Tech City is part of the UK Government’s new programme to create new jobs, diversify the economy and support sustainable economic growth. The ambition of the government is to bring together the creativity and energy of the Shoreditch area and the possibilities of the Olympic Park to help make East London one of the world’s great technology centers.
Prime Minister David Cameron has set out the Government’s ambition: “We’re not just going to back the big businesses of today, we’re going to back the big businesses of tomorrow. We are firmly on the side of the high-growth, highly innovative companies of the future. Don’t doubt our ambition.
For the past few months the government has held meetings with technology companies and venture capital investors from across the world. Vodafone, Google, Facebook, Intel and McKinsey & Co are among the leading companies that have said they will commit to invest in the long-term future of the area.
The Olympic Park press and broadcast centers will live on beyond the 2012 Games as an ‘accelerator space’ offering flexible office space, facilities and expertise.
Other measures were also announced to improve the climate for technology and entrepreneurialism in the UK. These include an Entrepreneur Visa to enable people with good business ideas and financial backing to set up their business in the UK, and an independent six-month review of the Intellectual Property framework. UK Trade & Investment will also establish a presence in East London.