Innovation Exchange challenge: Cyber Security Adoption

Background

FS Group’s main goal is to establish a sustainable presence in the UK by forming partnerships, adapting their products to local needs, and building brand trust while ensuring compliance and exploring innovative technological advancements.

In addition to the challenge of adaption, there is a perceived market dynamic that FS Group wish to address. In Ukraine, rapid decision-making is common due to heightened security threats. However, UK sales cycles are slower, with clients taking more time for purchase decisions. FS Group is keen to engage with companies with the agility to adopt strategies to accelerate demand, particularly in industries where cybersecurity requirements are becoming mandatory, such as Fintech.

The Challenge

FS Group aims to partner with managed service providers (MSPs) and managed security service providers (MSSPs) to reach UK clients, especially SMEs. To achieve this, adapting their products to fit UK-specific compliance standards, client needs, and market expectations is essential. This includes modifying their product offerings to align with UK cybersecurity regulations, and, for example, emerging UK Fintech requirements.
In addition, FS Group wishes to enhance their product features with AI-driven predictive capabilities for risk assessment and management, with a particular focus on UK market considerations.

FS Group therefore invites interest from technical and market partners that can help address these challenge areas. These partners could include strategic partners willing to beta-test, validate and refine the products for the UK market.

In addition, FS Group is considering establishing a UK-based entity to facilitate sales and align with UK legal and business requirements. Accordingly, they welcome approaches from organisations providing guidance on structuring this entity to ensure smooth operations and effective revenue generation. Such organisations could include investors with an interest in this technology, and especially the international dimension that it brings. Against that background, the FSG team is already exploring some of the headline UK funding programmes.

Companies that can collaborate on, for example, Innovate UK grant funded projects would be especially welcome.

Rewards and market opportunity

Successful applicants will be given an opportunity to pitch to FS Group. Selected solutions will be trialed by FS Group with potential for further adoption if trials are successful.
FS Group has a target client base of 1500 by 2027. The solution partners have the potential to be deployed this customer base dependent on the solutions provided.

The benefits package for a successful applicant may also include:

• Support from Innovate UK Business Connect
• Support in the development of a prototype or pilot
• Technical support
• Invitation to attend or present at Innovate UK Business Connect events
• A potential business collaboration
• Investor introductions (if investment is required)
• Support if any Innovate or similar competitions are relevant.

Eligibility

Entrants to this competition must be:

• Established businesses
• Academic institutions
• Start-ups
• SMEs
• Individual entrepreneurs

Applicants must be UK based or have the intention to set up a UK base.

To see full technical and functional requirements and further details, visit the Innovation Exchange site at the link below.