Government launches British Innovation Gateway to boost entrepreneurship
Posted by Dan Martin in Technology, Business trends on Mon, 31/01/2011 - 14:31
David Cameron and technology giant Cisco have unveiled details of a new multi-million pound scheme to boost entrepreneurship in the UK.
In a meeting at Number 10 attended by the prime minister, science and innovation minister David Willetts, communications minister Ed Vaizey and Cisco CEO John Chambers, the tech firm committed $500m (£314m) to the British Innnovation Gateway (BIG), a five year scheme to drive new economic growth through high-tech innovation.
BIG will include two innovation centres - in Shoreditch, East London and the 2012 Olympic Park - which will support local SMEs in London and around the UK through partners such as the Birmingham Science Park Aston.
Cisco is also running five annual awards for small businesses in "targeted growth areas" as well as providing mentoring and training for entrepreneurs.
The scheme sits alongside the East London Tech City, a government-backed project aimed at creating a UK version of Silicon Valley.
"I welcome this major statement of support from Cisco," Cameron said. "This will help create many new jobs and opportunities, and support our drive to diversify our economy and generate sustainable economic growth.
“We want to bring together the energy and innovation of Shoreditch and the incredible potential of the Olympic Park to help make East London one of the world’s great technology centres. Today this ambition is gathering pace.
John Chambers added: "The prime minister's Tech City initiative is an excellent example of how government agencies can spur innovation and growth.
"This project is a logical progression of the work we've done in the east of London for the 2012 Olympic Games, and we are delighted to work with the UK government as it serves as a reminder of how business and government, working together can turn vision into reality."
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