┬ú50m Revamp Planned for Tech City
Tech City is to receive a makeover, with a ┬ú50m investment set to create a focal point for the creative tech-driven industries based in this area of London.
Clustered around Shoreditch and the fringes of the City, Tech City is considered to be LondonΓÇÖs answer to CaliforniaΓÇÖs Silicon Valley, a hub for tech-driven creative industries that has spawned numerous start-ups and attracted large scale investment from the likes of Google and Vodafone.
Sitting at the heart of this area is the Old Street roundabout, originally providing this tech-dense area with the name ΓÇÿSilicon RoundaboutΓÇÖ – before government investment rebranded the it ΓÇÿTech CityΓÇÖ.
In what appears to be the next stage of its transformation, the ┬ú50m investment announced for the area will see the roundabout redeveloped in order to create a ΓÇ£landmarkΓÇ¥ focal point.
Commenting on the reasons behind the Tech City investment, Prime Minister David Cameron explained to those attending the Urban Age Electric City conference in London that:
“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.ΓÇ¥
“ThatΓÇÖs why weΓÇÖre investing in creating the largest civic space in Europe ΓÇô a place for startup companies and the local community to come together and become the next generation of entrepreneurs.”
It was also revealed that well-known corporates such as Microsoft, KPMG and IBM will provide help, support and advice to the tech entrepreneurs operating within the area.
Despite over 1300 companies now operating from offices and workshops in the ΓÇÿTech CityΓÇÖ area and growing investment, concerns have been raised that the arrival of big name players have pushed the cost of securing office space in the area up ΓÇô forcing out or deterring the tech start-ups that helped to make the area such a success initially.