Tech City, East London’s tech and creative cluster, received a major boost from both the public and the private sector today, which will help continue transform the area into Europe’s technology capital.
Prime Minister David Cameron announced £50 million of government investment in the area to regenerate the Old Street roundabout, affectionately known as “Silicon Roundabout” by local entrepreneurs.
The project will see the roundabout transformed into Europe’s largest indoor civic space, with classrooms, co-working spaces and workshops designed for start-ups and entrepreneurs.
“This is a place for start-up companies and the local community to come together and become the next generation of entrepreneurs,” announced the Prime Minister.
“The UK is in a global race and I’m determined that we, as a Government, continue to do everything we can to equip the UK to compete and thrive in that race. As well as backing the businesses of today, we are creating an aspiration nation and also backing the innovative, high-growth businesses of the future.”
As well as the £50 million regeneration project, Tech City received a host of major commitments from private sector corporates, including:
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Microsoft is establishing a Technology Development Centre at the heart of Tech City as part of their commitment to the cluster. The company will create packages of support for “Developer Apprentices” and are working on a new apprenticeship programme to support young people in Tech City.
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Cisco, DC Thomson and UCL are opening IDEALondon, an innovation centre in the area to support the growth of digital and media companies. The facility will host up to 25 companies.
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KPMG is to open an office in Shoreditch, with a dedicated team to support early-stage technology companies grow and flourish.
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IBM is bringing its entrepreneur programme to Tech City, providing access to technology, support and resources to help tech start-ups develop ideas and grow their businesses.
Additionally, more fast-growing companies have announced their move to Tech City, including energy and home monitoring hardware firm AlertMe, online language start-up Busuu , and the UK’s largest job site Career Builder. The Trampery, Shoreditch’s first co-working space, also plans to open four new sites across Tech City by the end of 2013.
Announcing the news, Mayor of London Boris Johnson said: “The 2012 Games were a catalyst for enormous change in East London, with a new quarter of the capital now primed to become the world’s most thriving centre for technology and innovation.
“The time is right to lay solid foundations in Tech City for London’s digital revolution, and this list of major new firms committing to the area is a testament to the confidence leading tech entrepreneurs have in the capital.”
According to Tech City Map, there are more than 1,300 companies in the cluster. In the first nine months of 2012, the TMT (technology, media, telecoms) sector acquired almost 1 million square feet in the city an increase of 39% on the same period last year – and more space than the financial and insurance sectors combined.
