David Cameron: 'We can make East London into Silicon Valley'

Summary:Government-driven investment programme could make Shoreditch the new Santa Clara

...rollout of next generation broadband in the Shoreditch and Old Street areas to provide some of the fastest broadband speeds in Europe.

As part of the investment programme, the Olympic Park Legacy Company will also create an "accelerator" space in the Olympic Park, which will provide the office space for companies that are starting up in East London.

In addition, the programme is aiming to improve access to capital for tech companies. Silicon Valley Bank will offer finance to tech companies while Barclays will set up a centre to provide specialist banking services to companies in the areas.

Several UK universities will also contribute to the East London tech hub: Imperial College London's venture capital arm Imperial Innovations will advise the Olympic Park Legacy Company how to make the accelerator space attractive to spinout companies from academia and other areas.

University College London plans to build student accommodation and encourage student entrepreneurship in the area while Loughborough University will be active in developing an Institute of Sport for Health in the Olympic Park.

"It's a genuine innovation network. We hope that we'll encourage many more companies to come forwards – this is just the beginning," the Prime Minister said.

Cameron also today announced the availability of an entrepreneur visa for people who have secured significant investment for their business to set up their company in the UK.

The government will also look at how intellectual property laws could be altered to help tech start-ups. "We are reviewing IP laws to see if we can make them fit for the internet age," Cameron said.

Topics: Developer

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