Jersey’s digital sector is already roughly equal in size to the tourism sector, with more than 100 new digital tech jobs being created each year since 2010, although there remains a concern about skills shortages on the island.
These are just some of the key findings of a new independent review of Jersey’s tech sector by Tech Nation, the UK-government backed body that measure the size and changing shape of their digital economy.
Tech Nation has worked with Digital Jersey to publish the report on the state of Jersey's digital tech economy. The first of its kind, it emphasises the importance of digital tech to the island's ecosystem both now and in the future. The full report is available by clicking here
10 key takeaways
• Jersey’s digital sector is now roughly equal in size to the tourism sector – tech now contributes around £180m of value to Jersey’s economy annually
• Digital/tech employment in Jersey has grown by more than an average of 100 jobs each year for the past nine years – 3,032 people currently work in the digital economy in Jersey, compared with 2,050 in 2010, and average salaries are £44,500
• Telecoms now has a similar level of productivity to finance – productivity per full-time equivalent worker is approximately £100,000, compared with £36,000 in agriculture and £33,000 in tourism
• Fibre broadband and data centres remain key strengths
• The UK is an under-utilised market for Jersey tech companies – only 8% of survey respondents were primarily trading in the UK, while 50% sold their products in Jersey
• Angel investment and venture capital are an under-utilised means of investment for Jersey tech firms – 70% had raised private equity finance but only 5.4% had raised angel investment
• The shortage of tech talent is having a significant impact on Jersey businesses – 75% of survey respondents said recruiting skilled workers was a challenge and is affecting their ability to scale
• Diversity is a contributing factor to talent supply challenges – a number of respondents said a lack of ethnic and gender diversity was having a negative impact on recruitment, innovation and creativity
• Jersey’s regulatory framework is an advantage to the tech sector – the report found Jersey’s small size and ease of access to government set it apart from other jurisdictions
• The tech sector is optimistic – respondents highlighted the industry’s strength and helpfulness as an asset, as well as Jersey being a great place to live and work