Prime minister David Cameron has announced a £50m investment in Tech City to build "the largest civic space in Europe" for startups and entrepreneurs.
The government claims the project will transform East London’s Old Street roundabout, also known as Silicon Roundabout, and create a destination dedicated to startups and entrepreneurs, hosting classrooms and office space equipped with the latest 3D printing technology, to train entrepreneurs and provide a focal point for Tech City
Talking at the Urban Age Electric City conference in London, Cameron said that Tech City is going from strength to strength, due to the talented entrepreneurs who have set up there.
"The UK is in a global race and I am determined that we as a government continue doing 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.
"That’s why we’re investing in creating the largest civic space in Europe – a place for startup companies and the local community to come together and become the next generation of entrepreneurs."
A number of major corporates have also committed to the technology cluster at Tech City, including Microsoft, KPMG, IBM and Salesforce.com, which will all be providing support and advice to tech startups and entrepreneurs.
Mayor of London Boris Johnson said: "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. Our new centre will provide not only a vital resource to nurture upcoming technology and creative superstars from around the world, it will drive huge investment into the capital and help create thousands of jobs."
Further announcements made today include Brunswick, which is partnering with Central Working in Tech City to provide free communications advice to startups, and Lawbit, a new startup based in Tech City, which is launching an online legal service for SMEs.
According to the Tech City Map
, there are over 1300 companies in the cluster. Some of the firms that set up there in 2012 include Google Campus, Vodafone, Amazon, and the first UK branch of Silicon Valley Bank.