The Prime Minister says that Britain is going to give America’s Silicon Valley a run for its money. David Cameron announced on Thursday that the area known to locals as “Silicon Roundabout”, which encompasses Olympic Park and the East End, is destined to become the world’s greatest centre for technological innovation.
Speaking to entrepreneurs and investors, Mr. Cameron said that this new hub is meant to encourage not only big business, but also and especially the small, high-growth companies that will be the big businesses in coming years. He also spoke about the possibility of an “Entrepreneur’s Visa” that would make it easier for foreigners with innovative ideas and solid financial backing to set up a business in the U.K.
Specifically, Cameron announced plans for significant funding for equity financing to such high-growth businesses, and for new centres of innovation and technology. All this is expected to create jobs in the private sector and boost the country’s economy in general.
Cameron’s ‘East London Tech City’ is not a pipe dream, either. Google, Facebook, Intel and Cisco are all in the working stages of either moving to the London hub or consolidating an already existing presence. British Telecom is in there with superfast broadband for the Shoreditch and Old Street areas. The Olympic Park Legacy Company will be working with Imperial Innovations to provide well-equipped office space for the many companies they expect to gravitate to Tech City.