UK Prime Minister David Cameron has unveiled how the government intends to create a high-tech hub in east London to rival SiliconValley. The planned new East London Tech City (known locally as Silicon Roundabout) will cover the Olympic village and the East End and has already attracted commitments from companies like Facebook, Google and Cisco.
The government also plans to provide £200 million ($325 million) in equity finance for businesses with high growth potential and £200 million for new technology and innovation centers. A new entrepreneur visa will round out the package.
In a speech to entrepreneurs and investors the prime minister said “We’re not just going to back the big businesses of today, we’re going to back the big businesses of tomorrow. We are firmly on the side of the high-growth, highly innovative companies of the future. Don’t doubt our ambition.”
To read the full, original article click on this link: UK aims to recreate Silicon Valley in East London | VentureBeat
Author: Ciara Byrne
