Olympics' Winning Spirit Present in East London's Technology Sector
This summer’s Olympic Games in London are not the only event in which the UK government leaders want their country to be strong competitors.
With the ever-growing “Tech City” in East London, the United Kingdom’s government wants to be a top player in the technology “arms race,” according to senior policy advisor Rohan Silva.
Speaking at the recent LeWeb conference, Silva, an advisor to Prime Minister David Cameron, said the current government is proud of Tech City and the nation’s fast-growing tech sector, according to PCR.
“That kind of arms race is really healthy. If any of you have any stories of countries we should be playing catch up with, we want to hear that,” Silva said during the conference, the report adds. “London is full of energy, it is full of ideas… the prime minister is so proud this is happening right now. Something really special is happening in east London. It is not some kind of arid business park in the middle of nowhere… it is an incredible place to live and work.”
Among Tech City’s many benefits are in transport, infrastructure and tax incentives. Start-ups are getting lower corporation taxes. “The government is doing everything it can to increase investment in early stage startups,” Jonathan Luff, another advisor to Cameron, said. “We want to make sure everyone knows this is a great tech year in Britain.”
UK Chancellor of the Exchequer George Osborne has said he wants the United Kingdom to be the center of Europe’s technology sector, such as in startups or broadband. “We want the UK to become the hub for technology in Europe as a whole,” Osborne adds.
TMCnet reported earlier this year that Tech City has 700 tech companies, an increase of 200 from just two years ago. Amazon.com (News - Alert), Cisco, Google and Intel are among the companies with a presence in Tech City.
In addition, the Tech City Investment Organization (TCIO) was started in April 2011 – and since then venture capital-backed companies, such as Airbnb and Yammer (News - Alert), are now located in Tech City, according to the project’s website. It offers a space for startups and entrepreneurs.
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Edited by Brooke Neuman