Silicon Valley in California is the world’s leading IT cluster. However, to drive innovation even further, there is a need for healthy competition. This fact was stressed by Google’s executive chairman Eric Schmidt at the Le Web conference in Paris in December. European managing director of Facebook, Joanna Shields, also agreed with Schmidt that the European IT cluster would be in a city, where innovation is starting to happen. She further gave examples of London, Paris and Berlin as the top candidates. Other industry experts also emphasize the importance of Barcelona, Amsterdam and Madrid as the next important IT city clusters.
Tech City based in East London is a recent, yet the fastest growing and the most ambitious rival project to the Silicon Valley. It has grown from the original “Silicon Roundabout” to a technology cluster for innovative, digital, creative and high technology businesses of all sizes from start-ups to MNCs such as Google, Cisco, Facebook, Vodafone, Expedia.com, and Groupon. It has already tripled in size to accommodate over 600 companies in its first full year. Tech City gives companies opportunity to have their permanent headquarters there, or to use it only for a few hours or days a week to work on particular projects.
London offers great assets; it is a big, diverse, open-minded city, encouraging entrepreneurship and innovation. London has the largest IT sector in Europe, 40% of IT companies in the UK have chosen London as their base, and with 22 000 IT businesses located in London it has three times more companies than its nearest European rival. There has been an incredible growth of 700% in number of technology companies starting up in East London in the past three years. It is home to exceptional universities teaching IT related courses, including Imperial College, University College London(UCL), City University, Queen Mary University of London (QMUL), Royal Holloway, as well as equally important business schools such as London Business School and London School of Economics. Overall, the Tech City possesses access to 540 000 potential experienced IT professionals and technology graduates.
Tech City in London is a great place for your investment. It is a project driven by sector experts, with support from the government, banking, media services, and academia. It has access to London’s world-leading financial services and cutting-edge ICT, digital and creative facilities, including those available at the Olympic Park after the games. Tech City is easily accessible with world-class international transport links including Eurostar rail terminal and international airports nearby.
If you would like to know more information about this project, please contact IBT Partners at sc@ibtpartners.com.
Alternatively, read more about our ICT sector expertise, and about our international business services we provide to companies.
Data sources
London Partners
www.techcity.com
www.v3.co.uk/v3-uk/the-frontline-blog/2130931/-leweb-google-s-schmidt-urges-european-cities-compete-silicon-valley
www.theatlanticcities.com/technology/2011/11/could-london-become-tech-capital-europe/557/