Government-driven investment programme could make Shoreditch the new Santa Clara
The government wants to transform parts of East London into the UK's version of Silicon Valley, with the announcement of a government-backed investment programme to encourage established and start-up tech companies to set up there.
The programme aims to establish a tech hub - known as The East London Tech City - in the area from Shoreditch and Old Street to the Olympic Park, and to foster an environment where tech companies are given support to boost their businesses.
Speaking at the unveiling of the plans in Shoreditch today, Prime Minister David Cameron said it was "depressing" how difficult it is for start-ups to raise investment in the UK, especially compared to other parts of the world such as Silicon Valley or Bangalore.
"I think it's clear that in the east of London we have the potential to create one of the world's most dynamic environments," Cameron added.
"If we have the confidence to really go for it, there's no reason why London shouldn't be one the challengers. We can make one of the world's great technology centres."
The East London Tech City is to receive investment from some of the biggest tech companies.
Google will create an Innovation Hub in the area which will provide space for creative and research professionals, along with developers and academics, to work to create applications and services.
Facebook will also build a permanent base for its Developer Garage programme which aims to bring together UK developers and entrepreneurs.
Intel will use East London as a base for a research lab which will specialise in performance computing and energy efficiency tech.
BT will also bring forward its...