Tech City was launched in order to support the growth of the technology cluster in East London. Since its launch in 2010, Tech City has helped increase the number of digital companies in the area from approximately 200 to more than 1,300 businesses. Today, Tech City supports digital entrepreneurs and business across London. It is also helping to attract foreign investment and innovative digital media and tech companies to East London.
About Tech City
Also known as the Silicon Roundabout, Tech City is a technology cluster based in East and Central London. Tech City has emerged as the world's third largest technology cluster for start-ups after San Francisco and New York City. Tech City's main objective is to make London as a leading city to start and grow a business. The goal is to make London the digital capital of Europe, as well as the home of the most successful and largest digital and tech companies in the world.
Launched by Primte Minister David Cameron in November 2010, the cluster includes the East End of London between Old Street and the Queen Elizabeth Olympic Park. The technology cluster's main hub focused in the Shoreditch area. The so-called Silicon Roundabout is found in the heart of Tech City near the Old Street Roundabout. It is here that the world class Google Campus opened in 2012. The seven-story building offers shared office space and supports, including training workshops, speaker series and product demonstrations.
Tech City Supports for Businesses
Tech City helps entrepreneurs and digital and tech businesses across various sectors and at all stages of development. Several initiatives support entrepreneurs as they develop their ideas into new products and services in the digital and tech world. Imagine is a national programme for 18 to 25 year olds who learn about starting a digital business through online courses. Tech City's Start initiative helps entrepreneurs set up in the area with practical advice and guidance on all aspects of business development. The initiative also links start-ups with potential investors and international markets.
Tech City's High Growth Segment, Future Fifty and the Cluster Alliance projects assist established and developing businesses with growth. Delivered in partnership with the London School of Economics and Political Science (LSE), The High Growth Segment initiative provides high-growth businesses with access to public markets. Future Fifty delivers customised concierge service for high-growth foreign business to succeed in London and the UK market. The initiative provides professional advice on everything from immigration issues to export support. It also provides advice on investor, supplier and customer engagement. The Cluster Alliance helps promote collaboration and information sharing with 13 technology clusters across the UK.
Tech City Partners
The development of London's Tech City has been promoted by local and national governments, including the City of London and the Tech City Investment Organisation (TCIO). TCIO was founded by the UK Government and leads the charge to encourage the growth and development of the cluster.
Companies in the area include Google, Cisco, Intel, Facebook, Amazon, BT, Qualcomm and several other industry leaders. Google has established an innovation centre in the area, while Cisco is developing one in the Olympic Park. Amazon operates its Digital Media Development Centre in Tech City and Intel operates a performance computing and energy efficiency technology research lab. Some of the first companies to locate in the area included Dopplr, Last.fm, Tweet Deck, Avoiding Mass Extinctions Engine (AMEE), Songkick, Squiz, Believe.in and Livemusic.
Financial and professional service providers in the area also include Barclays, KPMG, McKinsey & Company, Silicon Valley Bank and Taylor Wessing. These companies provide financing and advice to companies in the area, including dedicated programmes for new businesses. For example, KPMG launched a dedicated accounting and tax advice office for start-ups in 2013. Similarly, Barclays is developing a new banking services facility dedicated for tech companies in the area. Independent Shoreditch, Silicon Roundabout and Digital Shoreditch are also active non-profit organisations that organise events and offer supports for businesses in the area.
Tech City's educational and academic partners include City University London, Imperial College London, Loughborough University and University College London. A spin-off of Imperial College London, Imperial Innovations provides advice on accelerator space for companies at the Olympic Park. Similarly, Loughborough University and University College London are working with the Olympic Legacy Company to make links between academic and business worlds at the Olympic Park.