DigitalEntrepreneurshipMonitor

Bristol:theworld’sfirstopencity

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Bristol:theworld’sfirstopencity

Bristol is the biggest digital hub outside of London, attracting industries in high-tech, clean tech, digital and creativeindustries. The city is seen as a “testbed” for the Internet of Things and is the world’s first open, programmable cityregion. Its award-winning approach is based on learning from the best examples, sharing own experiences andconstantly looking for innovative ways to operate. Besides leadership from the top, the city’s digital transformationclosely relies on the entrepreneurial attitude and the cooperative efforts of its local champions.

Bristolasadigitalpioneer

Bristol has long been at the forefrontof digital transformation. Thisposition stemmed from therealisation that the services providedby the council to the citizens werebased on old-fashioned andsuboptimal technologies.

Local stakeholders acknowledgedthe potential of the use of digitaltechnologies and of the Internet ofThings to improve the lives of Bristolresidents.

Rethinking digital infrastructures

This new perspective led the councilto rethink the city’s digitalinfrastructures in order to focus onthe identification of new andinnovative ways to enable citizens tointeract with the council and tobenefit from public services.

PuttingcitizensatthecentreofBristol’sdigitalstrategy

Citizens lie at the core of Bristol’sapproach towards transformation. Inorder to make the city smarter andmore tailored to the needs of thecitizens, the city council hasrecognized the need to encourageBristolians to make (greater) use ofpublic open data.

Problemstatement

1Consequently, Bristol has attractedmajor international corporations,and boasts the highest retention rateof university graduates.

Bristol as a leading UK Smart City

This strategy is paying off and issetting an approach that other citiesare keen to learn from. Indeed, theHuawei UK Smart Cities Index placesBristol among the top ten cities inthe country. 2

The index highlights five themes thatare common across most of thesuccessful smart city programmes,namely3:

- importance of leadership andvision;

- need to focus on local prioritiesand strengths;

- importance of engagement withlocal communities;

- building local partnerships; and

- understanding the way in whichthe data revolution can improveservices and boost innovation.

“Bristolhasalwaysbeenadistinctivesmartcitybecauseweplacecitizensattheheartofourstrategyandtakeaplayfulandengagingapproachtotacklingseriousurbanchallenges.”–StephenHilton,DirectorofBristolCityCouncil'sBristolFuturesteam1

Bristolians have therefore developednew products and services,contributing to the creation of amore “liveable” and creative digitalcity.

The ultimate goal is to tacklepressing urban challenges byadopting an engaging, innovativeand playful approach.

Thedevelopment ofdigitalinfrastructurespaving theway forBristoltobecome acreative hub

This emphasis on digitaltransformation is enabled by thepresence of successful businesses,state-of-the-art digitalinfrastructures and support fromcity leaders. Together, thesecomponents allow the Bristol andBath region to pave the way towardsthe growth of the UK’s creativeindustries and for the generation ofan international example of acreative hub.

In particular, the collaborativeapproach between universities,chambers of commerce andincubators, as well as strong public-private partnerships, ensure thesuccess of the city as a “testbed” fordigital innovation.

©JacekWojnarowski/Shutterstock.com

©elenabsl/Shutterstock.com

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Source: Knowle West Media Centre

Figure2:Knowle WestMediaCentre

Source:Huawei UKSmartCities Index2

Figure1:Top5SmartcitiesinUK

Bristol:theworld’sfirstopencity

Monetaryandsocialimpactindicatorsassessingdigitalstrategy’ssuccess

Bristol’s success can be measured intwo ways. Firstly, a monetaryperspective can be taken, forinstance by analyzing theinvestments of large multinationalcompanies.

On the other hand, the success canbe measured in terms of the socialimpact of digitalisation, looking atindicators such as the creation ofskills, confidence and employment,particularly in more deprived areas.

In the following, both the monetaryas well as the social impactperspective will be taken to assessBristol’s success.

Knowle WestMediaCentre,2014-20155

- Workplacementsto23youngpeople

- Internships/apprenticeshipsto14 youngpeople

- 5 additionalfulltimejobscreated

- 8new businessessetupanddevelopped

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Realised benefitsandnewopportunities

Councilprocesstimeshasdramaticallyreduced

from 10days toless than 1day

According to these criteria, Bristol isranked as a leader alongside London,having obtained the second-highestscores in terms of Strategy (81.9)and Strategy execution (78.4).

Indeed, Bristol’s smart city strategyprovides a framework to connectsuccessful innovations with priorityissues for the city and itscommunities.

City Category

1 London Leader

2 Bristol Leader

3 Birmingham Contender

4 Glasgow Contender

5 Manchester Contender

MonetaryPerspective:Increasingthevalueofthedigitalsector

From a monetary perspective, thedigitalisation of the city has resultedin an increase of the digital sector’svalue and of its importance in thenational economy.

According to a recent study byMcKinsey, Bristol’s ICT cluster is ‘themost significant and fastest growingoutside of London’. Indeed, theBristol City region ICT sector isworth £1 billion to the Gross ValueAdded (GVA) of the UK4.

Moreover, 91.3% of Bristol adultsused the Internet over the past 3months according to the Office ofNational Statistics. This figure issignificantly higher than the UKaverage of 86%.

Socialimpactdimension:boostingskillsandjobs

Bristol prides itself on the socialdimension of its digitaltransformation. It relies largely onthe use of creativity, media anddigital technologies to inspirepeople, particularly the youngergenerations.

At the same time, this approachsolves societal issues in the mostdeprived neighbourhoods.

Knowle WestMediaCentreensuresaninclusivedigitalizationprocess

In this respect, the work oforganisations such as the KnowleWest Media Centre (KWMC) hasbeen extremely beneficial inreaching out and engaging with themost vulnerable communities. Indoing so, the city ensured thateveryone can benefit from thedigitalisation process5.

Indeed, the KWMC is positivelycontributing to achieving social,environmental and economicregeneration by involving thecommunity in media activity,education and action.

KWMC achieves this by providingtraining courses to develop skills indigital manufacturing equipmentand technologies.

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Bristol:theworld’sfirstopencity

Bristol’sincubatorsarefosteringsocialentrepreneurship

Social entrepreneurship is also animportant element in the activities ofBristol’s many incubators. Oneexample is the Bristol SETsquaredCentre.

Indeed, the incubator seeks to bringabout economic development andsocial benefits to the community.

For instance, the SETsquared helpedto develop Oracles’s small localoffice into a major centre for clientsupport, creating new jobs,attracting more investments andcontributing to the social dimensionof digitalisation.

Redesigninganddigitising publicservicestailoredtochangingneeds

The Bristol City Council DigitalPlatform project was conceived aspart of a wider transformationprogramme within the Bristol CityCouncil in order to improve the wayservices are delivered.

This process took into account alandscape of budget cuts and theincreasing and changing demand foruser-friendly services6. Thus, overthe past few years, the council hasbeen redesigning and implementingnumerous new digital services for itscitizens.

For instance, in 2015, 11 newservices were delivered, includingtaxi licensing, parking permits, pestcontrol and concessionary travel.These new services have been builtto use digital technologies and datafrom end-to-end. Thus, allprocedures related to the variouscouncil applications which werepreviously done manually could nowbe digitised.

For instance, a regular traditionalcouncil application process used totake about 10 days, whereas now thedigitally redesigned applicationprocess can be done in 1 day only.The digital transformation of thesepublic services therefore broughtabout efficiency gains whichcontributed to the creation of more“user-friendly” public services.

“SmartCity”statusreachedthankstostrongframeworkconditions

Achieving the status of a leadingsmart city has been made possible bya series of drivers, which haveprovided the appropriate conditionsand prerequisites for thedevelopment of the digital strategyof the city of Bristol.

SupportfromtheBristolCityCouncilforhigh-speedbroadbandaccess

The creation of a smart city of thefuture relies on access to extra fastbroadband. Thus, in order to turn thecity into a high-tech “testbed” forinnovation, a 30 Gigabit per secondfiber broadband network has beeninstalled in the city. It serves as thebasis for a wide range ofdigitalization projects.

Driversandobstacles

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A

Drivers

Opendataisbenefittingcitizensonvariousdimensions

Being a leading ‘open’ and‘programmable’ city allows Bristol tocreate new ways in which open datais used for the benefit of society.

Bristolworksextensivelytorevolutionise healthmonitoring

Open data and smart sensors can bea powerful tool to tackle healthcareissues and monitor well-being in anon-invasive and stress-free way.

In this context, new researchprojects have been launched inBristol to generate knowledge anddata that will change clinical practiceby focusing on real-worldtechnologies.

Bristol’s enabling and creativeenvironment has the potential toembed healthcare technologies intopeople’s everyday life, allowing theirdevelopment through early andsustained user involvement. A casein point for such opportunity is theSPHERE project (see Key Initiatives).

Centrallycoordinatingsupplyofheatandpoweracrossthecity

Moreover, by 2020, Bristol will havea public-interest organisation whichcoordinates the smart use,distribution and supply of heat andpower across the city for the benefitof its people and businesses8.

The city will have the capabilitiesand systems to access, manage andinterpret local energy supply anddemand data. This will enablecoordinated city and neighbourhood-scale interventions to balance heatand power demand and supplyacross the city in real time; to curbenergy waste and reduce peakdemand; to reduce network lossesand to manage system constraintseffectively.

Bristolcreatednecessaryconditionstobecomea“greenleader”

New technologies, innovation, opendata and partnerships between localchampions will provide theopportunity to make Bristol aleading “green” and smart energycity in the near future. Indeed,through the Bristol is Open initiative,it will be possible to reduce carbonemissions by 40% by 2020 andcreate 95,000 new jobs7.

Particularly high growth sectorssuch as the creative industries andgreen technologies are affected bythe vision of having Bristolrecognised among the top 20European cities by 2020.

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Key stakeholders

The key component that makesBristol a leading example of a smartcity is the collaborative approachbetween a variety of stakeholders.

In fact, this collaboration iscomposed of stakeholders from boththe public and private spheres,including universities, chambers ofcommerce and incubators, as well asstrong public-private partnerships.

Some of the main actors that areactively involved in the digital sceneof the city are listed in the tablebelow.

Key initiatives

“BristolisOpen”makesopendataavailabletoallinterestedparties

Announced in 2015, “Bristol Is Open”is Bristol’s flagship initiative, aimingto concretise and make open data areality12. It is a joint venturebetween the University of Bristoland the Bristol City Council. Theinitiative is funded at local, nationaland EU levels as well as withacademic research funding and bythe private sector.

Bristol:theworld’sfirstopencity

Source:PwC Analysis

Figure1:PublicandprivateactorsfuellingBristol’sdigitaltransformation

BristolCityCouncilcreated3improvementstohigh-speedinternet

The Bristol City Council (BCC) hasacted in three ways to improveaccess to high-speed internet.

1.BroadbandVoucherSchemecoverscostofconnectingtohigh-speedinternet

The BCC has intervened directly byputting in place a series of measuressuch as the Broadband VoucherScheme9.

This scheme granted 1,685Bristolian Small and Medium-sizedEnterprises (SMEs) a Government-funded voucher to cover the cost ofconnecting to high-speed broadband.The scheme, which was open untilOctober 2015, provided support tothe businesses for a total value of£2,597,006.

2.Fosteringsupplyandcompetitioninbroadbandaccess

Secondly, the BCC made a series oftactical interventions to increase thesupply of and competition inbroadband access. For instance, inlate 2015, BCC agreed a concessionto a consortium of two alternativenetwork Internet Service Providers(ISPs) in a 20 year deal10.

The consortium (BNET Ultra Ltd)will manage and maintain TheBristol Network duct network andcould bring back into use the 60kmof “unused duct“.

The consortium, thus, utilises sparecapacity in the network to offer newsuper and ultra-fast broadbandservices to Bristol’s businesses and,at the same time, will generate amulti-million revenue stream to helpthe BCC deliver better councilservices.

3. Supporting investment in R&D

Thirdly, Bristol City Council is alsosupporting investment in Researchand Development to stimulate theHigh Tech sector. For instance, theBCC has made a £7million “GigabitBristol” investment in fibre andwireless mesh networks to supportHigh Tech research and developmentat the city scale.

This programme has the goal toaccelerate Bristol’s position inrelation to the Internet of Things, BigData Analytics and HighTechnologies.

EuropeanCommissionastheprovideroffinancialsupport

Bristol’s digitalisation and smart citystrategy also entails an importantdegree of involvement from the sideof the European Commission.

Indeed, the Commission’s financialsupport plays a key role in thisrespect. EU-funded programmes,after all, are an important pillar ofthe city’s innovation agenda.

REPLICATE:anEUprogrammeintegratingSmartEnergyandSmartTransportinnovation

A prime example of the EUcontribution to Bristol’s innovationagenda is REPLICATE which standsfor “Renaissance in Places withInnovative Citizenship AndTechnology”11.

It is a European 5-year research anddevelopment Smart City ‘Lighthouse’project that aims to deployintegrated energy, mobility and ICTsolutions in city districts.

The project was launched inFebruary 2016. The city of Bristol, aspart of a consortium with SanSebastián (Spain) and Florence(Italy), has been awarded €25million to create integrated smartcity solutions to tackle urbanproblems.

In particular, the progamme coversthe Ashley, Easton and Lawrence HillNeighbourhood Partnership area,chosen as the target district toexplore the impact of integratingSmart Energy and Smart Transportinventions.

©MartialRed/Shutterstock.com

Public Private

-Bristol CityCouncil-Bath andNorth EastSomersetCouncil-University ofBristol-University ofBrunel-University ofWest England-Bath SPAUniversity-Incubators(SETsquared)-Engine Shed-Knowle WestMedia Centre

- NEC- InterDigital- Mellanox

Technologies- Polatis- Laser 2000- DELL

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Bristol:theworld’sfirstopencity

“ThejointventurecreatedbetweenBristolCityCouncilandtheUniversityofBristol,andtheengagementofindustryisprovingtobeadynamicwaytopushour‘programmablecity’activityforward.”–PaulWilson,ManagingDirectorofBristolIsOpen13

The project delivers R&D to equipthe city with the latest small sensors.This includes the smartphones andGPS devices of interestedparticipants, which will supply thethree new 30 Gb/second fibrebroadband networks with a widerange of information about city life(e.g. air quality, energy and trafficflows).

This will allow to understand howbig data can be used to solve issuessuch as air pollution and trafficcongestions. Thus, the initiative willultimately contribute to thedevelopment of new applicationsleveraging on the “Internet ofThings” in the city.

Planstoextendtheinitiativearealreadyunderway

Once the new networks areestablished in the city centre, overthe next 3 years they will beextended to the wider city region, i.e.Bath, parts of North Somerset andSouth Gloucestershire.

These networks are for research anddevelopment projects, as opposed toproviding free or commercialbroadband or wifi. Nevertheless, thepublic will have the opportunity tojoin the experimental initiatives,should they wish to do so.

Opendatawillcreatecountlesscreativeandusefulopportunities

All the data generated will beanonymised and made publicthrough an ‘open data’ portal. Thecreative content flowing through thehigh-speed network can be used in avariety of playful ways to foster‘digital inclusion’, for instanceprojecting 3D images into the sky orholding a music concert acrossmultiple venues in the city at thesame time.

Key infrastructures

Bristol boasts a dynamic and vibrantecosystem of both public and privateactors that drive the scene for thedigital transformation. In addition tothe many public institutions (localcouncils, universities, researchcentres, etc.), the city has a thrivingstart-up community, enabled by itsinfrastructures that fosterknowledge sharing, networking andtesting of new ideas.

The Bristol SETsquared Centre isthe Business Accelerator of theUniversity of Bristol, providing avariety of services to early-stagecompanies and start-ups.

These include coaching,mentoring, workshops, businessreview panels, access toprofessional service firms andservices, access to SETsquared’sglobal network, investorreadiness training, investorshowcase events, access to thenew Bristol is Open experimentalnetwork, and use of the EngineShed Business Lounge.

Moreover, office space with withdesk-stations, reception servicesand meeting rooms can beprovided where required.

The Centre holds many regularnetworking events, such as theSETsquared Garden Party andInnovation Showcase, whereinvestors, corporates, grant-funders and potential non-executive directors get together tosee the technology businessessupported by the Centre.

In November 2015, SETsquaredwon the top accolade of GlobalNumber 1 University BusinessIncubator, awarded by UBI Global.

The Bristol SETsquared Centrehas also won the prestigiousEstablished Business Incubator ofthe Year 2012 and Best DesignedBusiness Incubator 2013 awardfrom the industry trade body,UKBI.

TheBristolSETsquared Centre15

SPHERE (Sensor Platform forHEalthcare in a ResidentialEnvironment) is a projectinvolving nearly 100 researchers,designed to employ newtechnology to address long-termhealth issues. These includeobesity, depression, diabetes,strokes, respiratory conditions,cardiovascular andmusculoskeletal disease.

SPHERE has developed a numberof different sensors allowing themonitoring of health and well-being at home. This informationcan then be used to spot issuesthat might indicate a medical orwell-being problem.

To make his happen, clinicians,engineers, designers and socialcare professionals as well asmembers of the public arecollaborating to develop thesesensor technologies. The projectwas awarded a £12 million grantby the Engineering and PhysicalSciences Research Council(EPSRC).

SPHERE14

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The lessons learned from Bristol’scase can serve as useful guidelinesfor the development of a connectedpan-European network of cities andthe creation of launchpads for digitaltransformation.

Theimportanceofcollaboration

The successful digital transformationof cities relies on close cooperationbetween the relevant actors. In thisrespect, establishing strong public-private partnerships is fundamental.

The practical collaboration betweenlocal authorities, universities, largecompanies and start-ups allowsideas and views from all actors tocome together and becomeconcretised into a winning initiative.The Bristol is Open initiative is a casein point for this concept.

Digitalisation hasthepowertobringaboutsocialchange

Technology, innovation anddigitalisation should be seen as apowerful tool to bring abouteconomic development, to level outdisparities and to ensure theparticipation and involvement of theentire population in the digitaltransformation process.

Ultimately, digitalisation givesentrepreneurs the opportunity toshape the environment of their city,helping it to overcome inequalitiesand improving the quality of life ofthe population.

Risktakingandfinancialsupportareneededtosucceedindigitalisation

The attitude of the city and its actorsis also a factor that determines thesuccess of digitalisation. The lessonthat can be learnt from Bristol’s caseis the importance of fostering anopen and trusting approach,mitigating risk aversion and creatinga feeling of trust among investorsand companies alike.

Indeed, Bristol boast excellentfinancial support opportunities,owing to the open support of theBristol City Council, local investorsbut also at the European level.

Connectivityinfrastructurebearsstrategicimportance

Naturally, the digital transformationof cities cannot take place withoutthe appropriate enablinginfrastructure.

In particular, Bristol’s case hashighlighted the strategic importanceof super high-speed broadband,allowing to achieve exceptionallevels of connectivity and generatemeaningful volumes of data that canthen be used to solve societalchallenges.

Dataprivacyshouldbeeveryone’sconcern,includingcitizens

Of course, open data implies somedata privacy considerations. Indeed,privacy can lead to heated debateand cities should help shape thisdebate, rather than leaving it totechnology companies.

Bristol:theworld’sfirstopencity

Lessonslearnt

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Despite the remarkable level ofdigitalisation achieved by the cityand its companies, some challengesstill remain. These are related bothto the availability of resources andcoordination of players, but also tothe socio-economic context in thecity.

Insufficientcapacityimpedesextensionofdigitalisationinitiatives

Bristol boasts excellent facilities andinfrastructure to drive itsdigitalisation and that of itsbusinesses. Nevertheless, accordingto the former mayor GeorgeFerguson, the success of thedigitalisation initiatives wasunderestimated, resulting in the factthat further progress is constrainedby the limited resources, capacityand infrastructure.

Aneedforfurthercollaborationamonglocalauthoritiesneeded

The digital transformation processrelies on the development of strongpartnerships and effective andsmooth communication between allthe key stakeholders involved. In thisrespect, the former mayor of Bristolbelieves that more and bettercohesion is required between thefour local authorities in the greaterregion.

Enhancingsocialequalityasameanstoacceleratethedigitaltransformationprocess

Bristol is a prosperous city, bothnationally and internationally.Nevertheless, important disparitiesstill persist among the population,thus constituting a potentialhindrance to the full reach of thedigital transformation process.

Indeed, there are significant healthand wellbeing inequalities, resultingin a 8.9 year difference in lifeexpectancy between least and mostdeprived areas. Similarly, there aregaps in educational attainment withonly 35% of children achievingGCSEs in some areas16.

B

Obstacles

Establishingstrongnetworksisessential

The creation of an enabling andconducive environment for sharingand testing of ideas is the primaryrequirement for successfulcollaboration between actors.Indeed, physical cooperation is keyin this respect.

Therefore, establishing centreswhere innovative start-ups, largecompanies and investors canphysically meet and exchange ideashas proved to be essential.

Successful examples include theEngine Shed, Watershed andSETsquared, which provide anurturing environment forentrepreneurs and ensure that theydo not act in isolation.

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Based on the case of Bristol, theimportance of the roles of localplayers has emerged. Thus, severalrecommendations can beformulated, detailing the actions andresponsibilities of each group ofstakeholders, so as to ensure that thedigitalisation process is successfulin the long run.

These recommendations areillustrated in the table, and can serveas best practices for other citiesstarting down the digitaltransformation path.

KeyRecommendations

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1 UniversityofBristol,“BristolnamedasleadingUKSmartCity”,2016,availableat:http://www.bristol.ac.uk/news/2016/may/bristol-smart-city.html2 Huawei,“UKSmartCitiesIndex– AssessmentofStrategyandExecutionoftheUK’sLeadingSmartCities”,2016,availableat:https://www.huawei.eu/sites/default/files/Huawei_UK_Smart_Cities_Report.pdf3 StevenMcGinty,“BristolisOpen:CaseStudyofanInnovativeSmartCity,2016,availableat:https://blog.idoxgroup.com/2016/09/07/bristol-is-open-case-study-of-an-innovative-smart-city/4 JamieMiddleton,“BristolandBathlabelledthefastestgrowinghi-techregionoutsideLondon”,2014,availableat:http://techspark.co/bristol-and-bath-labelled-the-fastest-growing-hi-tech-region-outside-london/5 Knowle WestMediaCentre,https://issuu.com/knowlewestmedia6 Digirati,“EnablingChannelShiftforLocalGovernment,availableat:http://digirati.com/case-studies/bristol-city-council-digital-platform/7 StevenMcGinty,“BristolisOpen:CaseStudyofanInnovativeSmartCity,2016,availableat:https://blog.idoxgroup.com/2016/09/07/bristol-is-open-case-study-of-an-innovative-smart-city/

References

Category Role of the stakeholder

Localgovernment

- Drive political leadership and vision as to where todrive the city

- Bring about more cohesion between different publicauthorities towards a common objective

- Set targets to measure success (e.g. on the basis ofjobs created)

- Stimulate innovation(e.g. through fiscal measures, taxreductions, etc).

Businesses andIncubators

- Share experience and act as advisors to budding start-ups

- Keep providing inspiration, support, stimulation

Universities - Be open and ready to form joint ventures (e.g.SETsquared)

- Provide digital entrepreneurial skills and curricula

Chamber ofCommerce

- Get involved in the support of peer to peer learningand in the education of traditional businesses

Bristol:theworld’sfirstopencity

8 CentreforSustainableEnergy,“BristolSmartEnergyCityCollaboration”;2015,availableat:https://www.cse.org.uk/projects/view/12969 Broadban DeliveryUK,http://www.connectionvouchers.co.uk/city/bristol/10 MarkJackson,“BristolCityCommercialisesUltrafastBNETFibreOpticNetwork”,2015,availableat:http://www.ispreview.co.uk/index.php/2015/10/bristol-city-commercialises-its-ultrafast-bnet-fibre-optic-network.html11 EC,“REPLICATE– RenaissanceofPlaceswithInnovativeCitizenshipandTechnology”,availableat:https://ec.europa.eu/inea/en/horizon-2020/projects/replicate12BristolisOpen,http://www.bristolisopen.com/13 BristolisOpen,“BristolIsOpenwinsSmartCityInnovatorAward,2016,availableat:http://www.bristolisopen.com/bristol-is-open-wins-smart-city-innovator-award/14SPHERE- aSensorPlatformforHeathcare inaResidentialEnvironemnt,http://www.irc-sphere.ac.uk/about15SETsquared inBristol,http://www.setsquared.co.uk/start-support/innovation-centres/setsquared-bristol16 BBC,“Bristolmayortackleslifeexpectancy‘gap’”,2013,availableat:http://www.bbc.com/news/uk-england-bristol-23497196

ThisreportwaspreparedwiththesupportofPwC,CARSA,IDATEandESNaspartoftheDigitalEntrepreneurshipMonitorprojectfortheEuropeanCommission,Directorate-GeneralforInternalMarket,Industry,EntrepreneurshipandSMEs.Editors:LaurentProbst,BertrandPedersen,Olivia-KellyLonkeu &FedericaAmato,PwC©- 2016– EuropeanUnion.Allrightsreserved.CertainpartsarelicensedunderconditionstotheEU.ThispublicationisfundedundertheCOSMEprogramme oftheEuropeanUnion.