Prime Minister David Cameron today announced a major Government investment in Tech City. The Government will put £50m towards a visionary project to regenerate the Old Street roundabout, which will see it transformed into Europe’s largest indoor civic space, dedicated to start-ups and entrepreneurs in East London. This new civic building will host classrooms, co-working spaces and workshops equipped with the latest 3D printing technology, for use by both the local start-ups and the wider community.
One of the new additions to Tech City will be from Microsoft. They are establishing a Technology Development Centre in the heart of Tech City as part of their commitment to the cluster and will support local technology development. Microsoft’s hope is to work to inspire innovation and provide expertise and guidance to those with new and innovative ideas. They will create packages of support for Developer Apprentices and are working on a new Apprenticeship to support young people in and around Tech City.
Prime Minister David Cameron said “Two years ago I set out my commitment to help Tech City become one of the world’s great technology centres. Today we are seeing it continue to grow and go from strength to strength – and that is down to the talented, creative entrepreneurs who have set up there. 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.”
The mayor of London, Boris Johnson, added “The time is right to lay solid foundations in Tech City for London’s digital revolution, and this list of major new firms committing to the area is a testament to the confidence leading tech entrepreneurs have in the capital. Our new centre will provide not only a vital resource to nurture upcoming technology and creative superstars from around the world, it will drive huge investment into the capital and help create thousands of jobs.”
You can find out more about Tech City at their website.