: Everything you need to know about The Wharf Innovation In Business Awards 2016

He said consequently, the awards would allow UEL to better prepare its students to become more employable and help it build partnerships that were of benefit both to it and the wider community. He also said entrants could expect some tough competition.

“We will encourage our enterprising students and graduates who run their own businesses to enter this award too,” he said.

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